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The law assumes that respective performances under a contract are concurrent
conditions, unless there is an agreement to the contrary.
The operation of agency involves at least three persons.
The general law of contracts is displaced by the Code in all aspects of the sale of goods.
An investor has the right to transfer investment securities by sale, but not by gift or
pledge.
Generally, if the creditor releases the principal debtor, then the surety is also discharged.
In some corporations, only the shareholders are taxed; in others, both the corporation as
an entity is taxed and the shareholders are taxed as well.
An ATM transaction is activated with a plastic identification card and a POS.
Specific performance is the usual remedy for breach of contract.
Alma sells her car to Ervin. Since she still has four months left on her automobile
insurance policy, she tells Ervin he will be covered for this four-month period under the
policy. This purported assignment of her policy is effective as long as she notifies her
insurance company about the change of insureds.
Employers are required to treat pregnancy like any other temporary disability.
A draft involves only two parties: a drawer and a payee.
Promoters have a fiduciary duty to the corporation.
Although under GATT's most-favored nation provision all signatories must treat each
other as favorably as they treat any other country, nations may give preferential
treatment to developing nations and may enter into free trade areas.
To be negotiable, an instrument must be in writing.
"Consideration" does not require an actual benefit to both sides of an agreement.
Under the UPA, upon dissolution of a partnership, apparent authority terminates
although actual authority generally continues.
