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A cured transaction is a pledge of property by the buyer-debtor that enables the seller to
take possession of the goods if the buyer fails to pay the amount owed.
The living Constitution has as a characteristic a strong president.
A sole proprietorship must pay, at the corporate income tax rate, income taxes based on
the net earnings of the sole proprietorship.
Personal property generally becomes a fixture if it is so attached to the realty that it
cannot be removed without materially damaging the realty.
The term "course of dealing" refers to the language and customs of an industry.
A corporation may properly exist without a name.
Mary offered to sell Mike several pieces of rare Chinese art at a very good price
because they were duplicates in her own collection. Mike could not accept the offer at
that time, but he did give Mary $500 in return for her promise to keep her offer open for
three (3) weeks. Mike returned with the agreed-upon balance two weeks later to find
that Mary already had sold the pieces she had offered to sell to him. Mary explained
that she had been able to get a better price from another buyer. She offered to return
Mike's $500 and insisted that this was all she was obligated to do. Is Mary right?
A corporate seal is required in order for the corporation to enter into a binding contract.
Modern administrators cannot make laws, but they can argue persuasively before
Congress for the passage of needed legislation.
The Uniform Anatomical Gift Act permits persons sixteen (16) years of age or older to
make gifts of their bodies or any parts thereof.
A condition subsequent is a condition that must occur before a party to a contract has an
obligation to perform under the contract.
All of the directors of the XYZ Corporation were present at a meeting called on a
Monday evening at 9 p.m. Meetings normally were held on Friday evenings at 6 p.m.
At the Monday meeting, a report was made indicating that an agent of the corporation
was having difficulties formalizing a contract in a foreign country. The report indicated
that if funds were made available to a local political figure, the contract the company
desired would be obtained. The directors unanimously voted to forward the necessary
funds for this operation to the agent. An action was later commenced against the
directors, alleging illegal activities. In response, the directors argue that: (1) no illegal
activity had occurred; (2) if an illegal activity did occur, it was not at a valid meeting of
the corporation and was therefore not an official action of the board; and (3) if they had
to legally defend themselves, they would seek reimbursement from the corporation.
Discuss the directors' contentions.
Commercial General Liability (CGL) policies apply to product liability cases, actions
for wrongful termination of employees, sexual harassment cases, damages caused by
business advertising or employee dishonesty, and trademark infringement suits.
Contract terms may not be implied from conduct.
The notice of a special meeting of shareholders must include a statement of the nature
of the business to be transacted and no other business may be transacted at such a
meeting.
A limited partner can never lose money.
A debtor may recover damages against any creditor who filed a bankruptcy petition in
bad faith.
