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If a contractual promise is not fulfilled, the person who made it may be required to
perform the promised act.
A partnership cannot be a shareholder in an S corporation.
Federal law encourages private lenders to modify mortgages so as to lower the monthly
payments of borrowers who are in default.
When an instrument has a forged indorsement, the loss usually falls on the party whose
indorsement was forged.
A warranty of good title means that a seller warrants that he or she has valid title to the
goods and that transfer of the title is rightful.
Whether a contract's limitation-of-liability clause will be enforced depends on the type
of breach that the clause excuses.
Delivery of intangible personal property is never accomplished by constructive
delivery.
An implied warranty of merchantability does not arise in every lease by a merchant
who deals in goods of the kind leased.
A minor has a reasonable time, after the minor reaches the age of majority, to disaffirm
a contract.
A corporation does not possess the same right of access to the courts as natural persons.
A director usually serves on a corporation's board for a life term.
Ethics is concerned with the fairness or justness of an action.
Prenuptial agreements are agreements made during a wedding ceremony that define
each partner's duties to one another during the marriage.
Inadequate consideration always indicates undue influence.
Adhering strictly to all business laws is all that is necessary to fulfill all business ethics
obligations.
A disclosed principal is a principal whose identity is not known by the third party at the
time the contract is made by the agent.
A principal is not liable on any contract made by the agent acting outside the scope of
his or her authority.
U.S. laws that prohibit discrimination in employment apply to U.S. employees working
for U.S. firms located abroad.
Giving an agent a power of attorney confers implied authority.
