Under the UCC, no warranty of title arises unless the contract is in writing.
Sweet Plantation, Inc. made a written contract with Candy, Inc. whereby Sweet
Plantation agreed to supply all of Candy’s sugar requirements for the next year at $.25
per pound. A dispute arose as to how much sugar Sweet is to supply. The parol evidence
rule will bar Sweet’s introduction of evidence concerning the intent of the requirements
of Candy.
First Federal had a perfected security interest in Vicor’s printing press. Second Credit
had a security interest in the same press, but its interest was not perfected. First Federal
takes priority over Second Credit.
Punitive damages are intended to punish the defendant for conduct that is extreme and
outrageous.
Tender offers are regulated on the federal level by the National Labor Relations Act.
Briefly discuss how an offer can be accepted. Include offers for both bilateral and
unilateral contracts.
All states allow the remedy of rescinding a contract for the sale of goods while still
allowing the remedy of suing for damages.
First Federal loaned Madeline $20,000 to purchase a new van. The van was for
Madeline’s personal and family use. First Federal’s security interest is a purchase money
security interest which perfects only upon filing a financing statement.
Estate planning has two primary goals: to ensure property is distributed as the owner
desires and to minimize estate taxes.
Specific performance is available when the subject matter of the contract is unique.
In a strict liability case, the courts still consider if the defendant acted in a reasonable
and prudent manner.
April purchased a life insurance policy on herself. On her death, the proceeds of the
insurance were to be paid to her minor child, Ryan. Ryan is the beneficiary.
From tax returns, the Internal Revenue Service (IRS) has information concerning
Elizabeth Jones. Generally, the IRS may not divulge this information to the Federal
Bureau of Investigation unless Elizabeth has given written consent.
In seeking to determine whether there is a meeting of the minds, the courts look to how
a reasonable person would objectively view the language or actions of the parties.
A bailment was created for the parties’ mutual benefit. This means that the bailee must
use ordinary care with the property.