Partners have the implied authority to bind the partnership by contracts of surety for
any and all purposes.
A crime consists of three elements: the mental state, the intent, and the act.
Generally, a promise is legally enforceable even if nothing is given or received for the
promise.
The beneficiary of a life insurance policy is not subject to any policy restrictions that
had been agreed to between the insured and the insurance company.
A person who has knowledge of a limitation on an agent’s authority cannot disregard
that limitation.
Checks that involve amounts of more than $5,000 generally trigger the bank reporting
requirements under the USA Patriot Act.
Bill decided that it was time to remodel his home. Among the features that Bill had
included in his remodeling plan was the addition of several very large picture windows.
Because of the great expense of the windows, Bill financed the cost through the
issuance of a promissory note. The manufacturer of the windows sold the promissory
note to a bank. Just after the promissory note matured, the windows began to leak
badly. Bill refused to pay on his promissory note and brought action against the
manufacturer for breach of contract. Will the bank recover on the promissory note?
An indorsement “Pay to Donald Hames, Cathy Dukes” is not a valid indorsement
because it does not contain the words “order” or “bearer.”
The promise of a creditor to refrain from collecting a debt is consideration for a promise
by the debtor to modify the terms of the transaction.
When a drawee has signified in writing on a draft the willingness to make a specified
payment, the drawee is called the acceptor.