Criminal penalties for corporations are based on a percentage of sales.
Tuttle died at age 96, leaving a will that she made at age 40 that provided that her three
children would share her estate equally. At the time of her death, only one child, Anna,
was living. Tuttle’s two deceased children, Bill and Caroline, each had two children
who were living at the time of Tuttle’s death. Anna is claiming that she is entitled to the
entire estate because the bequests to Bill and Caroline lapsed upon their deaths prior to
Tuttle’s death. How will the estate be settled?
A qualified indorsement qualifies the effect of a blank or special indorsement by
disclaiming certain liabilities of the indorser to a maker or drawee.
If a contract can be interpreted in two ways, one legal and the other illegal, the court
will assume that the legal meaning was intended unless the contrary is clearly indicated.
A state may prohibit a seller from selling below cost if the purpose is to harm
competitors.
The person on whom the order to pay a draft is made is called a drawer.
Bills of lading for intrastate shipments are governed by the UCC, while those for
interstate shipments are regulated by the Federal Bills of Lading Act.
A quorum is broken if shareholders leave and those remaining are not sufficient to
constitute a quorum.
Misrepresentation and fraud on the Internet raises a variety of new legal issues.
Unless otherwise agreed, every merchant seller warrants that goods are sold free of any
rightful claim by any third party.
Because many oral contracts are legally enforceable, it is a good business practice in the
preliminary stages of discussions to stipulate that no binding agreement is intended to
be formed until a written contract is prepared and signed by the parties.
Mortgages, security interests, and surety relationships are legal mechanisms created
primarily to promote stability and flexibility in trade.
An instrument that originally was bearer paper always remains bearer paper.
A check is drawn on the assumption that the bank has sufficient funds in the drawer’s
account for payment.
A written authorization of agency is called a power of attorney.
Corporate Integrity Agreements are the equivalent of putting a corporation on
probation.
Credit laws and laws regarding checks, notes and drafts were developed to help
facilitate trade.
The Fifth and Fourteenth Amendments prohibit the national and state governments from
depriving any person of property without due process of law.