BUS LAW 83905

subject Type Homework Help
subject Pages 6
subject Words 750
subject Authors Frank B. Cross, Roger LeRoy Miller

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A holder takes an instrument for value by performing the promise for which the
instrument was issued.
The use of a persons likeness for commercial purposes without permission is not an
invasion of privacy.
Any breach allows the nonbreaching party to sue for damages.
A secured party can release any collateral described in the financing statement, thereby
terminating its security interest in that collateral.
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A contract for a sale of growing crops or timber to be cut is a contract for a sale of
goods.
To be ethical is to "do the right thing but it does not otherwise "pay.
A seller who makes a statement that relates to the value or worth of the goods creates an
express warranty.
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In a common law system, judicial precedents are not binding.
Guy is Hot Java Companys majority shareholder. Guy decides to sell his Hot Java
stock. The sale will be an effective transfer of the control of the company. Does Guy
owe a duty to Hot Java or its minority shareholders in this situation?
Normally, a dissociated member of an limited liability company (LLC) has the right to
force the LLC to dissolve.
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If it can be shown that a trespass to personal property was warranted, a complete
defense exists.
The maximum time that a bank can hold funds from deposited checks before making
them available to the depositor will not change.
Standard-form contracts are available on the Internet, but they should be adapted to the
specific circumstances of a transaction.
Airway International, Inc., is a commercial passenger airline. Airway includes on its
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tickets a clause that states the airline is not liable for any injury to, or the death of, any
passenger caused by its, or its employees, negligence. An Airway flight from Boston to
New York crashes into Long Island sound, resulting in the deaths of all passengers. The
cause of the accident is found to be due to Airways negligence. Based on the clause on
its tickets, can Airway avoid liability?
One requirement of a valid gift is acceptance by the donee.
An agreement to form an agency relationship can be oral.
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If a lessee breaches a contract, the lessor can choose to simply cancel the contract.
With an installment contract, a buyer or lessee cab reject an installment on any pretext.
Manufacturers are required to report on any products already sold if the products have
proved to be hazardous.

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