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A corporation is referred to as a domestic corporation by its home state.
An incidental third party beneficiary can sue directly to enforce the contract.
There are additional disclosure requirements for a loan that carries a high rate of
interest or entails high fees for the borrower.
To be merchantable, goods must be at least average, fair, or medium-grade quality.
One way to raise capital to expand a business is to exchange equity in the company for
funds.
For an instrument to be negotiable, it must be in writing.
Before filing a petition bankruptcy, debtors must receive credit counseling from an
approved non-profit agency.
Under the UCC, an offeror must be notified within a reasonable time that the offeree
has accepted.
An executory contract is one that has been fully performed.
An involuntary bankruptcy occurs when the debtors credit does not cover all of his or
her debts.
Ratification occurs when a principal accepts responsibility for an agents unauthorized
act.
Dominique, a certified public accountant, provides accounting services to Eagle
Corporation. The services include preparing Eagles financial reports and issuing
opinion letters based on the reports. In 2008, Eagle falls into serious financial trouble,
but neither Dominiques reports nor her opinion letters indicate this situation. Relying on
Dominiques portrayal of Eagles financial situation, Eagle borrows a large sum of
money to build a new shipping facility. In lending Eagle the money, First National Bank
relies on Dominiques opinion letter. Dominique is aware of this reliance. If Dominique
did not engage in intentional fraud but was negligent, what is her potential liability?
A gift causa mortis does not become absolute if the donor does not die.
A check that is presented for payment more than one month from its date is a stale
check.
An attachment is a court-ordered seizure and taking into custody of property prior to the
securing of a judgment for a past-due debt.
A business trust resembles a corporation.
The most common way to discharge a contract is by performance.
