An accommodation party and a co-maker of a note have the same liability on an
instrument.
Southern Bar-B-Q owns a special, secret recipe for sauce which it guards because it
gives the restaurant a competitive advantage. If Mort willfully misappropriates the
recipe, a court may hold him liable to Southern for double damages.
In 2008, then-President George W. Bush reached an agreement with other world leaders
to cut greenhouse gases in half by 2028.
The common law of agency applies to relations between partners and it also applies to
relations between partners and third parties.
The original statute of frauds is the English law that began the practice of requiring
written evidence of certain kinds of contracts, but now the British government has
repealed the writing requirement for most contracts.
Working out some frustrations after a bad game, Jessica angrily hits a baseball and then
sees it is flying toward the umpire. She yells, “Watch out! The umpire ducks and the
ball misses him. Since there was no physical contact, no assault or battery occurred.
A PMSI can be created only in goods and software.
The UCC recognizes commercial impracticability as a ground for discharge of a
contract.
Outline the focused, multi-step process recommended for reading a contract before you
agree to it.
Darlene conveys her beachfront property to Dan as a life estate, and upon Dan’s death,
the property will revert to Darlene or her heirs. Darlene’s future interest in the
beachfront property is called a remainder.
Christy and Sylvester trade movies by downloading each others movie files. If the
copyrighted material has a retail value greater than $1,000, Christy and Sylvester are
subject to criminal penalties under the No Electronic Theft Act, even if they had no
profit motive in reproducing the movies.
The “tipper” of inside information can be convicted of a crime, the “tippee” cannot.
Generally, managers that make informed decisions will not be liable even if their
decision turned out badly.
If the President vetoes a bill, it can still become law if both the House and the Senate
approve it with a 51% majority.
Tim received a letter from his state college stating he had been expelled from the
school. The letter stated his finance professor reported him to the Dean’s office for
cheating and that a committee had decided to expel him. He was reminded in the letter
he had been disciplined earlier that same year for plagiarizing a term paper. Tim
believes his due process rights have been violated by the college. Discuss what factors
should be considered to determine the validity of Tim’s claim.
Carswell, a contractor, enters into a contract with Helen, a homeowner, to remodel her
bathroom. The contract provides a specific completion date. The contract provides that
if Carswell does not have the job finished by the date, Helen may deduct $200 per day
from the contract price until the job is finished. This is an example of liquidated
damages.