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Each shareholder owns a proportionate share of the property of the corporation.
Agent's may intentionally make themselves liable on contracts with third persons.
A customer who has given a purchase order to a salesperson is not bound by any
contract until the employer of the salesperson accepts the order.
Automobile lemon laws protect only persons buying automobiles for personal, family,
or household use.
Rundles, Kreiger, and Larson formed a partnership to breed and show horses. Rundles
and Kreiger each contributed $25,000 to the partnership. Larson contributed four (4)
horses valued at $25,000. The partnership agreement provided that the partners would
share profits equally. When the horses failed to perform as expected, Rundles and
Kreiger decided to reduce Larson's share of the profits. Larson claims that this decision
must be unanimous to be binding. How will the case be decided?
In a federal system, a central government is given power to act nationally, while states
administer to local concerns.
In a simple contract made by an authorized agent on behalf of a disclosed principal, the
third person may sue either the agent or the principal in the event of a breach.
Provisions of a contract will be considered separately and not as a whole.
In order to be valid, an accountant's disclaimer of liability must be (1) clear and
unambiguous and (2) non-conspicuous.
A living will, now legal in most states, provides that if the testator becomes unable to
express his or her wishes and is in an irreversible, incurable medical condition, he or
she does not want life-sustaining medical treatments.
In every 10b-5 situation, the plaintiff must show "reliance" on the misrepresentation and
a resulting injury.
In a mutual rescission, both parties, acting in good faith, renew their commitment to
perform all obligations set forth in their original agreement.
For the purpose of determining the right to bring a lawsuit in federal court, a
corporation is a citizen of any state in which it has been incorporated and of the state
where it has its principal place of business.
A second promise to pay a contractor a higher amount on the original contract may be
enforceable.
If a bailment is for the sole benefit of the bailee, the bailor has no obligation to inform
the bailee of known defects.
A person who has a right to buy on credit can transfer that right to a close relative.
