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The initial board of directors of a corporation is normally elected at the first annual
shareholders' meeting by a majority vote of the shareholders.
Promises of fact made during the bargaining process are express warranties.
Starting a sole proprietorship is easier and less costly than starting any other form of
business.
In a transaction subject to the Truth-in-Lending Act, all of the terms of a credit
instrument must be fully disclosed.
A person who enters into a contract when he or she is intoxicated can void the contract
if he or she did not comprehend the legal consequences.
Anyone who writes a book has automatic international copyright protectioneven in
nations that are not parties to international agreements relating to intellectual property
rights.
An agreement is evidenced by a single event: an acceptance.
A financing statement must include the creditor's signature.
A corporation has an implied power to extend credit to those with whom it has a legal
or contractual relationship.
In most bailments, the bailee can retain the goods given by the bailor and return
equivalent property.
The most significant consumer protection provision of the Uniform Commercial Code
is the one that recognizes unconscionability.
A deceived person must have a justifiable reason for relying on a misrepresentation.
All of a debtor's pay can be garnished.
Under the UETA, once an e-record leaves the sender's control, it is sent.
The words used in an insurance contract are interpreted against the party who applied
for the policy.
If a corporation fails, the shareholders are all individually liable.
Obvious exaggerations in advertising are prohibited by federal statutes.
