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Resolving whether a promise should be enforced is the essence of contract law.
In a limited liability limited partnership, the liability of a general partner is the same as
the liability of a limited partner.
A customer must examine a bank statement and report any discovered forged signature
to recover from the bank for the forgery.
There are no revocable offers.
To violate antitrust law, an activity must involve two or more persons.
A sole proprietor may own and manage any type of business.
The term cure refers to the right of the seller to reject, adjust, or replace nonconforming
goods.
Shareholders' meetings must occur at least annually.
In most states, a general partner is jointly and severally liable for all partnership
obligations.
Promoters, not incorporators, must execute the articles of incorporation.
If a contract does not require that performance be rendered directly to a third party, the
third party will be considered an intended beneficiary.
It may be a crime to take another's property, but it is not a crime to receive stolen goods.
A bill of lading serves as a contract for the transportation of goods.
Petra, Queenie, and Randall want to form Sales-to-Infinity, LLC (limited liability
company). What should they provide in their operating agreement? If they fail to
include some important operating details, what determines these details?
If a lessor is a merchant, the risk of loss passes to a lessee when the lessee takes
physical possession of the goods.
A person whose name is forged on an instrument is liable to pay only a holder in due
course the value of the forged instrument.
Informal contracts are usually based on substance rather than form.
