Unconscionability and fraud are synonymous terms.
A holder of a negotiable instrument cannot be a holder in due course when the holder
learns of a defense to payment after the acquisition of the instrument.
Bob Brown entered the Hotel Lux to attend a conference being held within the hotel.
Sam Smith had arrived to attend the same conference, had registered at the front desk,
and had obtained a room. Sally Jones also intended to participate in the conference and
was in essence living at the hotel at the time. What relationship exists between the hotel
and each of these individuals? What can be said of the hotel’s obligations to each
individual under these circumstances?
The parol evidence rule does not apply to the sale of goods.
Recording statutes provide that a person purchasing land from the last holder of record
will take title free of any unrecorded claim to the land of which the purchaser does not
have notice or knowledge.
The person on whom a demand for assurance is made must reply in writing for the
assurance to be deemed “adequate.”
The category of protected consumers has been expanded by the social forces of
protecting the person and protecting from fraud, exploitation, and oppression.
Generally, the tenant has the right to the exclusive possession of the premises during the
term of the lease.
A board of directors may enter into any contract or transaction necessary to carry out
the business for which the corporation was formed.
Firms offering professional services (for example, accounting firms) are prohibited
from becoming limited liability partnerships.
If an instrument states no time for payment, the note is payable on demand.
The president of a corporation does not have implied authority to execute commercial
paper in the name of the corporation.
Arbitration procedures occur in a court of law.
Crimes and criminal punishment guidelines are specified in detailed criminal codes and
statutes.
A factor is a consignee.
Instruments are transferable, written, signed promises or orders to pay a specified sum
of money.
The UCC permits a court to refuse to enforce a sales contract that it finds to be
unconscionable.