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A purchaser of a house who buys the property 'subject to" the mortgage is not
personally liable for the mortgage, nor is he a surety for the mortgage obligation.
A corporation is a creature of the state and may be formed only by substantial
compliance with a state incorporation statute.
The "value" requirement of a holder in due course is the same as "consideration" for a
contract.
The word "truck" cannot be a trademark for trucks, although it could be a trademark for
a new brand of designer jeans.
Lucille bought a new lawn mower on sale at a local discount store. The mower did not
come with an instruction book nor did it have warning labels placed near dangerous
parts of the mower. If Lucille injures herself while using this mower, she can claim that
she purchased a defective product.
Sole proprietors have limited liability for the sole proprietorship's debts.
Disaffirmance must be express.
Formal rulemaking is the most frequently used rulemaking procedure for administrative
agencies.
What are the requisite elements of fraud?
Wilmer and Grace have an executory contract for the sale of some goods. Wilmer files
for bankruptcy and is then discharged by the bankruptcy court. Wilmer has no
obligation to perform under the contract.
