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One hundred crystal flower vases have been identified to the contract and a down
payment of $1,000 of the $10,000 purchase price has been paid. If the seller becomes
insolvent, the buyer may still pay $9,000 and get the goods.
A contract is a binding agreement that the courts will enforce.
What is jurisdiction? How does subject matter jurisdiction differ from jurisdiction over
the parties? How does in personam jurisdiction differ from jurisdiction in rem?
If an act is ultra vires, it is beyond the legal authority of the corporation.
In 1992, the SEC issued new rules establishing an integrated registration and reporting
system for small business issuers.
Under the Revised Act, a director who is a member of the board that declares an illegal
dividend is not personally liable to the company for the amount that is illegal.
A union shop contract requires the employer to hire only union members.
Workers' Compensation Acts have been adopted by all states in an effort to provide
speedier and more certain relief to injured workers than was available through
litigation.
Past actions unbargained for by the parties in an agreement can become valid
consideration for a contract.
