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Discuss preemptive rights. Are preemptive rights more important in a closely held
corporation or in a publicly held corporation? Explain.
The Uniform Electronic Transactions Act, which has been adopted by all of the states
and the District of Columbia, gives full effect to electronic contracts and develops a
uniform legal framework for their implementation.
A warranty creates a duty on the seller's part that the goods and services she sells will
conform to certain qualities, characteristics, or conditions.
A qualified indorsement destroys negotiability.
A five-member Public Company Accounting Oversight Board oversees the audit of
public companies, and the SEC oversees the Board.
Lawsuits based on the commercial activities of a foreign state conducted in the U.S. are
subject to the jurisdiction of state or federal courts in the U.S.
"I promise to pay you $100 if you will promise to fix my car next month." This is an
offer for a unilateral contract.
Generally, whether or not the parties deal at arm's length does not affect whether silence
alone amounts to fraud.
A quorum will consist of one-half of shares entitled to vote if there are no provisions for
any other number in the articles of incorporation.
In all substituted contracts there must be an agreement among three parties where a new
promise is substituted for an existing promise or a new promisor is substituted for an
existing promisor.
