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In the case of Hochster v. De La Tour, the plaintiff was allowed to treat the repudiation
by De La Tour as breach of contract and immediately bring suit.
Mediation, like arbitration, is often a compulsory process in which the mediator can
render a decision that is binding upon the parties.
Contracts binding without consideration include promises to pay debts barred by a
statute of limitations and debts discharged in bankruptcy.
Only a minority of courts hold that, upon disaffirmance, a minor must return any
property he has received from the other party to the contract.
The Securities and Exchange Commission (SEC) consists of five commissioners.
If no time is stated, an offer will terminate automatically after a reasonable period of
time.
A counteroffer operates as a rejection of the original offer.
Taylor, who is conducting an audit of Oakwood Corporation, becomes aware of
information that indicates Oakwood was involved in an illegal payment. Discuss
Taylor's responsibilities.
