With regard to an implied agency, implied authority can be conferred by either industry
custom, prior dealing between the parties, the agent’s position and acts deemed
necessary to carry out the agent’s duties, or other factors a court deems relevant.
The EU Commission is independent of its member nations.
Jurisdiction over a person is called in rem jurisdiction.
If a limited partner personally guarantees the repayment of a loan to a limited
partnership, the creditor may enforce the personal guarantee and recover payment from
the limited partner who personally guaranteed the repayment of the debt.
Under the Uniform Commercial Code, value has not been given if the holder gives a
negotiable instrument as payment.
The words of negotiation, “pay to the order of,” are needed for a special indorsement.
A promissory note is a conditional, written promise by one party to pay money to
another party.
Laws that make certain activities crimes are examples of the “keeping the peace”
function of the law.
Under the UCC, who bears the risk of loss depends on who holds title to the goods.
Illegal price fixing includes setting minimum or maximum prices of fixing the quantity
of a product or service to be produced or provided.
Under the Resource Conservation and Recovery Act (RCRA,) the Environmental
Protection Agency is authorized to regulate underground storage facilities, such as
underground gasoline tanks.
A common law marriage is one in which the parties have participated in a legal
marriage ceremony.
The U.S. Supreme Court has one (1.) chief justice and eight (8.) associate justices.
Under the Fair Labor Standards Act, for purposes of overtime, each week is treated
separately, even within the same pay period.
Under a power of sale, the procedure for that sale is provided in the mortgage or deed
of trust, and no court action is necessary.
The patent term begins to run from the date the patent is issued.
A buyer can generally recover the additional cost of acquiring substitute goods if the
seller breaches by not delivering the goods.
Under the UCC, a court can find that a contract exists even though the court cannot
determine exactly when the contract came into existence.
If the time an offer remains open is not specified, it remains open until revoked by the
offeror.
“Bait and switch” occurs when a seller advertises the availability of a low-cost
discounted item to attract customers to its store; once the customers are in the store,
however, the seller pressures them to purchase more expensive merchandise.
The per se rule is applicable to restraints of trade that are considered inherently
anticompetitive.
If a partner must pay a third party who was injured due to a tort committed by another
party, the partner who had to pay can seek recovery for the full amount from the partner
who committed the tort.
Undisclosed agencies are unlawful.
A company that bundles its products and requires the bundle be purchased such that
competitors are excluded violates Section 2 of the Sherman Act.
Web page order systems are examples of electronic agents.
A seller and buyer may not set their own terms for passage of title and must follow the
UCC rules for passage of title.
Under Federal Trade Commission rules, franchisors are required to make sales
projections related to hypothetical franchisees.
Licensing is an important business arrangement in both domestic and international
markets.
Agency by estoppels arises when a principal creates the appearance of an agency that in
actuality does not exist.
The Statute of Frauds section involving promises in consideration of marriage requires
prenuptial agreements to be in writing in order to be enforceable.
Negotiable instruments are also known as commercial paper.
The principal will be held liable for any negligence of her agent committed during the
time period the agent has agreed to act as agent.
Intellectual property falls into a category of property known as tangible rights.
Some states’ laws provide for the use of a deed of trust and note instead of a mortgage.
In order to subject a Florida resident to the jurisdiction of a Delaware court, Delaware
may ask Florida to effect service of process on a Florida resident if Delaware can show
that the Florida resident had at least minimum contact within Delaware.
If a patent application is filed but a patent has not yet been issued, the applicant usually
places the words “patent conditional” on the article.
Under the Fair Labor Standards Act, children ages 16 and 17 may work unlimited hours
in non-hazardous jobs.
In a product liability action, if a violation of strict liability has been found, the plaintiff
may recover compensatory damages and also may be able to recover punitive damages
if the defendant’s conduct has been reckless or intentional.