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A collateral promise is one made by a third party to assume the debts or obligations of a
primary party to a contract if that party does not perform.
When a corporation earns profits, it must pass them on to shareholders in the form of
dividends.
The Bill of Rights protects individuals, but not business entities, against various types
of interference by the government.
Generally, a unilateral mistake affords the mistaken party a right to relief from the
contract.
If a buyer wrongfully refuses to accept goods, the seller can bring an action to recover
the damages sustained.
At the beginning of a trial, only the defendants attorney makes an opening statement.
When one party uses fraud to induce another party to enter into an illegal bargain, the
second party will be allowed to recover for the performance or its value.
One of the four requirementsof a valid contract is an adequate price.
Through agents, a principal can conduct only one business operation at a time.
Consequential damages are foreseeable damages that arise from a partys breach of a
contract.
The entrustment rule basically allows innocent buyers to obtain legitimate title to goods
purchased from merchants even if the merchants do not have good title.
Unless a corporation violates a law, its actions do not raise questions about the role of
corporations and the effect of corporate ethics on profit.
Unless a party against whom enforcement of an oral contract is sought admits under
oath that a contract for sale was made, the contract will not be enforceable.
A trade name can be protected under the common law, but only if it is unusual or
fancifully used.
Generally, a dissociated member of a limited liability company (LLC) has the right to
buy his or her interest in the LLC from the other members.
The verdict in a summary jury trial is notbinding.
Stella bought a cup of coffee at the Roasted Bean Drive-Thru. The coffee had been
heated to 190 degrees and consequently had dissolved the inside of the cup. When
Stella lifted the lid, the cup collapsed, spilling the contents on her lap. To recover for
third-degree burns on her thighs, Stella filed a suit against the Roasted Bean. Can Stella
recover for breach of warranty? Explain.
A misrepresentation leads another to believer in a condition that is different from the
condition that actually exists.
Stardust Coffee Company a U.S. business firm, makes and sells distinctively flavored
coffee beverages. Although the recipes are secret, the ingredients could be revealed and
the sauces could be reconstructed with diligent efforts. What can Stardust do to prevent
its products from being "decoded and pirated abroad?
