An “umbrella” insurance policy pays when other losses from a covered occurrence
exceed the limits of other insurance.
The correction of a defect defense generally applies when a product is redesigned.
Many disparate treatment discrimination cases are brought as class-action lawsuits.
Substantial performance occurs when there has been a material breach of contract.
The courts apply the Dewey test in determining whether an arrangement is an
investment contract and therefore a security.
Ancillary breach of contract occurs when a contracting party informs the other party in
advance that he or she will not perform his or her contractual duties when due.
In a merger, the shareholders of the merged corporation receive stock or securities of
the surviving corporation, or other consideration as provided in the plan of merger.
An accord and satisfaction is also referred to as a pre-trial conference.
Insider trading occurs when a company employee or company advisor uses material,
nonpublic information to make a profit by trading in the securities of the company.
According to the United States Supreme Court, in order for a work (e.g., a movie) to be
obscene, the average person, applying contemporary community standards, would find
that the work, taken as a whole, appeals to the salient interest.
In general, advertisements are treated as offers.
After a share exchange, one corporation (the principal corporation) owns all the shares
of the other corporation (the agent corporation).
Notice of a shareholders’ meeting must be given not less than five (5.) days or more
than thirty (30.) days before the date of the meeting.
The legislative branch of the federal government can change laws that have been
interpreted by the United States Supreme Court.
A provision in the articles of incorporation or the bylaws of a corporation requiring a
greater-than-majority of shares to constitute a quorum is called a supermajority voting
requirement.
The insured under an insurance policy usually cannot assign her rights to another
person.
If consent is obtained by duress, undue influence or fraud, there is no real consent.
Most courts hold that defamatory statements in radio and television broadcasts are not
considered libel.
In most crimes, it is the conduct, rather than the intent behind the conduct, that
determines whether the defendant committed the crime.
The United States Constitution does not vest exclusive power over foreign affairs in the
federal government.
Recording of a deed gives constructive notice to the world of the owner’s interest in the
property.
The police can make a warrantless arrest if they arrive during the commission of a
crime, when a person is fleeing from the scene of a crime, or when it is likely that
evidence will be destroyed.
Under straight voting, each shareholder votes the number of shares he or she owns on
candidates for each of the positions open for election.
Express agency is created when a franchisor leads a third person into believing that the
franchisee is its agent.
A limited liability company can be either a member-managed LLC or a
manager-managed LLC.
A short-form merger procedure is simpler than an ordinary merger.
State securities laws are often referred to as “blue-sky” laws.
In the United States, if two people independently develop the same invention, the patent
will be granted to the first to file for the patent, not the first to invent the invention.
Each person has the exclusive legal right to control and profit from the commercial use
of his or her name and identity during his or her lifetime.
If a default judgment is entered against the defendant, the plaintiff is not required to
prove damages.
Title VII applies to hiring and firing, but not to other aspects of employment.
The law consists of rules that regulate the conduct of individuals, businesses, and other
organizations within society.