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Under Check 21, the maximum time that a bank can hold funds from deposited checks
before making them available to the depositor will increase.
Specific performance is the remedy customarily used when one party has breached a
contract for the sale of goods.
Goods that conform to a contracts description in every way are conforming goods.
Merchants are absolute insurers against all accidents arising in connection with the
goods.
When a bailee is holding goods that are to be delivered under a contract without being
moved, the risk of loss cannot pass to a buyer.
During a union election campaign, employers can undertake certain types of
surveillance to identify union supporters.
On the back of an envelope, Phoebe writes, "I promise to pay Quint or bearer $600 on
demand. [Signed] Phoebe. What type of instrument is this? Is it negotiable? If not, why
not?
A limited liability company is a citizen of every state in which it does business.
A trade fixture is personal property that is installed for a commercial purpose by a
tenant.
The courts can decide whether the other branches of government have acted within the
scope of their constitutional authority.
Certain provisions of UCC Article 2A apply only to consumer leases.
Privity of contract refers to the fact that traditionally contracting parties alone have
rights and liabilities under their contract.
Secure Courier, Inc., has a requirements contract with Petro Distribution Corporation
that obligates Petro to supply Secure with all the gasoline it needs for its delivery
vehicles for one year at $2.30 per gallon. A clause inserted in small print in the contract
by Secure, and not noticed by Petro, states, "The buyer reserves the right to reject any
shipment for any reason without liability." For six months, Secure orders and Petro
delivers under the contract without any controversy. Then, because of a war in the
Middle East, the price of gasoline to Petro increases substantially. Petro tells Secure it
cannot possibly fulfill their contract unless Secure agrees to pay $2.50 per gallon.
Secure, in need of the gasoline, agrees in writing to modify the contract. Later that
month, Secure learns it can buy gasoline at $2.40 per gallon from Refined Oil
Company. Secure refuses delivery of its most recent order from Petro, claiming, first
that the contract allows it to do so without liability, and second, that it is required to pay
only $2.30 per gallon if it accepts the delivery. Discuss Secures contentions.
The person to whom rights in a contract are assigned is the assignee.
Article 2A of the UCC does not cover subleases of goods.
There is a precise definition of what makes an administrative rule arbitrary and
capricious.
The law establishes limits to liability for negligence through the concept of proximate
cause.
A payee whose name is misspelled on an instrument cannot indorse the instrument.
Before filing the registration statement, an issuer cannot sell or offer to sell the
securities.
