If a seller repudiates a contract, the buyer’s damages do not have to be adjusted to
reflect any expenses that were saved as a result of the breach.
The incompetence of a customer revokes a bank’s authority to pay an item.
A corporation whose security does not qualify for an exemption can avoid the cost and
complexity associated with registration.
Norwest Trucking Corporation files a suit in a state court against Bob’s Service
Company (BSC), and wins. BSC appeals the court’s decision, asserting that the
evidence presented at trial to support Norwest’s claim was so scanty that no reasonable
jury could have found for the plaintiff. Therefore, argues BSC, the appellate court
should reverse the trial court’s decision. Is the appellate court likely to reverse the trial
court’s findings with respect to the facts? If not, why not? What are an appellate court’s
options after reviewing a case?
Accountants and other professionals do not face liability under the common law for any
breach of contract.
If a party breaches a contract, the other party can choose one or more of several
remedies.
Perfection refers to the quality of the collateral that secures a creditor’s interest in a
debtor’s debt.
If the tender or delivery of goods is so nonconforming that the buyer has the right to
reject them, the risk of loss does not pass to the buyer until cure or acceptance.
Ordinarily, the remedy for a seller’s breach of a contract for a sale of real estate is
damages.
Violations of the Securities Exchange Act of 1934 may be subject to criminal
prosecution, but not civil liability.
A plaintiff who proves unlawful discrimination may be awarded reinstatement, back
pay, but not retroactive promotions.
A guaranty contract must always be in writing to be enforceable.
When a statute protects a certain class of people, a member of that class cannot enforce
an illegal contract.
Administrative agencieslike the Securities and Exchange Commission, the Federal
Trade Commission, and the Food and Drug Administrationmake rules. What are the two
basic types of rules called, and how binding are they? What must an administrative rule
NOT do?
Partnership profits must be shared in the same proportion as the partners’ investment of
capital in the firm.
The terms “due process” and “equal protection” mean the same thing.