An agency can terminate once its purpose is achieved.
A sale of all of a corporation’s assets requires the approval of its shareholders.
A preemptive right is a preference over other shareholders to cast the determining vote
on fundamental changes affecting the corporation.
In a transaction for the sale of a warehouse, Standard Storage Company tells Tri-County
Investment Corporation that the office furniture is included. The contract says nothing
about office furniture, but does state, “This document supersedes all oral promises
relating to the sale.” Is the furniture part of the sale? Why or why not?
A trade association practice or agreement that restrains trade is analyzed under the rule
of reason.
Umberto and Tiara, who are married, borrow $110,000 from Sterling Credit Union to
buy a home. The loan is a fixed-rate mortgage at 5.25 percent with a thirty-year term,
subject to an acceleration clause, and secured by the home, which is their principal
residence. When Umberto and Tiara have paid off $10,000 of the mortgagestill owing
$100,000they lose their jobs and stop making payments. Sterling Credit makes
numerous attempts to contact the couple, but they do not respond. Meanwhile, the
market value of their home has declined to $85,000. After six months, Sterling Credit
decides to take steps to recover the unpaid amount of the loan. What are the lender’s
options? Which option seems most likely? Why? What are the steps are involved?
A person who enters into a contract when he or she is intoxicated can void the contract
under any circumstances.
The average prime offer rate is the rate offered to the least qualified borrowers as
established by a survey of potential borrowers.
In most states, the seller of a new house warrants that it is fit for habitation.
A life insurance contract involves an intended beneficiary.
All unemployed workers who are willing and able to work are eligible for
unemployment compensation.
The Uniform Commercial Code governs checks.
French’s Fast Fries (3F) requires that its employees wear uniforms and protective
clothing while on the job. 3F provides a locker room for the employees to leave their
street clothes and personal items while working. A sign on the back of the locker room
door states, “French’s is not responsible for the loss of any property in the locker room.”
Grant, a 3F employee, changes his clothes in the locker room before starting work and
leaves his wallet and watch in a pocket of his jacket hanging in his locker. When he
returns after his shift, the wallet and watch are gone. Does Grant’s leaving personal
items in the locker room constitute a bailment? If so, what type of bailment? If not,
what legal relationship is it? Does 3F’s sign exculpate the company for Grant’s loss?
Why or why not?
State laws are the supreme law of the United States.
Ordinarily, the remedy for a seller’s breach of a contract for a sale of real estate is
damages.