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Exchanges, brokers, and dealers who deal in the securities traded in interstate
commerce or on any national security exchange must register with the SEC unless
exempted by it.
Administrative regulations generally do not have the force of a statute.
Standby letters of credit are used only in international trade situations.
An accountant who prepares any statement, opinion or other legal paper filed with the
SEC with the preparer's consent is deemed to be practicing before the SEC.
Ordinarily, doing or promising to do what one is already under a legal obligation to do
is not consideration.
Malice is always a required element of defamation.
Blocking laws prohibit the disclosure, copying, inspection, or removal of documents
located in the enacting country in compliance with orders from foreign authorities.
The rights of a transferee of a negotiable bill of lading are defeated if the goods have
been stopped in transit.
When parties contract expressly for a particular subject matter, the contract is
discharged if the subject matter is destroyed through no fault of either party.
A corporation is an artificial person that is created by governmental action.
Negotiability is the characteristic that distinguishes commercial paper and instruments
from ordinary contracts.
Offensive or derogatory language used by one person to describe another constitutes the
tort of slander.
When a lease runs for an indefinite period, which may be terminated at any time by the
landlord or the tenant, a tenancy at will exists.
An otherwise vague contract may be clarified by references in the contract to other
documents or agreements.
Despite the importance of ethical behavior for business success, few Fortune 500
companies have codes of ethics to resolve ethical dilemmas.
Costs and expenses of administration of the bankruptcy case, including trustee fees are
paid before any money is disbursed to secured or unsecured creditors.
An agreement that calls for the commission of a civil wrong is illegal and void.
Kant's theory understood that sometimes you have to use someone to achieve a
one-sided benefit.
The Sarbanes-Oxley Act of 2002 requires written certification of the 10-K and 10-Q
reports by each company's CFO and CEO.
A discharge releases the debtor from the unpaid balance of most debts including taxes
and tax penalties.
