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In an assignment or delegation, the third parties' rights or duties arise after the contract
is made.
The basic remedy for misrepresentation is restitution.
If the partnership is bound by a contract, then each general partner has unlimited
personal liability for that obligation.
A tiger gets loose from the tent of a circus and mauls a passerby. The circus claims it
has always treated the animal well and that it was not at all negligent in its handling of
the animal. The circus has no liability for the injury caused by the animal.
Terry's loan of his lawnmower to his neighbor cannot be a bailment if Terry receives no
compensation for the use.
A preauthorized fund transfer may be made from a consumer's account if the
authorization is done in advance and in writing.
Lauren received a $1,500 scholarship to attend the local community college. She
decides not to attend college that year, so she can assign her right to the scholarship to
her friend, Sean.
Vicarious liability is imposed upon one person for the acts of another.
A person is a contributory infringer if he knowingly sells or offers to sell a part or
component of a patented invention.
An incompetent person who lacks understanding of a contract and its consequences can
avoid it even if the other party had no reason to know of the incompetent's mental
condition.
A title search guarantees rightful ownership.
Al owns a farm that he believes is worth $150,000. Betty knows that there is oil under
the farm and offers Al $160,000 for it. Al accepts and sells the farm to Betty. Al later
realizes that the land was worth more than $160,000. Al can have the contract avoided
based upon fraud.
A security interest in consumer goods, except motor vehicles, is automatically perfected
upon attachment.
The UCC and the common law are essentially the same in regard to their treatment of
risk of loss or damage to identified goods.
The Code provides that its remedies shall be liberally administered to place the
aggrieved party in a position as good as the one she would have occupied had the
defaulting party fully performed.
Ronald says in the presence of three other people that he is giving his automobile to his
nephew, and then hands the keys to the car to the nephew. Delivery of the auto has
taken place.
