Dissolution is the legal death of the artificial “person of a corporation.
The first step in the incorporation process is to select a state in which to operate.
Securities that are exempt from the registration requirement can not generally be resold
without being registered.
A written contract that contains a collateral promise is enforceable.
The federal government must disclose certain records to any person or entity on written
request only if there is a rational reason for the request.
The privacy rights and drug testing of private-sector employees are governed by the
U.S. Constitution.
A famous trademark may be diluted only by the unauthorized use of an identical mark.
A sibling may have an insurable interest in his or her siblings life.
Ophelia, an executive with Pharma Drug Distribution, Inc., has to decide whether to
market a product that might have undesirable side effects for a small percentage of
users. How should Ophelia decide whether to sell the product? How does the standard
of ethics that is applied affect this answer?
Property that is leased from a bailor must be fit for the intended purpose of the
bailment.
Attachment gives the creditor an enforceable security interest in the collateral.
Ace Investments, Inc., is the mortgagee for a warehouse owned by Best Storage, Inc.
Ace obtains an insurance policy from Complete Insurance Corporation (CIC) to cover
the warehouse. Best also obtains a policy from CIC to cover the warehouse. Later, Best
sells the warehouse to Delta Company but keeps the policy. Delta also obtains a policy
from CIC to cover the warehouse. Ace agrees to act as Deltas mortgagee. A fire totally
destroys the warehouse. Who can recover for the loss?
When a member dissociates form a limited liability company, the members duty of
loyalty continues.
National legislation governs nearly every major business activity, including conduct
that has nothing to do with commerce.
In May, Rolf agrees to work for Soda Sales Company at $800 per week for a year
beginning June The following January, Tropic Beverages, Inc., offers Rolf the same
work at $900 per week. Rolf tells Soda about the offer. Soda offers to enter into a new
contract with Rolf at $875 per week. If Rolf agrees, is the new Soda contract enforce-
able? Why or why not?
Citizens with a Better Cause (CBC), a nonprofit organization, files a suit against the
U.S. Department of Justice (DOJ), claiming that a certain federal statute the DOJ is
empowered to enforce conflicts with the U.S. Constitution and with a state constitution.
In each situation, which source of law has priority?
For products that are sold nationwide, there are no geographic boundaries for the
market.
Rulemakingthe formulation of new administrative regulationsis a major function of
Congress, not administrative agencies.
A usurious contract involves the purchase and sale of usable goods.
Federal executive agencies are outside the federal executive departments.