The Magnuson-Moss Warranty Act was enacted to protect purchasers of consumer
goods.
Dual purposes of remedies for breach of a contract for the sale of goods under the Code
are compensation and deterrence of wrongdoing; therefore, compensatory and punitive
damages are common remedies.
If a merchant makes a written offer to buy or sell goods, this will be irrevocable only if
accompanied by consideration.
In 1998, Arthur executed a valid will in which he left his entire estate to the Heart Fund.
In 2006, Arthur was declared incompetent and was committed to an institution. At his
death in 2009, his son, Brian, who was his sole survivor, contested the will claiming
that Arthur was obviously incompetent. Will Brian prevail with this argument? Explain.
To satisfy the statute of frauds, the person who wants to bring the lawsuit must sign a
memorandum.
Consideration exchanged for a promise does not require both legal detriment to the
promisee and legal benefit to the promisor.
A major defense to the Age Discrimination in Employment Act is compliance with a
bona fide seniority system.
UCC Article 9 defines a secondary obligor as being a consignee.
The basic principles of contract law apply to insurance policies.
Wurst & Wurst is the accounting firm that has been used by the Intercontinental Bank
for over twenty years. Ben approached Alfred, a Wurst partner, at a cocktail party. Ben
asked about the Bank’s stability. Although Alfred knew that the bank’s stock was
overvalued because of some loans to third world countries, he felt a considerable
amount of loyalty to the bank for being a good customer of his accounting firm. Alfred
told Ben that Wurst had just finished an audit of the bank, and that the bank was as
sound as the Rock of Gibraltar. The next day Ben bought 1,000 shares of
Intercontinental. One month later, the bank’s losses became the subject of a major
financial scandal. Ben is angry and wants to sue. Does Ben have a case?
A thief stole Martin’s car and installed a tape deck in it. Later the police caught the thief
and returned the car to Martin. Martin now owns the tape deck by accession.
Article 9 applies to secured transactions in both real and personal property.
The court interpretation of the Sherman Act results in the prohibition of monopolies
only if a firm possesses market power that it attained unfairly or it abused the monopoly
power once attained.
The form of business association known as a partnership can be traced to ancient
Babylonia and classical Greece and was used in England during the Middle Ages.
In an action for damages in a private nuisance suit, the plaintiff is required to prove that
the defendant’s conduct is unreasonable.