The fact that payment on a check has been stopped does not affect its negotiable
character.
The Market Reform Act of 1990 empowers the SEC to suspend all trading when
markets are excessively volatile.
Mary offered to sell Mike several pieces of rare Chinese art at a very good price
because they were duplicates in her own collection. Mike could not accept the offer at
that time, but he did give Mary $500 in return for her promise to keep her offer open for
three (3) weeks. Mike returned with the agreed-upon balance two weeks later to find
that Mary already had sold the pieces she had offered to sell to him. Mary explained
that she had been able to get a better price from another buyer. She offered to return
Mike’s $500 and insisted that this was all she was obligated to do. Is Mary right?
Bankruptcy of only one of the partners does not cause dissolution of the firm.
At an auction sale, a statement made by the auctioneer to draw forth bids constitutes an
offer.
To be engaged in warehousing, an enterprise must have appropriate storage buildings.
A person has apparent authority as an agent when the principal’s words or conduct leads
a third person to reasonably believe that the person has that authority and the third
person relies on that appearance.
A provision giving a corporation the right to purchase a shareholder’s shares on the
death of the shareholder is invalid.
An agreement by an employee to refrain from disclosing trade secrets is generally not
binding.
Sam Student had borrowed $1,000 from his cousin. Sam and the cousin became
involved in a heated disagreement when the cousin began to press Sam for repayment
of the loan. Finally, Sam wrote a check for $190 to the cousin and conspicuously wrote
on the check in big letters that it was full and final payment of the $1,000 loan. In need
of money, the cousin cashed the check and demanded the remaining $810 from Sam.
Sam refused to pay, claiming that they had entered into an accord and satisfaction that
discharged Sam’s obligation to pay anything more. The cousin sued Sam. Discuss the
probable outcome.
Fred and Mary were married. Fred had executed a will prior to the marriage that left all
of his property, both real and personal, to his mother. Fred later died without changing
his will. Mary feels that she should be entitled to some of Fred’s estate. While waiting
for Fred’s estate to be finalized, Mary remarries. Mary’s second husband executes a will
providing for Mary. Later, after Mary and her husband adopt two children, her second
husband dies. Mary feels that her children should be entitled to receive something from
her second husband’s estate. Is Mary and, later, are her adopted children entitled to
receive something under the wills?
Any modification of a sales contract must be supported by some form of consideration.
The payee has no rights in an instrument until the drawer or the maker has delivered it
to the payee.
Consumer protection law prohibits the waiver of defenses in consumer contracts.
In a disparate impact case, proof that the employer did not intend to discriminate is a
complete defense.