When an international sale is made, the parties often set forth in their contract which
country’s law will govern a dispute.
Fees charged by a lender for the reasonable expense of making a loan, such as the cost
of appraising property, are treated as interest for purposes of the usury law.
Agency investigations of possible violations of agency rules are handled through
independent enforcement agencies.
A landlord is ordinarily not liable to third persons injured because of the condition (not
existing at the time the lease was created) of any part of the rented premises that is in
the possession of a tenant by virtue of a lease.
A lease is the relationship by which one person is in lawful possession of real property
owned by another.
An accountant who prepares any statement, opinion or other legal paper filed with the
SEC with the preparer’s consent is deemed to be practicing before the SEC.
The Semiconductor Chip Protection Act of 1984 created a new form of industrial
intellectual property by protecting mask works and the semiconductor chip products in
which they are embodied against chip piracy.
A corporate seal is required in order for the corporation to enter into a binding contract.
The right to cut firewood from another’s property would constitute a profit.
Under the Revised Uniform Limited Partnership Act, limited partners may engage in
certain ‘safe harbor” activities without losing their protection from liability. These
activities include being a contractor for, or an agent or employee of, the limited
partnership or of a general partner.
A void contract is one that is otherwise valid but may be rejected or set aside by one of
the parties.
A house-painting contract is discharged if continual rain makes it impossible to
complete the painting by the time specified in the contract.
Alice, Betty, and Cathy are interested in forming a business venture. Alice is quite
wealthy and is ready to contribute money to the venture. Betty has a degree in business
from an excellent university, worked for five years as a manager in a major corporation,
and currently is a leadership/management consultant. Cathy is a scientist who has
developed a process that will, according to her, “revolutionize cancer treatment
throughout the world.” Alice, Betty, and Cathy believe it is in their best interest to form
a general partnership. Do you agree? Is there a more appropriate form of business you
might recommend?
Oswaldo Enterprises began to do business in a small East African nation. The
representatives of Oswaldo bid on government contracts. Although Oswaldo was by far
the lowest bidder and offered a superior product, the company was not awarded a
contract. Oswaldo officials learned after inquiring that the company would have to give
substantial sums of money to high-level government officials in order to receive a
contract. Oswaldo officials are considering this as a necessary cost of doing business,
but they are concerned about violating U.S. law. Discuss the implications of this under
the Foreign Corrupt Practices Act.
A California corporation is a foreign corporation with respect to the remaining
forty-nine (49) states of the United States.