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The merger of two grocery store chains that serve the same geographical market is an
example of a horizontal merger.
An agency by ratification occurs when a principal ratifies an authorized act.
An easement is a form of real property security given by a borrower to a lender.
Perfection of a security interest establishes the right of a secured creditor against other
creditors who claim an interest in the collateral.
A principal-agent relationship exists when an employer hires an employee to perform
some form of physical service.
The decisions of the U.S. Supreme Court can be appealed to higher courts.
A certificate of cancellation is a document that is filed with the secretary of state upon
the dissolution of a limited partnership.
An S corporation can have nonresident aliens as shareholders.
The right to recover the goods from an insolvent seller applies to unfinished goods.
The World Trade Organization (WTO) dispute settlement body is the first body to hear
a settlement dispute between member nations.
An acknowledgement of debt is sufficient to consider a promissory note as a negotiable
instrument.
Lenders can charge interests set higher than the state limit.
A new promise can include a past consideration for it to be enforceable.
Managers of LLCs (limited liability companies) are not personally liable for the debts,
obligations, and liabilities of the LLC they manage.
The president is not elected by popular vote but instead is selected by the Electoral
College, whose representatives are appointed by state delegations.
