Property voluntarily discarded by its owner with no intention of reclaiming it is lost
property.
Under their police powers, states can regulate only public activities, such as political
demonstrations.
The role played by women may present some difficult ethical problems for firms doing
business internationally.
Building subcontractors are not independent contractors.
In most states, the seller of a new house warrants that it is fit for habitation.
Merchants are required to warrant that the goods they sell are fit for their ordinary
purpose.
Under the principle of rights theory, one persons set of values is as “right as anothers.
Disparagement of property is another term for slander of quality.
If it can be shown that a trespass to personal property was warranted, a complete
defense exists.
To support the imposition of strict product liability, a product must be substantially
changed from the time it is sold to the time an injury occurs.
All mistakes of fact are material.
A quasi contract arises from a mutual agreement between two parties.
Preferred shares normally have a fixed maturity date on which the firm must pay them
off.
Tune Products, Inc., offers to sell to Unlimited Sales Company one hundred MP3
players at $50 a piece, subject to certain specific delivery dates. Unlimited replies with
a signed purchase order that reads, “Accept your offer for 100 I-appliances at $50 each.
Must be delivered to our warehouse. Tune does not respond or deliver the goods.
Unlimited files a suit for breach of contract, to which Tune answers that there is no
contract because Unlimiteds purchase order contained additional terms and is not
signed by Tune. Can Unlimited recover? Explain.
No oral contract is enforceable under the UCC.
A limited liability company is not a citizen of any state.
The measure of damages on a breach of contract is the amount that will impress on the
breaching party the harm that has been done.
To rescind a contract, each party essentially advances to the position he or she would
have been in if the contract had been fully executed.
Personal property is sometimes referred to as personalty or chattel.