Sureties have no rights to protect them from loss, to obtain their discharge because of
the conduct of others that would be harmful to them, or to recover money that they were
required to pay because of the debtor’s breach.
The “American rule” states that the losing party in a lawsuit is responsible for all
attorney fees.
A franchisor or franchisee could be a sole proprietor, a partnership, a limited liability
company, or a corporation.
The fact that a person signs a negotiable instrument because he or she is fraudulently
deceived regarding its nature or essential terms is a defense available against all
holders.
A will is very informal and may be created in any reasonable manner.
Agency is a relationship by which the principal is authorized to act on behalf of an
agent in negotiating and making contracts with third persons.
Under an indemnity contract, one person pays another consideration in return for a
promise to pay a specified sum of money in the event that a specified loss is suffered.
A liquidated damages clause is a contractual provision stipulating the amount of
damages to be paid in the event of default or breach of contract.
It is a crime to post nasty opinions about someone in an Internet chat room.
The requirement of a sum certain in money is fulfilled even though the interest rate
changes at maturity.
A typical situation where the doctrine of economic frustration applies is when the party
suffers a loss when a gain was expected.
A factor is a consignee.
Restrictions on the transfer of stock are valid if they are not unreasonable.
Law may be classified in terms of principles of law and principles of equity.
When a contract sets a price for services rendered, a plaintiff cannot sue for reasonable
value.
The Federal Trade Commission has adopted a franchise disclosure rule that requires
franchisors to give prospective franchisees a full disclosure statement thirty (30) days
before a franchisee signs a contract or pays any money for a franchise.
A void contract is one that is otherwise valid but may be rejected or set aside by one of
the parties.
Because the power to regulate interstate commerce has been interpreted broadly,
Congress has great power to adopt regulatory laws affecting the economy.