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Under a finance lease, the lessee can stop performing and making lease payments if the
leased equipment turns out to be defective.
A negotiable instrument can function as a substitute for cash.
Corporations can be good citizens by promoting goals that society deems worthwhile.
A breach of contract entitled the nonbreaching party to sue for monetary damages.
The Securities and Exchange Commission interprets federal securities laws, but does
not investigate violations.
A fixed-term tenancy is created when a lease does not specify its duration.
Changing a trademark is forgery.
The articles of incorporation serve as a primary source of authority for a corporation.
Cozy City lies on the shore of a bay that empties into the Atlantic Ocean. Downcycler
Waste Company picks up garbage and trash from local businesses. Further inland,
Eschew Corporation collects radioactive waste from the local utilitys nuclear power
plant. On the other side of the bay, Fort Cozy Military Base stores chemical warfare
supplies for disposal. Can Downcycler, Eschew, or Fort Cozy dump their waste in the
ocean?
U.S. courts follow the adversarial system of justice.
Negative amortization occurs when the monthly payments are insufficient to cover the
interest due on a loan.
A publicly held corporation is a private corporation.
Finely Engineered Parts Corporation (FEPC) and Great Gears & Gauges, Inc. (3G), are
competitors selling certain machine parts that are otherwise generally unattainable in
their geographic market. This market includes the states of California, Oregon,
Washington, and Idaho. FEPC and 3G agree that FEPC will no longer sell in California
and that 3G will no longer sell in Oregon, Washington, and Idaho. Have FEPC and 3G
violated any antitrust law? If so, which one? Explain. If they had divided their market
by type of customer rather than geographic are, would the result be the same? Why or
why not?
On a sheet of paper, Elle writes, without her signature, "I acknowledge that I owe Frank
$600, payable out of the proceeds of the sale of my car, a 1995 Honda Civic, which I
promise to advertise For Sale next week. Payment is to be made on or before six
months from today. What type of instrument is this? Is it negotiable? If not, why not?
A security agreement is an agreement that creates or provides for a security interest.
