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A party is entitled to cancel a contract based on the other party's material breach.
If no children or grandchildren survive a decedent who dies without a will, a surviving
spouse is entitled to the entire estate.
Some risks are obvious but that does not necessarily excuse a business owner from the
duty to protect customers from foreseeable harm.
Foreign firms cannot obtain U.S. patent protection on items that they sell in the United
States.
A contract must be in writing to be enforceable if it makes performance possible only
over a period of more than one year.
An agency relationship must be based on an express or implied agreement that the
agent will act for principal and that the principal agrees to have the agent so act.
An assignment of rights in real estate often cannot be prohibited.
Objective impossibility discharges a contract.
A transfer of contract duties to a third party is an assignment.
Independent regulatory agencies include the cabinet departments of the executive
branch.
The owners of an unincorporated cooperative have joint liability for its obligations.
If a lender fails to provide certain material disclosures, a borrower has up to seven years
to rescind the mortgage.
The beneficiaries of a business trust are personally liable for its obligations.
Being a small-business owner means that you will never have to take on the role of
finance manager, marketing manager or accountant.
The person who makes a promise is the promisee.
The writing requirement under the Statute of Frauds means that an agreement must be a
formal written contract.
No person may be a director for two competing corporations at the same time.
When an instrument is dishonored, only written notice is sufficient to hold secondary
parties liable.
The dangers associated with using sharp knives are so commonly known that
manufacturers need not warn users of those dangers
