Criminal sanctions for accountants are limited to punitive fines.
A promisor and a promisee may provide that the benefits under a contract will never
vest in a third person.
Julie writes a letter to Mitchell authorizing him to sell her boat and sends a copy of the
letter to Jared, a prospective buyer. The next day, Julie writes Mitchell a letter revoking
his authority to sell the boat, but she does not send a copy of the second letter to Jared.
Although Mitchell has no actual authority to sell the boat now, he continues to have
apparent authority with respect to Jared.
The Justice Department has issued a “market structure screen,” under which the
department will not challenge restraints by a firm having less than 25 percent of the
relevant market.
The choice-of-forum clause in an international business transaction will dictate what
country’s law the forum will apply should a legal dispute arise.
Businesses suffer considerable loss as victims of criminal actions, but businesses cannot
be perpetrators of criminal actions.
Ken, a research chemist, has been promised a fellowship with a stipend of $10,000 to
do research on synthetic fuel oil. Under the terms of the fellowship, Ken is free to use
the money as he sees fit. Ken decides to build his own laboratory, so he will not have to
rent one. He hires a carpenter who begins working on shelving and cabinets in the
laboratory. Then Ken receives a telegram saying the fellowship has been canceled. No
reason is given for the cancellation. If Ken sues, will he be able to collect the money
from the foundation which promised the fellowship? Explain your answer using legal
terminology.
The Equal Pay Act requires that employees of American Indian ancestry and employees
of Italian ancestry be paid equally for equal work.
A corporation has perpetual existence unless otherwise stated in its articles of
incorporation.
As a general rule, partial assignments of contract rights are not enforceable.
The owner of a dog will always be strictly liable if the dog bites someone.
Meeting competition is a defense to a charge of price discrimination under the
Robinson-Patman Act.
The Uniform Commercial Code covers all the issues involving ownership and transfer
of title to personal property.
The fiduciary duty of an agent has a bearing upon his ability to act on behalf of a
competitor of his principal.
A promisor may assert the defense of contractual modification or rescission, even if an
intended beneficiary’s rights have vested.
Discharge by performance is the most frequent method of discharging a contractual
duty.
A holder need not actually have the instrument in his possession.
Only the board of directors may approve fundamental changes in the corporation.