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Upon the lessor's breach, the lessee may protect himself by leasing substitute goods.
A proxy is revocable to the same extent as an agency.
When the power of eminent domain is exercised, the owners must be given the fair
market value of the property as of the time of the taking.
Michael, employed by Romer Corporation, fraudulently represents Romer's product
while attempting to make a sale. Michael, but not Romer Corporation, may be found
liable for fraud.
Private tort actions may not be used to recover for environmental damage.
Alice makes a material misrepresentation of fact to Betty, and based upon the
misrepresentation, Betty enters into a contract. Betty now realizes she was deceived and
wants to get out of the contract. This contract is voidable at Betty's option.
Since the capacity to be a principal depends upon the capacity of the principal to do the
act himself, a person cannot appoint an agent to act for him in the case that he
subsequently loses mental capacity.
A contract to sell five acres of land is governed by Article 2 of the UCC.
Although mens rea is a required element for most crimes, many regulatory crimes
dispense with it.
A material breach by the seller will discharge the buyer from his obligations under a
contract.
Shareholders do not have limited liability for corporate debts.
If an act is ultra vires, it is beyond the legal authority of the corporation.
Dividing the risk and the shift of allocation of risk are options by agreement of both
parties.
When a draft is accepted by a bank, prior and subsequent indorsers are discharged.
An accountant-client privilege is statutorily recognized in some states and would
generally permit the accountant to refuse to disclose confidential information gleaned
from his client.
The RULPA recognizes the right of a limited partner to bring an action on the behalf of
a limited partnership to recover a judgment in its favor if the general partners having
authority to do so have refused to bring the action.
