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A debtors signature or authentication is required to create a security interest.
An action in strict product liability requires that the goods be substantially changed
from the time the product is sold to the time the injury is sustained.
Jade, Kelly, and Lila organize a nonprofit businessJKL Markets, Inc.to buy groceries
from wholesalers and sell them to consumers who buy a membership in JKL. Because
the firm is a nonprofit entity, it is able to sell the groceries for less than a commercial
grocer could. What form of business organization is JKL Markets? Is it significant that
JKL is incorporated?
When an instrument has a forged indorsement, the loss usually falls on its maker or
drawer.
A corporation cannot be held liable for the criminal acts of its employees.
A corporation generally can engage in any act and enter into any contract available to a
natural person.
An accord and satisfaction is used to discharge an unliquidated debt.
Each incorporator must have an interest in the corporation.
Metes and bounds is the traditional term for the negotiations that result in a transfer of
real property.
Joint venturers have the authority to enter into contracts for the business that will bind
the joint venture.
Any creditor who has a security interest in a debtors collateral is the secured party.
National Drilling Company ships its only pump to American Hydraulics Corporation,
the manufacturer, for repair. National hires Overland Transport, Inc., to take the pump
to American Hydraulics and to return it to National as soon as the repair is complete.
National is forced to suspend operations without a pump, but Overland does not know
this. National expects to be without the pump for five days and to lose profits of $5,000.
When the pump is not returned by the end of the fifth day, National rents a pump at a
cost of $100 per day. Overland delays five more days before returning the pump.
National files a suit against Overland, asking for compensatory, consequential, and
punitive damages. Will National recover?
A bearer instrument is negotiated by delivery with any necessary indorsements.
The basis for applying strict liability is an intentional wrongful act.
Mandatory arbitration clauses in employment contracts are generally enforceable.
After a defendant finishes introducing his or her evidence, the plaintiff can present a
rebuttal.
In a spendthrift trust, a beneficiary can transfer his or her right to the trusts principal if
the transfer is "thrifty.
Courts do not depart from precedents.
