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A minor may disaffirm a contract only if the subject matter is illegal.
Corporations can be perceived as owing ethical duties to groups other than their
shareholders.
Legal sufficiency of consideration is the same as adequacy of consideration.
Business ethics focuses on ethical behavior in the business world.
Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.
Only someone with an insurable interest can enter into an insurance contract.
Entrusting goods to a merchant who deals in goods of the kind gives the merchant the
power to transfer all rights to a buyer in the ordinary course of business.
All unemployed workers are eligible for unemployment compensation.
Federal law governs the use of terms such as low fat on food labels.
Changing a trademark is forgery.
Real property includes subsurface and air rights.
If a borrower does not pay a loan within a reasonable time after receiving a notice of
default, then the borrower will receive a notice of sale.
Under the UCC, a contract for a sale of goods that includes more than one open term is
void.
Signature liability extends to any person who signs a negotiable instrument except a
qualified indorser.
A contract can be executed on one side and executory on the other.
Under the Statute of Frauds, fixtures, such as buildings, growing crops and minerals,
are treated as real property.
A contract for the sale of minerals is considered to be a contract for the sale of goods if
the severance is to be made by the seller.
A substitute check is a paper reproduction of the front and back of an original check
that contains all the same information required on checks for automated processing.
