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Forbearance is a process that allows a lender to legally repossess and auction off the
property securing a loan.
If a business firm refuses to comply with an agencys request to inspect facilities or
business records, the agency must defer to the refusal.
Due to the increasing number of protections afforded debtors, creditors are without
means of securing payment on debts.
Some constitutional protections apply to business entities.
A person who keeps a wild animal is always strictly liable for any harm that the animal
inflicts.
Each partner is deemed to be an agent of the other partners and of the partnerships.
The Uniform Partnership Act governs the operation of partnerships.
Delta Company makes and sells table saws, which are designed to be safe if used
properly. Erin buys a Delta saw and lends it to her neighbor Frank. To reach a toolbox
on a high shelf in his garage, Frank props the saw at an angle against a cabinet and
climbs onto the saw. Frank loses his footing, slips off the saw, falls on the blade, and is
injured. He files a product liability suit against Delta, on the ground of negligence. On
what basis could Delta prevail?
An agents implied authority can be inferred by the position the agent occupies.
An accountant may be liable to anyone who acquires a security covered by a
registration statement that contains a materially false statement.
Once a dissenting shareholder elects appraisal rights, the shareholder loses his or her
shareholder status.
A profit is the right to make limited use of another persons real property without taking
anything from the property.
A buyer in the ordinary course of business takes the goods free from any security
interest created by the seller unless the buyer knows of its existence.
Common stock provides a proportionate interest in the corporation with regard to net
assets.
An unqualified indorsement does not guarantee payment of an instrument.
