The measure of monetary damages when there has been a breach of contract is the sum
of money that will place the injured party in the same position that would have been
attained if the contract had been performed.
Placing property in the possession of another gives that person apparent authority to sell
the property.
In a merger or consolidation, the surviving corporation generally succeeds to all the
rights and property of the predecessor.
At least 30 days must elapse from the date of a company’s filing a registration statement
with the SEC to the date the registration becomes effective.
Recognizing that an ethical dilemma exists is usually far more difficult than resolving
the dilemma once its existence is recognized.
A disclaimer that protects an accountant from liability for inaccurate reporting of
certain specified financial information will be held valid if the accountant had no means
of examining the information.
Freezo Refrigerators are sold by various retailers. Most of the same retailers also sell
Icy Refrigerators. The Freezo brand outsells Icy in some stores, but not in others.
Freezo has decided to offer secret bonuses and discounts to retailers where the sale of
Freezo Refrigerators lags behind the sale of Icy Refrigerators. Freezo sees this action as
an advertising ploy to increase market share. Retail stores where Freezo is number one
are not eligible for any of these bonuses and discounts. Discuss the implications of
Freezo’s advertising plan.
Parties to international ventures often agree to arbitrate their disputes in neutral
countries.
The shares of a close corporation are always held by a single individual.
A merchant is about to transfer his entire inventory as part of an annual clearance
action. This transfer is called a bulk transfer.
Under the “close-connection” doctrine, a holder has taken so many instruments from its
transferor or is so closely connected with the transferor that any knowledge the
transferor has is deemed transferred to the holder, preventing holder in due course
status.
No writing is required for a contract by which a broker agrees with a customer to buy or
sell securities for the customer.
The law of real property is included in those categories of legal issues covered by
cyberlaw.
A discharge releases the debtor from the unpaid balance of most debts including taxes
and tax penalties.
The making of an assignment relieves the assignor of any and all obligations existing
under the original contract.
A tenant in possession has control of the property and is therefore liable when the
tenant’s failure to use due care under the circumstances causes harm to licensees or
invitees.
The general view is that the owner of land owns the space above the land, subject to the
rights of flying aircraft, even if the aircraft interferes with the use of the land and
represent a danger to persons or property on the land.
Due diligence usually consists of searching public records and inspecting the land.
The types of provisions that make contracts unconscionable include clauses that award
excessive damages or the application of credit payments across purchases over time so
that the consumer is never able to pay off any goods.
Fraud requires intent that the listener rely on the false statement of fact.