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An executed contract is one that has been fully performed by both parties.
Conditioning the sale of one product on the purchase of another is an exclusive-dealing
contract.
Discharge in bankruptcy is no defense on any instrument regardless of the status of the
holder.
A party cannot recover damages for severe emotional distress absent a showing of
physical injury.
A contract can include a provision stating that no damages can be recovered for certain
types of breaches.
Mitch is a director and officer of Numero Uno, Inc. Mitch makes a marketing decision
that results in a dramatic decrease in profits for Numero Uno and its shareholders. The
shareholders accuse Mitch of breaching his fiduciary duty to the corporation. What is
Mitch's best defense against this accusation? Later, the Numero Uno board considers a
resolution for the firm to compete with One-of-a-Kind Corporation. Mitch is a director
and shareholder of One-of-a-Kind. What is Mitch's responsibility in this situation?
Under a destination contract, the risk of loss passes to the buyer when the goods are
duly delivered to the carrier.
The chief aim of the World Trade Organization and other trade agreements is to
maximize trade barriers among their members.
No state has adopted the Uniform Commercial Code.
All persons who are arrested have the constitutional right to remain silent.
A tenant is not responsible for the ordinary wear and tear of leased premises.
A party is entitled to cancel a contract based on the other party's material breach.
A unilateral mistake is a mistake made by both parties to a contract.
A contract is valid only if both of the parties entering into it have the capacity to do so.
Promises of fact made during the bargaining process are express warranties.
Negotiation is the most complex form of alternative dispute resolution.
In many states, an operating agreement is not required for a limited liability company to
exist.
Securities that are exempt from the registration requirement can generally be sold and
resold without being registered.
A service mark distinguishes products used, or "put into service," by the government.
Symbolic speech is defined as nonverbal expressions of belief and is protected by the
First Amendment.
