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True consideration occurs only when the value of one promise is equal to the value of
the promise given by the other party.
Jane asserts she has a legal right. Jane is really saying she has an obligation to perform
or refrain from performing an act.
The drawee of a check is always a bank.
Rights always stand alone, without any duties.
The parol evidence rule generally excludes words spoken before or at the time a written
contract was executed from contradicting the terms of the contract.
To establish impossibility a party must show (1) the unexpected occurrence of an
intervening act; (2) that the risk of the unexpected occurrence was not allocated by
agreement or custom; and (3) that the occurrence made performance impossible.
After fully complying with the procedures of the Uniform Gifts to Minors Act, a donor
is entitled to take back the donated property at any time before the minor donee reaches
the age of 1
When large-size enterprises plan to merge, they must give written notice to the
Interstate Commerce Commission.
If any uncertainty exists in the interpretation of a restrictive covenant, the covenant will
be construed strictly in favor of the free use of the land.
Despite the importance of ethical behavior for business success, few Fortune 500
companies have codes of ethics to resolve ethical dilemmas.
A "rent-a-judge" serves as a referee.
Those uniform state laws that have been adopted by individual states were first written
by Congress.
Ethical conduct is desirable but not necessary; business should be conducted through
sole reliance on positive law and its enforcement in the courts.
Collective bargaining agreements generally are subject to a ratification vote by the
employees.
The defense that a signature was forged or signed without authority cannot be raised
against any holder if the person whose name was signed has ratified it.
All shares must have a par value of at least one dollar per share.
A drawee on a draft has no responsibility under the draft until it has accepted that
instrument.
Contract formation in cyberspace is the result of a desire for businesses to use a
common language to form contracts.
