Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
An agreement is NOT one of the requirements of a valid contract.
The main purpose of the Fair Debt Collection Practices Act is to ensure that creditors
are always paid by debtors.
A formal will must be signed by the testator.
When an instrument has a forged indorsement, the loss usually falls on the party whose
indorsement was forged.
A unilateral mistake always gives the mistaken party a right to relief from the contract.
The vesting of contractual rights in a third party will always prevent the original parties
to a contract from modifying it.
A limited liability partnership must be formed in compliance with state law.
A principal is not liable to a third party for any contract made by the agent acting
outside the scope of his or her authority.
A financing statement is effective for five years from the date of filing.
A key employee is defined as an employee whose pay falls within the top 10 percent of
the firm's workforce.
If a note is payable in thirty days, payment is due by noon on the thirtieth day.
A sharing of both profits and losses is the only requirement of a partnership.
An express trust is created or declared in definite terms.
Merchants are not required to warrant that the goods they sell are fit for their ordinary
purpose.
The establishment clause of the U.S. Constitution prohibits the federal government
from establishing a state-sponsored religion.
Some promises create moral, but not legal, obligations.
In a bilateral contract, the obligee has a right to require the other party to perform some
task.
Under the employment-at-will doctrine, an employer can end an employment
relationship at any time.
In a country with a federal form of government, the national government and the states
share sovereign power.
Under the UCC, an agreement modifying a contract needs no consideration to be
binding.
