In some cases the court may require specific performance when there is a breach of
contract.
A general agent is authorized by the principal to do all acts that can be delegated
lawfully to a representative.
Both general partnerships and limited partnerships are created only through the process
of executing a certificate.
With regard to a bailment, a valid delivery and acceptance need not require that the
bailee be aware that goods have been placed within the bailee’s exclusive possession or
control.
A combination of two or more persons for a common nonprofit purpose is commonly
an unincorporated association.
A copyright is the exclusive right given by federal statutes to the creator of a literary or
an artistic work to use, reproduce, and display the work.
If a contract contains a delivery term of FOB place of shipment, the seller’s obligation
under the contract is to deliver the goods to a carrier for shipment.
Deductions from wages for cash or merchandise shortages are legal even if they reduce
an employee’s wages below the minimum wage.
The business judgment rule is applied by the courts as a presumption that must be
overcome by the person challenging a director’s actions.
Ames, an agent for Baker Antiques, had the authority to purchase early 20th-century
American furniture costing a maximum of $1,500 per piece. Ames bought a
19th-century French desk for $3,000 from Carter. Baker was furious when she saw the
desk, and she fired Ames. Nevertheless, she put the desk on display in the shop with a
$5,000 price tag. When the best offer she got for the desk was $2,500, Baker returned
the desk to Carter. Baker told Carter that Ames had exceeded his authority in
purchasing the desk, and she demanded that Carter refund the $3,000 that Ames had
paid for the desk. Will Carter have to do so?
In a large corporation, the shareholders are often the managers of the corporation.
If adequate assurance of performance is not given within five (5) business days from
the time of the demand for assurance, the demanding party may treat the contract as
repudiated.
For accountants, fraudulent malpractice always involves upgrading the financial
condition of the firm.
An interest in a corporation is based on the ownership of one or more shares of stock of
the corporation.
Under the act-of-state doctrine, the courts of one country will not sit in judgment of the
acts of the government of another country conducted within its own territory.
In general, a principal is liable for crimes of the agent committed while acting within
the scope of the agency, even if the principal did not authorize commission of the
crimes.
Under the 1990 Remedies Act, the SEC may start administrative proceedings against
any person or entity, whether regulated by the SEC or not.
The private life of a nonpublic citizen is subject to public scrutiny.