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Monopoly power may be proved by evidence that a firm used its power to control
prices.
The price that a secured party obtains on a sale of collateral is all that the creditor can
recover on the debt.
Quasi contract allows a court to act as if a contract exists when there is no contract.
A corporation can recapture any profits realized by an insider on any purchase or sale of
the firm's stock within any six-month period.
Through tort law, society compensates those who suffer injuries as a result of other'
wrongful conduct.
A qualified opinion must be specific and identify the reason for the qualification.
An executor is a personal representative appointed by a court for a decedent who dies
without a will.
An innocent party does not need to suffer an injury to collect damages as a result of a
misrepresentation.
Failure to live up to a standard of care may be an act or an omission.
Acting in good faith gives a business firm a better chance of defending its actions in
court.
A novation occurs when there is a substitution, by agreement, of a new contract for an
old one, with the rights under the old one being terminated.
Only federal law governs drug tests of private-sector employees.
A sole proprietor has unlimited liability for all obligations that arise in doing business.
A board of directors govern every corporation.
Both employers and employees contribute to help pay for benefits that will partially
make up for the employee' loss of income on retirement.
Expenses that are caused directly by a breach of contractsuch as those incurred to
obtain performance from another sourceare compensatory damages.
Foreign firms cannot obtain U.S. patent protection on items that they sell in the United
States.
An insurance application is part of the insurance contract.
All that a delegator needs to do to make a delegation effective is to express an intention
to make the delegation.
