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A condominium and a cooperative are essentially the same.
The field of business ethics recognizes that social values typically must yield to the
profitability motive.
Exoneration is an agreement that a party shall not be liable for loss.
A seller's insurable interest in goods always terminates with the passage of the title to
the buyer.
A corporation is a separate legal entity capable of owning property, contracting, and
being sued in its own name.
Substantive law creates rights and duties.
Indorsements may be classified in terms of whether the indorser has added any words to
the indorsement and what those words are.
Under the doctrine of promissory estoppel, a promisor may be prevented from asserting
that his or her promise is unenforceable because the promisee gave no consideration for
the promise.
A nonnegotiable instrument's terms are not enforceable.
Morris rented an apartment in a relatively safe neighborhood of a major city. The door
to Morris' apartment had two locks, and one of these was of the deadbolt variety
designed to prevent burglaries. Morris left for work and engaged both locks. When
Morris returned from work, Morris found that a burglar had broken into the apartment
by forcibly breaking the locks. Morris sustained a substantial loss of money and
property from this burglary. Morris notified the building superintendent and the owner
who had the locks repaired. The attempted repairs were not entirely successful,
inasmuch as the locks did not properly lock on some occasions. This enabled the door
to be readily opened whenever anyone pushed against the door. Morris complained
frequently about the condition of the locks, but the owner would take no further action
regarding them. Finally, a burglar again broke into Morris' apartment, stealing
substantial sums. This time, there was no breaking of the locks. The evidence was that
the locks were not working properly at the time of the burglary. Morris sued the owner
for the losses from the two burglaries. Decide.
If a debtor is about to leave the state, the surety may call on the creditor to take action
against the debtor.
Creditors of a firm have first claim on the assets of the partnership.
Solid waste disposal regulations today deal almost entirely with recycling.
An unlicensed doctor can sue a patient for the doctor's fee if the patient in fact
recovered because of the doctor's care.
Cleaning up your name on Google using one of several services is a good way to
eliminate any suspicions perspective or current employers may have about you.
If a buyer purchases goods on approval, the buyer's creditors cannot reach such goods
until there is an approval.
Sara and Sally rely on the statements of Alice, an accountant. In a lawsuit brought by
Sara and Sally against Alice for fraud, Alice seeks to avoid liability based on the fact
that neither Sara nor Sally was in privity of contract with Alice. Alice knew Sara might
rely on the financial information provided, but Alice did not know of Sally or anyone in
her position. Can Sara and Sally recover against Alice?
Once a mark is registered in accordance with federal law, the holder of the mark has the
exclusive right to use the mark in perpetuity.
A young stockbroker was rather overwhelmed by a flood of new clients. Assunta, one
of his clients, had purchased XYZ Corp. stock through the broker at a price of $35 per
share. The price had gone down to $29 by the time Assunta telephoned the broker.
Assunta told the broker that she wanted to sell the stock if it went below $30 and
inquired as to the price. The broker did not check the price, but thinking it could not
have fallen below the $30 threshold, simply reassured Assunta that it was still "in the
low 30s."
Marta, Assunta's cousin, also had purchased XYZ stock at $35 per share and made a
similar call to the broker and received the same response. Marta, however,
coincidentally saw the price on a stock ticker tape when she hung up and realized the
broker had made an error. Both Assunta and Marta held the stock and did not sell.
Later that same day, the stock price fell an additional $7 per share. Facing sizable
losses, both Assunta and Martha decided to sue for fraud when Marta told Assunta of
the broker's misstatement. Discuss the probable outcome of the lawsuits.
