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Stock that is reacquired by the corporation that issued it is commonly called
"boomerang" stock.
A court with limited jurisdiction can only hear certain types of cases.
The fact that a tort or crime is committed by an employee imposes vicarious liability on
an employer.
A person who attends a banquet given at a hotel is considered a guest for purposes of
determining the liability of the hotelkeeper.
The habitual drunkenness of a partner is a sufficient cause for judicial dissolution of a
partnership.
A principal may ratify an action taken by an agent that the principal would not have
been capable of authorizing at the time that the action was taken.
A contract for the sale of goods is not enforceable unless the contract clearly expresses
the price.
When we speak of government regulation of business we ordinarily mean state
government regulation, not federal government intervention.
The parol evidence rule is based on the theory that any oral agreement was abandoned
when the contact was written.
If an illegal agreement has already been performed parties can sue for damages.
A bailee's lien gives the bailee the right to keep possession of the bailed property until
reasonable charges for storage and/or repairs are paid.
Generally, misdemeanors are more serious than felonies.
A surety is liable from the moment of default whereas a guarantor is ordinarily only
liable if the creditor cannot collect from the principal debtor.
A state may prohibit a seller from selling below cost if the purpose is to harm
competitors.
A quitclaim deed must specify what interest is being transferred in order to be valid.
The contact rule does not require that the accountant meet or communicate with the
third party to establish a relationship equivalent to privity.
If an order or promise is not for money, the instrument is not negotiable.
Trust is a fundamental basis of the capitalist system that is central to the expectations of
investors, customers, and other firm stakeholders.
