The Pure Food and Drug Act of 1906 was Congress’s first attempt to protect consumers
against the dangers of cigarette smoking.
Monopoly power is a minor amount of market power.
A contract must be in writing to be enforceable unless its performance is impossible
within one year.
A seller’s attempt to conceal a fact that is material to a contract can give rise to an action
for fraud.
Payments under a Chapter 13 plan must be completed within three to five years,
depending on the debtor’s family income.
Clean Machines Company makes washing machines. Over the phone, Clean offers to
sell Dealers Appliance Outlet one hundred model EZ2000 washers at a price of $150
per unit. Clean says that it will keep the offer open for ninety days. Dealers responds
that within two or three weeks it will decide whether to accept. One week later, Clean
faxes, and Dealer receives, notice that the offer is withdrawn. Dealer immediately
phones Clean to accept the $150-per-unit offer. When Clean refuses to deliver at that
price, Dealer files a suit. Clean asserts, first, that there is no contract and, second, that if
there is a contract, it is unenforceable. Discuss Clean’s assertions.
Until the time for performance under a contract expires, the seller has a right to cure.
A bank is NOT responsible for determining whether a signature on a customer’s check
is genuine.
U.S. laws that prohibit discrimination in employment apply to U.S. employees working
for U.S. firms located abroad.
The average prime offer rate is the rate offered to the best-qualified borrowers.
The Statute of Frauds is a compilation of all the laws and regulations related to fraud.
On a promissory note, the party that promises to pay is the maker of the note.
A deposition is a generic term that refers to any evidence verified by oath.
Property voluntarily placed by its owner and inadvertently forgotten is mislaid property.
To use attachment as a remedy, a creditor must have an enforceable right to payment of
the debt.
A landlord is not entitled to sell leased property unless the tenant agrees to the sale.