On May 1, Newtown Motors, a used-car dealer, wrote a letter to O”Reilly, which stated,
“We have a 1969 Pontiac Firebird in mint condition that we will sell you for $12,500 at
any time before June [Signed] Newtown Motors.” By May 15, having heard nothing
from O”Reilly, Newtown Motors sold the Firebird to another party. On May 25,
O”Reilly told Newtown Motors that he accepted the offer and tendered $12,500. When
Newtown Motors told O”Reilly it had sold the car to another party, O”Reilly claimed
Newtown Motors had breached their contract. Is Newtown Motors in breach? Explain.
An instrument payable to two or more persons in the alternative requires the
indorsement of both payees for negotiation.
Under the UCC, an offeror must be notified within a reasonable time that the offeree
has accepted.
Most courts apply the same principles to joint ventures as they apply to partnerships.
To be negotiable, an instrument cannot be portable.
Any copyrighted work created by an employee within the scope of his or her
employment at the request of the employer is a “work for hire.”
Alex is a shareholder of Brick & Mortar Retail Corporation. For the last few years,
business has not been profitable for Brick & Mortar. The firm has lost money on its
operations. There has been some profit through sales of company assets, but the board
of directors has refused to declare a dividend. This last year, the firm’s accountants
failed to file federal income tax returns and the board refused to pay the tax. Alex takes
a close look at the firm and protests to the board, in particular over the failure to declare
a dividend, but the board ignores the complaint. Which of these events, if any, would
form a ground for a court to order the dissolution of Brick & Mortar, on Alex’s petition?
If the court denies the petition, could Alex and the other shareholders dissolve Brick &
Mortar?
An environmental impact statement must analyze the impact on any affected business
of proposed environmental controls.
A security interest is enforceable only if the collateral is in the creditor’s possession.
A delay in payment or a refusal to pay an instrument will dishonor the instrument in all
circumstances.
The Securities Exchange Act of 1934 applies to companies that have assets in excess of
$5 million and five hundred or more employees.
Corporate “outsiders” may not be held liable for insider trading under Section 10(b) of
the Securities Exchange Act of 1934 and SEC Rule 10b-5.
For a party to take by adverse possession, the party’s possession must be peaceable, and
not hostile or adverse.
The agent has the right to be compensated, to be reimbursed and indemnified, and to
have a safe working environment.
Ingrid is the trustee of a trust in which Jens has a life estate and Karin has the remainder
interest. The trust property is a farm. The farm is leased to Lars, who pays the rent to
the trust. Property taxes are paid annually on the farm. Long-term improvements are
occasionally made and paid for. A section of the farm’s land is sold to Margo, one of the
farm’s neighbors. How are the payments for taxes and improvements classified (ordi-
nary or extraordinary)? How are the receipts of rent and the proceeds from the land sale
classified? To whom are these costs and benefits allocated?
Persons cannot share ownership rights simultaneously in particular property (including
real property and personal property)one person’s interest is always superior.
In a limited partnership, a limited partner has full responsibility for the partnership and
for all its debts.
Demetri’s will provides for a distribution of his assetsincluding cash, jewelry, household
goods, bank accounts, investments, a home, a vacation condominium, and other
personal and real propertyon his death. Who “distributes” this property, and what are the
steps involved?