Marvin contracts with House Painters R Us to paint the interior of his house lemon
yellow throughout. The total contract price is $7,000. House Painters R Us’s anticipated
profit on the job is $4500. If Marvin breaches the contract before House Painters R Us
has begun work on the job and has not incurred any expenses, then its damages will be
$7000.
What are the three primary ways the SEC creates law?
Creditor claims are divided into classes and the highest class must be satisfied in full
before going to the next category.
An appeals court can rule that a trial court’s ultimate ruling was correct even if the trial
court made some minor errors during the trial.
The European Union prohibits the transfer of personal customer information to
countries that lack adequate privacy protection.
Alimony and child support obligations are considered priority claims.
Zach sold a restaurant to Shane for $295,000. As part of the agreement, Zach promised
not to open another restaurant business for three years within a 50-mile radius of the
one sold. Is this agreement enforceable against Zach?
The Truth-in-Lending Act applies to private individuals who loan money.
Due to dram shop laws, commercial establishments that serve alcohol bear some
liability for injuries caused by their intoxicated patrons.
Software clickwrap and shrinkwrap agreements limiting the manufacturers maximum
responsibility to a refund of the purchase price even if the software destroys your hard
drive have generally been found to be binding against consumers.
A copyright is valid for 28 years after it is obtained and can be renewed for another 28
years.
Sandy worked for a small printing company. She found a new job that would pay much
more. In accordance with company policy, she gave her employer a two-week notice
that she would be leaving. Her employer was upset she was quitting, so he terminated
her employment immediately. Sandy was upset because she thought she had acted
properly by giving her employer two weeks’ notice. Her new employer will not be able
to employ her for two weeks. Sandy believes her employer has breached the
employment agreement and she should be paid for the two weeks between jobs. Is she
right? Explain.
Owners of preferred stock typically have a preference in liquidation.
Professor Jones accuses Rachel, a senior at a large state university, of cheating on an
exam. The Professor claims that Rachel must prove to him that she did not cheat. If she
fails to convince him, she will be expelled from college. Rachel is being denied her due
process rights.
In a construction contract, there is a $1000 per day estimate of damages for each day
that the contract runs over the completion date. The contractor is 30 days late when the
job is completed, resulting in a prospective damage award of $30,000. What is this type
of clause, and when will it be enforced?
A person who violates the Clean Water Act can face possible imprisonment in addition
to other penalties.
A drawee has primarily liability on a draft.