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Value is similar to consideration..
A lease provision requiring a tenant to obey regulations that may be subsequently
adopted by the landlord is void because it is unconscionable.
The UCC does not specify the form that the assurance of performance is to take.
The president of a business corporation does not have implied authority to execute
commercial paper in the name of the corporation.
A person who obtains life insurance generally can only name a beneficiary that has an
insurable interest in the life of the insured.
A limited partner can never lose money.
Collateral may change its form and character during the course of a security agreement.
Within the area in which the administrative agency is authorized to make decisions, the
agency can be regarded as a specialized court or court of limited jurisdiction.
An easement is a right to use another's property that belongs to the land that is
benefited.
When the main purpose of the promisor's promise to pay the debt of another is to
benefit the promisor, the statute of frauds is not applicable, and the oral promise to pay
the debt is binding.
The standard for determining commercial impracticability is objective, not subjective.
The concept of strict liability is applied without regard to whether the defendant was at
fault.
When a method of transportation called for by a contract becomes unavailable for any
reason, the contract is automatically voided.
A corporate seal is required in order for the corporation to enter into a binding contract.
A trustee may keep all matters associated with the trust secret.
