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A holder having the rights of a holder in due course is subject to the defense of fraud in
the inducement.
Impossibility of performance applies when the debtor does not have sufficient funds to
pay a debt.
A consignment sale is treated as a sale or return under UCC Article 2, and the
dealer-consignee has full authority to sell the goods for the consignor and can pass title
to those goods.
A contract never can be both executory and unilateral.
RICO authorizes both criminal and civil actions.
Proof of an employer's discriminatory motive is immaterial in a disparate treatment
case.
Vicarious liability will not be imposed on a principal unless the agent was acting within
the scope of the agent's authority.
The United States utilizes a tripartite division of government.
If the party on whom demand for assurance of performance is made has an established
reputation, a reaffirmation of the contract obligation and a statement that it will be
performed may be sufficient to assure a reasonable person that it will be performed.
A client may recover tort damages from an accountant for fraud and gross negligence,
but not for ordinary negligence.
When dissolution has been caused by operation of law, notice of such dissolution must
be given to third persons.
For accountants, fraudulent malpractice always involves upgrading the financial
condition of the firm.
Sam Wilson often goes to the horse races, participates in his state's lottery, and invests
heavily in the stock of major U.S. companies. At work, Wilson is approached by his
coworkers and asked to participate in a football pool. "It's totally based upon skill," his
friends claim. In addition, Wilson's philanthropic club is holding a raffle in which an
individual could win a new car. Are these activities gambling and therefore illegal
activities?
A beneficiary of personal property by will may be called a devisee.
When a building contractor has substantially performed a contract to construct a
building, the contractor is entitled to recover the full contract price.
An option is itself a contract to refrain from revoking an offer.
The law of real property is included in those categories of legal issues covered by
cyberlaw.
When an international sale is made, the parties often set forth in their contract which
country's law will govern a dispute.
