An invitation to submit bids”how much would you charge to do this work?is an offer.
The principle of comity is based primarily on an international treaty.
For a defendant to be convicted in a criminal prosecution under the securities laws, a
jury is allowed to speculate that the defendant may have acted wrongfully.
Common stock provides a proportionate interest in the corporation with regard to
control.
An action in strict product liability requires that the defendant fail to exercise
reasonable care.
Signature liability is contingent liability.
In Case 8.1, The Coca-Cola Co. v. The Koke Co. of America, the United States
Supreme Court permitted a Coca Cola competitor to call a product “Koke.
Estimable Builders, Inc., contracts with Beach Investment Company to build a Cool
Juice n Fruit stand near Divers Beach. The work is to begin on April 1 and be done by
June 1, so that the stand can open for the summer. Estimable does not finish until June
The stand opens but Beach Investment loses two weeks early summer sales due to the
delay. Is Beach Investments duty to pay for the construction of the stand discharged?
Pollution not from point sources, such as runoff from small farms, is subject to the same
regulation as pollution from point sources.
First State Bank is a secured party on a $5,000 loan to Geoff, who owns Happy Hours, a
nightclub. When Geoff experiences financial difficulty, creditors other than First State
Bank petition him into involuntary bankruptcy. The value of the secured collateral has
substantially decreased in value. On its sale, the debt to First State Bank is reduced to
$2,500. Geoffs estate consists of $100,000 in exempt assets and $2,000 in nonexempt
assets. After the bankruptcy costs and back wages to Geoffs employees are paid,
nothing is left for unsecured creditors. Geoff receives a discharge in bankruptcy. Later
he decides to go back into business. By selling a few exempt assets and getting a small
loan, he is able to buy the Idle Inn, a small, but profitable, restaurant. Geoff goes to
First State Bank for the loan. The bank claims that the balance of its secured debt was
not discharged in Geoffs bankruptcy. He signs an agreement to pay First State Bank the
$2,500, and the bank makes a new unsecured loan to him. Is First State Bank correct
that the balance of its secured debt was not discharged in bankruptcy? What is the legal
effect of Geoffs agreement to pay the bank $2,500 after the discharge in bankruptcy?
To falsify information on official bankruptcy schedules is a crime.
A bailor does not have a duty to compensate the bailee as reimbursement for costs
incurred by the bailee in keeping the bailed property.
Consequential damages are foreseeable damages that arise from a partys breach of a
contract.
One guideline to evaluating the ethics of a particular action is to “let your conscience be
your guide.
Clothing is not a “necessary.
The law protects debtors as well as creditors.
A law that has any impact on religion is unconstitutional.
The primary document needed to incorporate a business is the articles of incorporation.
A recession is a written instrument that gives a creditor an interest in real property being
acquired by a debtor as security for the debts payment.
Under the principle of rights theory, one persons principles are as “right as anothers.