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Governments may regulate prices but not credit terms.
Contract provisions that limit the remedies of the parties are generally unenforceable.
The statement, "I doubt that I can perform the contract," is a repudiation of the contract.
Statutes sometimes provide that shareholders shall have unlimited liability for the wage
claims of corporate employees.
If a debtor is about to leave the state, the surety may call on the creditor to take action
against the debtor.
The operating agreement of an LLC must be in writing to be valid.
When one party breaks the contract, the contract is said to be breached.
Charitable subscriptions by which individuals make pledges to finance the construction
of a college building, a church or another structure for charitable purposes are binding
to the extent that the donor should have reasonably realized that the charity was relying
on the promise in undertaking the building program.
Sara and Sally rely on the statements of Alice, an accountant. In a lawsuit brought by
Sara and Sally against Alice for fraud, Alice seeks to avoid liability based on the fact
that neither Sara nor Sally was in privity of contract with Alice. Alice knew Sara might
rely on the financial information provided, but Alice did not know of Sally or anyone in
her position. Can Sara and Sally recover against Alice?
