Bankruptcy proceedings are held in federal courts.
A covenant not to compete is never enforceable.
Brock is a shareholder of Competent Homebuilders Corporation (CHC). For the last
few years, business has not been profitable for CHC. The firm has lost money on its
operations. There has been some profit through sales of company assets, but the board
of directors has refused to declare a dividend. This last year, the firm’s accountants
failed to file federal income tax returns and the board refused to pay the tax. Brock
takes a close look at the firm and protests to the board, in particular over the failure to
declare a dividend, but the board ignores the complaint. Which of these events, if any,
would form a ground for a court to order the dissolution of CHC, on Brock’s petition? If
the court denies the petition, could Brock and the other shareholders dissolve CHC?
A contract is an agreement that can be enforced in court.
An executed contract is one that has been fully performed by both parties.
Under the exclusionary rule, illegally obtained evidence may not be included in any
criminal prosecution.
Federal law encourages private lenders to modify mortgages so as to lower the monthly
payments of borrowers who are in default.
The U.S. Postal Service is a public corporation.
Size alone does not determine whether a firm is a monopoly.
An oral contract may be enforceable if enforcing the promise is the only way to avoid
injustice.
To use attachment as a remedy, a creditor must have an enforceable right to payment of
the debt.
The duty of good faith is imposed on the parties involved in commercial contracts by
the Uniform Commercial Code.
Under an exclusive-dealing contract, a seller promises a buyer a certain territory in
which the buyer will have no direct competition.
Manufacturers are required to report on any products intended for sale if the products
have proved to be hazardous.
Managers should apply the same ethical standards to themselves and to their
employees.
Once the seller has tendered delivery, the buyer is obligated to accept the goods and pay
for them.