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The initial board of directors of a corporation is normally elected at the first annual
shareholder' meeting by a majority vote of the shareholders.
Under the Americans with Disabilities Act of 1990, an employer must hire unqualified
applicants who have disabilities.
Express warranties can not be disclaimed in contracts.
A contract for the sale of commercial realty should indicate what items are included in
the sale.
In contracts involving a carrier, a seller can complete performance through a shipment
contract or a destination contract.
Under the UCC, prompt shipment of goods is considered an acceptance of an offer to
buy the goods.
Labor unions can organize and bargain without violating antitrust law.
Arbitration is always legally binding.
The Securities Exchange Act of 1934 provides for continuous, periodic disclosures by
publicly held corporations.
The duty owed under the mitigation of damages doctrine depends on the nature of the
contract.
It is not possible to violate a business regulation without realizing it.
A limited liability company can be taxed as a partnership.
Crimes occurring in a business context are popularly referred to as white-collar crime.
Perfection refers to the quality of the collateral that secures a creditor's interest in a
debtor's debt.
Special requirements must be met to discharge toxic chemicals into surface waters.
The UETA does not require the use of security procedures to verify changes to
electronic documents and to correct errors.
In direct exporting, a U.S. company signs a sales contract with a foreign purchaser that
provides for the conditions of shipment and payment of goods.
Charging different prices to different buyers for identical goods is price discrimination.
When there is a breach of an underlying contract for which an instrument was issued,
the maker of a note can refuse to pay it.
