Advertisements that call for an act may be deemed to be a unilateral contract.
In a Chapter 7 bankruptcy, the debtor’s nonexempt assets are liquidated to pay debts.
A negotiable warehouse receipt states that the goods received will be delivered to the
bearer or to the order of any named person.
Self-help repossession of collateral upon a buyer’s default is contrary to public policy
and never is allowed.
In the absence of a statute requiring a writing, a contract may be oral or written.
Moral relativists believe that ethical decisions will differ based on circumstances.
A tender occurs when the holder of a check or other consumer transaction authorization
demands payment.
A buyer always has a right to examine the goods to determine if, in fact, the goods
conform to the contract.
To make an offer, the offeror must appear to intend to create a binding obligation.
The head of the Department of Transportation reviewed a film that demonstrated the
effectiveness of air bags in automobiles. He then passed a rule that Ford Motor
Company must retrofit, without charge to the automobile owner, all of its 1985 models
as an experiment on the safety of the air bag. Ford refused to do so. The DOT held a
hearing and decided to fine Ford $1 million for violating its regulation. A notification of
this decision was mailed to Ford. What constitutional issues does this case raise?
A corporation may be an incorporator of another corporation.
Ex post facto laws can be adopted by either states or the national government.
John, a 17-year-old, purchased a ping-pong table and four new ping-pong paddles. A
week after he turned 18, John tried to return the ping-pong paddles. He told the seller
that he had decided to keep the table. Can John avoid the contract in this way?
Tuttle died at age 96, leaving a will that she made at age 40 that provided that her three
children would share her estate equally. At the time of her death, only one child, Anna,
was living. Tuttle’s two deceased children, Bill and Caroline, each had two children
who were living at the time of Tuttle’s death. Anna is claiming that she is entitled to the
entire estate because the bequests to Bill and Caroline lapsed upon their deaths prior to
Tuttle’s death. How will the estate be settled?
A shareholder may make an absolute transfer of stock or may transfer it merely as
collateral to secure the payment of a debt.
Credit laws and laws regarding checks, notes and drafts were developed to help
facilitate trade.
A security agreement need not describe the collateral involved.
The Miller family, who operates a musical instrument manufacturing concern, has
decided to incorporate. The three (3) members of the Miller family, Mary, Mark and
Sue, would like to become a corporation and obtain limited liability; however, taxation
at the corporate level would be very costly for them. If possible, Mary Miller would
rather be taxed as a partnership. Mark Miller is worried about the additional paperwork
and meetings that incorporation would surely bring. Sue Miller does not want a large
board of directors to be formed. Sue fears that the board would somehow detract from
the family goals and orientation the business has always enjoyed. In light of these
concerns, is there a corporate form that would better suit the Miller family?
A qualified indorsement qualifies the effect of a blank or special indorsement by
disclaiming certain liabilities of the indorser to a maker or drawee.