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If an employee dies in a work-related incident, the employer must notify OSHA within
eight hours.
Revocation is effective on dispatch.
A joint venture resembles a partnership but is taxed like a corporation.
A check is not a substitute for cash.
A limited liability company is a citizen of every state in which it does business.
Under the Sarbanes-Oxley Act, accountants must retain working papers relating to an
audit or review for a certain period of time.
An attorney may be liable to a third party who relies on the attorney's legal opinion to
the third party's detriment
A fictitious payee is a payee on a negotiable instrument whom the maker or drawer does
not intend to have an interest in the instrument.
Each bank in a collection chain must pass a check on before noon of the day of its
receipt.
A subprime mortgage is a loan made to a borrower who does not qualify for a standard
mortgage.
The death of an offeree does not terminate an offer.
Past consideration can be legally sufficient consideration.
To be negotiable, an instrument must be payable in a fixed amount.
A trustee must call a meeting of the creditors listed in the schedules filed by the debtor.
Whether a contract's limitation-of-liability clause will be enforced depends on the type
of breach that the clause excuses.
Intangible personal property represents a set of rights and interests but has no real
physical existence.
The annual percentage rate is the actual cost of a loan on a yearly basis.
Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the
loan or return the car, Quality wants to transfers the right to the payment to Rapid
Collection Agency. Rapid agrees to pay Quality for this right, but for a price that is less
than the amount owed. Can Quality transfer this right to Rapid without Pam's consent?
If so, and Quality committed fraud in the deal with Pam, could Pam legitimately refuse
to pay Rapid? Explain.
Final administrative rules do not have binding legal effect unless the courts later declare
them to be binding.
