Andrew agreed to exchange something clearly without value to enter a contract with
Milt. The contract will not fail for lack of consideration because, if the parties agree to
the exchange, the courts will not be concerned about whether the consideration is
‘adequate.’
In a unilateral contract, a promise is exchanged from one party to another for a promise
to forbear to act.
An oral stop payment order is binding on the drawee bank for fourteen calendar days.
The minority of states require that the minor, when effecting a disaffirmance of the
contract, pay at least a reasonable amount for the use of the property or the amount by
which the property depreciated while in the hands of a minor.
Maximum rates of interest that are permitted under usury statutes are uniform from
state to state.
The UPA treats a partnership as a legal entity for all purposes.
A contract to purchase stocks and bonds is governed by Article 2 of the UCC.
Only documentary evidence may be admitted at an administrative hearing.
An accountant who substantially performs his contractual duties is generally entitled to
be compensated for the contractually agreed-upon fee, less any damages caused to the
client.