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If a contract for a sale of goods does not include a quantity term, it is a requirements
contract.
Corporations, unlike persons, cannot be liable for crimes.
Federal law encourages private lenders to modify mortgages so as to lower the monthly
payments of borrowers who are in default.
A lender can make a higher-priced mortgage loan based on the value of the consumers
home without verifying the consumers other credit obligations.
A merchant cannot disclaim an implied warranty of merchantability.
A warranty against infringement is a promise by the seller that the product was con-
structed in a workmanlike manner.
A reorganization plan is a plan to conserve and administer the debtors assets in the hope
that all of the creditors will eventually be paid in full.
A corporation that is selling all of its assets must obtain approval only from its board of
directors.
Recording a mortgage protects the creditors security interest in the property.
Tortfeasor is the term for a person who commits a tort.
A preemptive right is a preference over other shareholders to cast the determining vote
on fundamental changes affecting the corporation.
A bank has no right to charge a customers account for the amount of a stale check.
