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Under the RMBCA, a preincorporation subscription agreement is irrevocable for three
(3) months unless the subscription agreement provides a longer or shorter period, or all
of the subscribers agree to revocation.
It is necessary that a third-party beneficiary be identified by name.
A limited liability company may hold property in its own name.
True consideration occurs only when the value of one promise is equal to the value of
the promise given by the other party.
Unless restricted in the lease, a tenant may generally use the premises for any lawful
purpose for which they are adapted.
The interests of the less-developed nations of the world are represented by the United
Nations Conference on Trade and Development (UNCTAD).
Under the employment-at-will doctrine, the employer has historically been allowed to
terminate the employment contract at any time for any reason or for no reason.
The employer of an independent contractor does not have control over the performance
of the work by the independent contractor.
The making of an assignment relieves the assignor of any and all obligations existing
under the original contract.
Unincorporated associations are generally formed to further a common purpose.
An assignee of a contract can bring suit on the contract only in the name of the assignor.
Consequential damages are those that necessarily flow from the breach.
The Fourth Amendment warrant requirement does not apply to businesses.
A debit transaction occurs when a person making a payment requests such payment be
made to the beneficiary's bank.
Past benefits already received by a promisor cannot be consideration for a later
promise.
In general, one may assign rights if that does not cause the obligor's duties to increase
or change materially.
Testate distribution describes the distribution that is made when the decedent leaves an
invalid will.
