The Federal Trade Commission administers the law prohibiting unfair methods of
competition.
Strict liability is one type of tort.
Fraud as to the nature or essential terms of an instrument is a limited defense not
available against a holder in due course.
When a drawee has signified in writing on a draft the willingness to make a specified
payment, the drawee is called the acceptor.
If the debtor is generally not paying debts as they become due, the debtor may be
subject to an involuntary bankruptcy petition.
A majority action of partners is not binding if it contravenes the partnership agreement.
The International Monetary Fund (IMF) was formed to shorten the duration and lessen
the disequilibrium in the international balance of payments of its members.
Rundles, Kreiger, and Larson formed a partnership to breed and show horses. Rundles
and Kreiger each contributed $25,000 to the partnership. Larson contributed four (4)
horses valued at $25,000. The partnership agreement provided that the partners would
share profits equally. When the horses failed to perform as expected, Rundles and
Kreiger decided to reduce Larson’s share of the profits. Larson claims that this decision
must be unanimous to be binding. How will the case be decided?
Title VII applies to the hiring process and to discipline, discharge, promotion, and
benefits.
The provisions of Article 6 concerning bulk transfers are designed to protect creditors.
Upon acceptance of a subscription after incorporation, the subscriber immediately
attains the rights, privileges, and liabilities of a shareholder, even though the subscriber
has not paid any of the purchase price.
“Permissive” subjects of bargaining include seniority provisions, promotions, layoff and
recall provisions, no-strike no-lockout clauses, and grievance procedures.
The rule of law imposing vicarious liability on an innocent employer for the wrong of
an employee is known as the doctrine of respondeat superior.
Crimes and criminal punishment guidelines are specified in detailed criminal codes and
statutes.
In applying the stakeholder model of business ethics, only the interests of important
constituencies affected by an action need to be satisfied.