Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
One requirement for a product liability suit based on strict liability is a failure to
exercise reasonable care.
Performance of an accord discharges an original contractual obligation.
An oral stop payment order is valid for thirty days.
Ewa, the owner of Face-2-Face Enterprises, is a sole proprietor. What are the chief
characteristics, advantages, and disadvantages of this form of business organization?
Ewa wants to obtain additional capital to expand Face-2-Face, but she does not want to
lose control of the firm. As a sole proprietor, what is her best option to attain these
goals?
Commercial Credit Company has in its possession an instrument dated May 1, 2009.
The instrument is payable to the order of Alpha Company "on June 1, 2009, for $5,000.
In the upper left corner is an address for Beta Corporation10 Corporate Park Avenue,
Chicago, Illinoisand in the lower right corner is the signature of "Delta, Inc., By Eve,
President. In the lower left corner is stamped "ACCEPTED: Beta Corporation by Frank,
President, May 5, 2009. On the back is the signature of "Alpha Company by Gail,
President. What type of instrument is this? Is it negotiable? Who, if anyone, is primarily
liable on this instrument on May 1? On May 5? Who, if anyone, is secondarily liable on
this instrument?
Generally, a corporation that purchases the assets of another corporation is
automatically responsible for the liabilities of the selling corporation.
A crime can be committed only against persons.
A customer has sixty days from the date of receipt of a statement of an electronic
transfer to notify the financial institution of any errors.
The owner of a fee simple absolute has the right to use property for whatever purpose
he or she sees fit.
Under the Equal Pay Act of 1963, all of the women on an employers staff must be paid
the same as all of the men.
A buyer has no right to accept goods that fail in any respect to conform to the terms of a
contract in every detail.
An illusory promise is a promise that is enforceable without consideration.
At a criminal trial, the burden of proof is on an accused person to prove his or her
innocence.
Employees who deal with third parties are agents of their employers.
The key to liability under Section 10(b) of the Securities Exchange Act of 1934 and
SEC Rule 10b-5 is whether undisclosed inside information is material.
If goods identified to a contract are destroyed through no fault of either party, both
parties are excused from performance.
In a judicial foreclosure, the lender is allowed to foreclose on and sell the property
without judicial supervision.
