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Corporations are subject to a form of double taxation.
A consent decree is an informal settlement of an enforcement action brought by an
administrative agency.
Generic terms that refer to a type or class of goods are never subject to trademark
protection.
A "rent-a-judge" serves as a referee.
A disclaimer that protects an accountant from liability for inaccurate reporting of
certain specified financial information will be held valid if the accountant had no means
of examining the information.
Limited liability companies may be formed without filing formal articles of
organization with the secretary of state.
When the principal ratifies the act of the unauthorized person, such ratification does not
release the unauthorized person from liability, since he or she acted without authority.
Damages recoverable in a case of promissory estoppel are determined by the profits that
the promisee expected.
Under UCC Article 2, specific performance is a remedy available only to buyers in
those circumstances in which the goods are specially manufactured, unique, or rare.
An instrument is order paper when by its terms it is payable to the order of any person
described in it, or to a person or order.
The warranties of both merchantability and fitness for a particular purpose exist under
the Convention on Contracts for the International Sale of Goods (CISG).
The World Trade Organization (WTO) provides a Dispute Settlement Body (DSB) to
enable member countries to resolve trade disputes rather than engage in unilateral trade
sanctions or a trade war.
The Toy Corporation issued 200 shares of stock with no par value. The articles of
incorporation provided that the board of directors had the right to fix the value of the
stock. Through subscription agreements between the directors and two subscribers, 101
shares were issued to Maria Perez for $5,000, and 99 shares were issued to Ken Pilar
for $15,000. Toy is now insolvent and is unable to pay the $6,000 it owes to Pine, its
major supplier. Pine has brought suit against Perez, claiming that the subscription
agreement was invalid. How will the case be decided?
The group of time-honored rules that courts have used to solve similar problems for
decades is called stare decisis.
A party who in good faith has provided substandard performance of a contract may sue
to recover the payment specified in the contract.
Corporate managers found guilty of masterminding any criminal activity must be
sentenced to prison time.
"Race norming," a process whereby the results of hiring and promotion tests are
adjusted to ensure that a minimum number of minorities are included in application
pools, is a lawful form of affirmative action.
Ping was the president and chairman of the board of directors of Oh Imports, Inc. Ping
was also a major shareholder. Acting as president, Ping negotiated a series of contracts
that caused the corporation serious economic losses. In this role, Ping failed to exercise
the care of a reasonably prudent person acting in similar circumstances. When
substantial economic losses began to pile up, Ping insisted that the corporation breach a
contract with Ory in favor of a larger contract that was later entered into with
Magnificent Enterprises. Ping hoped to reverse Oh's economic fortunes through this
contract with Magnificent, but the attempt failed. Oh then became insolvent. Ultimately,
the corporation failed. Two law-suits were initiated against Ping. In the first, a creditor
of Oh who never was paid because the business failed sued Ping alleging that the
negligence of Ping had caused Oh to fail to pay the creditor what was owed. The second
lawsuit instituted by Ory claimed damages from Ping because Ping caused Oh to breach
its contract with Ory. Decide both lawsuits.
