When a credit application is refused, it is sufficient that the lender give the applicant a
written statement saying: “application refused.”
UCC Article 2 applies not only to contracts for the sale of familiar items of personal
property, such as automobiles or chairs, but also to the transfer of commodities, such as
oil, gasoline, milk, and grain.
Administrative agencies may make the rules, police the community to see the rules are
obeyed, and sit in judgment to determine violations of their rules.
A promissory note that is payable “on the date of my marriage” is nonnegotiable even if
the maker of the note marries.
Generally, only the parties to a contract may sue on it.
The stockholders of the Apex Corporation attended a special meeting of the
stockholders called to discuss matters of extreme urgency to the corporation. A quorum
was not present when the meeting opened, nor was a quorum present when the matters
to be treated in the meeting were discussed. Management, however, felt that the
importance of the issue was significant enough to warrant continuation of the meeting
without a quorum, and the stockholders voted on the issues presented during the
meeting. During the last fifteen (15) minutes of the meeting, just prior to the cocktail
hour regularly attended by many stockholders, enough stockholders had arrived to
constitute a quorum. Were the issues of this meeting dealt with in a valid manner?
The powers of the officers of a corporation are controlled by the laws of agency.
A manufacturer with distributors in New York City may give its newer distributors free
advertising and other services to help them compete with the distributors who have
been doing business for a number of years and have become firmly established.
An action for breach of warranty generally must be brought within three (3) years of the
breach.
An antimodification clause specifies that a waiver to any breach automatically modifies
the contract .
An insurer’s bad faith refusal to pay a claim generally is considered to be any frivolous
or unfounded refusal to comply with the demand of a policyholder to pay according to
the policy.
A forged endorsement must be reported within one year of the time that the bank
statement is received.
Generally, advertisements, catalog prices, and circulars are offers that can be accepted.
An express contract is one in which the agreement is shown by the acts and conduct of
the parties.
The Foreign Corrupt Practices Act applies to businesses with their principal offices
located in the United States.
A landlord has the right to enter a leased property to make repairs without notifying the
tenant.