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Consideration is not required to establish or modify a letter of credit.
A principal is not bound by statements made by an agent during the transaction of
business that is within the scope of the agent's authority.
Breach of contract remedies are available to third parties against accountants because
they are ordinarily considered third-party beneficiaries of contracts with accountants.
The Constitution prohibits discrimination based on reasonable classification.
For tort liability to be imposed, the perpetrator of the tort must have acted with the
intent to do wrong.
Shares of stock that have been issued to stockholders in a corporation are said to be
outstanding.
Because a corporation is not a human being, it cannot be convicted of a crime.
It is not unlawful for an employer to hire employees on the basis of religion, sex, or
national origin in those instances where religion, sex, or national origin is a bona fide
occupational qualification (BFOQ) reasonably necessary to the normal operation of a
particular enterprise.
An insurer's bad faith refusal to pay a claim generally is considered to be any frivolous
or unfounded refusal to comply with the demand of a policyholder to pay according to
the policy.
The modern administrative agency typically possesses legislative, executive, and
judicial powers.
An output contract is too vague to be a legally-enforceable agreement.
The often competing rights of both debtors and creditors are balanced and protected
from excesses under United States law.
If two creditors have a security interest in the same collateral, their priority is
determined according to the "last in-first out" provision.
The theories of product liability are mutually exclusive.
No writing is required for a service contract that can be performed within one year after
the date of the agreement.
A fixture is personal property that has been attached to the earth or placed in a building
in such a way or under such circumstances that it has become part of the real property.
