BUS LAW 79443

subject Type Homework Help
subject Pages 6
subject Words 683
subject Authors David P. Twomey

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A party to a sales contract may demand at any time that the other party provide
adequate assurance of performance.
Consideration always must be an act or the promise to perform an act.
Agent's may intentionally make themselves liable on contracts with third persons.
The Uniform Arbitration Act requires a written agreement to arbitrate an issue.
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A holder of a single share of stock who objects to a merger has the power to stop the
merger.
Horseco, a new business, purchased ten thoroughbred horses for racing and breeding
purposes. It hired John, an accountant, to prepare financial projections of anticipated
future earnings for the first five (5) years of the new business. The information provided
to John as the basis for the projections included assumptions made by Horseco about
anticipated earnings from racing and breeding. The assumptions were based on
Horseco's experience and were not based on objective standards that could be examined
by John. John included with the projections a disclaimer that stated that the income
projections were based on assumptions provided by Horseco and that John assumed no
personal responsibility for the accuracy of those projections. Subsequently, the Larson
Company purchased a fifty (50) percent interest in Horseco, and when Horseco's
income did not match the projections, Larson sued John for accounting malpractice.
How will the court decide?
In the absence of an agreement to the contrary, a tenant is not liable for increased taxes
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imposed on the rented property by a general tax increase.
In a sale on approval, the risk of loss passes to the buyer when the buyer takes
possession of the goods.
Whenever a sale of goods is made, certain warranties are implied unless they are
expressly excluded.
Suretyship and guaranty transactions have the common feature of a promise to answer
for the debt or default of another.
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When a contract is fully performed by one party, it is called a unilateral contract.
If a principal terminates an agency without giving notice of the termination to third
persons, the agent may retain the power to make contracts that will bind the principal
and third persons.
Shareholders have the right to bring a derivative action on behalf of a corporation that
refuses to exercise its right to bring such action.
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Order paper is negotiated by the indorsement of the holder and delivery.
Any disclaimer by an accountant that excludes liability for malpractice based on
negligence is void.
If a share certificate is lost, destroyed, or stolen, the ownership of the shareholder is
destroyed.
The shares of a close corporation are always held by a single individual.
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One of our most important rights is the right of privacy.
When a third person makes payment to an authorized agent, such payment is deemed
made to the principal as of the time when the agent remits the payment to the principal.

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