Under the Magnuson-Moss Warranty Act, a seller who makes a written warranty cannot
disclaim any implied warranty.
The liability of partners for a tort or breach of trust committed by any partner is
unlimited, personal liability.
An employee’s promise of providing ordinary personal services may be enforced by an
injunction against serving another employer.
Mother conveyed her lakefront property to her daughter, Ellen, for life and then to
Ellen’s children, but if Ellen had no children, to Mark. Mark has a contingent remainder.
By law, a shareholder is always entitled to one vote for each share of stock that he
owns.
Cora and Bruce have an executory contract for the sale of some goods. Cora files for
bankruptcy and is then discharged by the bankruptcy court. Cora has no obligation to
perform under the contract.
An agent is personally liable for the torts he commits while in the scope of his
employment.
“Capital surplus” would be credited with the excess received over par value for par
value shares issued by the corporation.
The Clean Water Act imposes civil penalties but not criminal penalties for violations.
An easement describes a limited possessory interest in the land.
A primary reason for requiring a surety is to reduce the creditor’s risk of loss.
By paying the holder on an instrument, a party may be discharged from liability.
What are the two major issues regarding payment for shares?
Sales contracts containing unconscionable clauses are void and unenforceable.
A reference to another writing makes a promise or order conditional.
Jennifer purchased a used refrigerator from her next-door neighbor, a mail carrier.
When she took it home and plugged it in, the refrigerator burst into flames. The seller in
this case is in breach of the implied warranty of merchantability.