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If a voidable contract is avoided, the parties to it are released from it.
An ethics program can clarify what a company considers to be unacceptable conduct.
A financing statement is effective only if it is filed electronically.
A joint venture does not terminate unless one of its participants dies.
A secured party can release the collateral described in a filed financing statement only if
the debtor has paid the debt.
A coinsurance clause provides that two or more people will be covered by the same life
insurance policy.
Sally and Tom decide to go into business, selling discounted merchandise through their
Web site "e-Buy." They sign a partnership agreement that requires Sally to contribute
$12,000 and Tom to contribute $8,000 in capital to start the firm. The agreement also
states that only Sally will have the authority to bind the partnership in deals with third
parties, but the agreement says nothing about the management of the firm or a division
of profits. Without Sally's knowledge, Tom tells United Computer Products, Inc., that
he represents the firm and signs a contract with United to buy hard drives for resale on
e-Buy. In the first year, e-Buy makes a profit of $50,000. What are the partners' rights
with respect to the management of the firm? Is the partnership bound to the contract
with United? Do the partners split the first year's profits? If so, how much is each
entitled to?
Before the guarantor of a debt can be required to answer for the debt of a debtor, the
debtor must have defaulted on the underlying obligation.
An offeror is a person who makes an offer.
Punitive damages are intended to punish a wrongdoer and deter others.
A quasi contract is not a true contract.
