When specifically bequeathed property is sold or given away by the testator prior to
death, the bequest is considered “redeemed.”
One advantage of our current legal system is that the growth of technology has not
created many new laws.
Once a lawsuit is commenced, the case must go to the jury.
States that do not meet federal standards under The Clean Air Act are known as
nonattainment areas.
Preferred stock is ordinarily nonvoting stock.
An offer gives the offeror the power to bind the offeree by contract.
Partners have the implied authority to bind the partnership by contracts of surety for
any and all purposes.
The Constitution prohibits discrimination based on reasonable classification.
An agreement cannot be enforced if it does not set forth every contractual detail.
With regard to a unilateral contract, the offeree does not accept the offer by express
agreement, but rather by performance.
Preferred stock cannot have priority over common stock with respect to dividends.
A board of directors may enter into any contract or transaction necessary to carry out
the business for which the corporation was formed.
Mediation tends to keep discussions between parties proceeding.
A consignment sale is treated as a sale or return under UCC Article 2.
All of the directors of the XYZ Corporation were present at a meeting called on a
Monday evening at 9 p.m. Meetings normally were held on Friday evenings at 6 p.m.
At the Monday meeting, a report was made indicating that an agent of the corporation
was having difficulties formalizing a contract in a foreign country. The report indicated
that if funds were made available to a local political figure, the contract the company
desired would be obtained. The directors unanimously voted to forward the necessary
funds for this operation to the agent. An action was later commenced against the
directors, alleging illegal activities. In response, the directors argue that: (1) no illegal
activity had occurred; (2) if an illegal activity did occur, it was not at a valid meeting of
the corporation and was therefore not an official action of the board; and (3) if they had
to legally defend themselves, they would seek reimbursement from the corporation.
Discuss the directors’ contentions.
Debtor’s exemptions are provided under federal law and thus are the same in each state.
When a minor avoids contracts, the minor always must return the other contracting
parties to their original financial positions.