A corporation has perpetual existence in most states unless the articles of incorporation
state otherwise.
On request, a consumer may obtain the source of any information being given out by a
credit agency.
A drawer who is induced by an imposter to issue a check in the name of an
impersonated payee can avoid payment on the check to an innocent holder.
Guy is Hot Java Company’s majority shareholder. Guy decides to sell his Hot Java
stock. The sale will be an effective transfer of the control of the company. Does Guy
owe a duty to Hot Java or its minority shareholders in this situation?
If a sale of goods is conditional on the buyer’s resale of the purchased goods, then the
transaction is a sale or return.
Subsurface rights are never valuable.
The last security interest to be perfected is the first in priority over any other perfected
security interests.
A material breach occurs when performance is substantial, but not complete.
All security agreements automatically provide for coverage of after-acquired property.
For consumer goods costing more than $25, a written warranty must be labeled “full” or
“limited.”
One purpose of criminal sanctions is to deter others from committing similar crimes in
the future.
During a storm on Blue Lake, a boat sinks, but its owner Cappy survives. Cappy plans
to return to the site of wreck to salvage its equipment and his possessions, but he
delays. Meanwhile, Dick, an amateur diver, discovers the wreck and strips it clean of
useful items. Cappy learns of the recovery and files a suit against Dick, claiming that
the items are his. Dick responds that the sunken boat was abandoned and therefore he
has good title to everything to which he took possession. What is the court likely to
rule, and why?
An ad that contains a “half truth”information that is true but incompleteis considered
deceptive.
Lawyers are not allowed to represent people in small claims courts in any of the states.
Jill, a minor, buys an Xbox 360 from Kelly’s Gaming Store, agreeing to pay the price in
seven monthly installments. On the way home, Jill drops the Xbox and it breaks. The
next day, she goes to Kelly’s to return the Xbox. Can she cancel the installment
agreement? If not why not? If so, are there any conditions?