An insurable interest in property must exist at the time that the loss is suffered, while an
insurable interest in life must exist at the time that the policy is issued.
“Without reserve” auctions give the auctioneer the right to withdraw the goods from the
sale process if the bids are not high enough.
Persons or firms can be sued for false statements in a registration statement.
Sal was at home going through his normal workout when he bent his barbell bar. Sal is
a professional bodybuilder, and this fact is obvious from his appearance. Sal went to his
local sporting-goods store and was approached by a clerk wishing to assist him. Sal told
the clerk about his problem and the clerk asked Sal to wait while an appropriate bar was
located. The clerk presented Sal with a bar that the clerk said “is just what you need for
your type of weight requirements.” Sal paid for the bar and was returning home when
he stopped at a health food restaurant. The drink that he ordered had an unusual taste,
but the food establishment refused a refund. Sal became ill from the drink, which, as it
turned out, had a toxic substance in it. Sal had to be hospitalized. When Sal was able to
work out again, he attached the weights to the new bar and lifted the bar under his chin.
The bar snapped in the middle and severely cut Sal. Sal is angry about the drink and the
barbell. What are the applicable warranties involved? Does Sal have a cause of action?
The field of business ethics recognizes that social values typically must yield to the
profitability motive.
Identity theft is a type of Internet fraud.
It is necessary to the creation of an express warranty that the seller use formal words
such as “warrant” or “guarantee.”
The Foreign Corrupt Practices Act does not prohibit facilitation payments.
The criminal law of all states is the same because all states have adopted a uniform
criminal code.
A gift is a free transfer of the title to property.
A shareholder can give a proxy to vote shares only to another shareholder.
A ‘short-swing” profit is realized by a corporate insider from selling corporate securities
less than one (1) year after purchase.
When duties under a contract are delegated, the party making the delegation remains
responsible for the performance of the contract just as though no delegation had been
made.
The seller of a painting is not bound by the sales contract if the painting purchased was
considered of little value and only later discovered to be valuable to the surprise of both
buyer and seller.
Provisions of a contract will be considered separately and not as a whole.