Lawyers are not allowed to represent people in small claims courts in any of the states.
In many states, an operating agreement is not required for a limited liability company to
exist.
The contract term “free on board” indicates that the selling price of goods includes
transportation costs to the specific F.O.B. place named in the contract.
The mirror image rule requires an acceptance to adhere exactly to an offer to create a
contract.
If a minor disaffirms a contract, he or she must disaffirm the entire contract.
SEC Rule 10b-5 applies to almost all cases involving the trading of securities.
A will is probated in part to establish its validity.
Banks can replace original with substitute checks.
International law is a body of law that governs relations between and among citizens,
not countries.
An administrative agency can issue an interpretive rule to indicate how the agency
plans to interpret its statutory authority.
One purpose of quasi contracts is to prevent unjust enrichment of one party at the
expense of another.
Article 2 of the UCC covers any transaction that creates a lease of goods.
If it can be shown that a trespass to land was warranted, a complete defense exists.
A confederal form of government is a confederation of independent states with a central
government of very limited powers.
State securities laws apply mainly to intrastate transactions.
Multi Investments, Inc., offers to buy Nano Toy Corporation. On May 1, Nano provides
copies of its financial statements for the previous year, showing an inventory of $10
million. On May 15, Nano discovers that the previous year’s inventory is overstated by
$5 million, but does not inform Multi. On June 1, Multi, relying on the financial
statements, buys Nano. On June 10, the buyer discovers the inventory overstatement.
Can Multi succeed in a suit against Nano for fraud?
The method of perfecting a security interest does not depend on the classification of the
collateral.
A loss sustained between the time of application and the delivery of an insurance policy
may not be covered.
Felonies are punishable by imprisonment for more than a year or death.