A business firm may have to comply with the laws of any jurisdiction in which it
actively targets customers.
Under the Restatement (Third) of Torts, accountants can be held liable for negligence to
any third parties.
A court can not dissolve a corporation for mismanagement.
“Forward-looking” financial forecasts are prohibited under SEC Rule 10b-5.
Any conspiracy that has a substantial effect on U.S. commerce is within the reach of the
U.S. antitrust laws.
The First Amendment protects corporate political speech.
An offer made in obvious anger is still an effective offer.
A member of a limited liability company (LLC) has the power and the right to
dissociate from the LLC at any time.
Often, when both parties to a contract are mistaken as to the same material fact, either
party can rescind the contract.
Setting realistic workplace goals can increase the probability that employees will act
unethically.
To be negotiable, an instrument must be payable in a fixed amount.
Past consideration can be legally sufficient consideration.
Signal Sets Company contracts to deliver one hundred 52-inch plasma high-definition
television sets to a new retail customer, Tuner TV Store, on May 1, with payment to be
made on delivery. Signal tenders delivery in its own truck. Tuner’s manager notices that
some of the cartons have scrape marks. Tuner’s owner phones Signal’s office and asks
whether the sets might have been damaged as they were being loaded. Signal assures
Tuner that the sets are in perfect condition. Tuner tenders Signal a check, which Signal
refuses, claiming that the first delivery to new customers is always for cash. Tuner
promises to pay the cash within two days. Signal leaves the sets with Tuner, which
stores them in its warehouse pending its “Grand Opening Sale” on May 15. Two days
later, Tuner’s stocker opens some of the cartons and discovers that a number of the sets
are damaged beyond ordinary repair. Signal claims Tuner has accepted the sets and is in
breach by not paying on delivery. Will Signal succeed on these claims? Explain.
Any event that makes its unlawful for a partnership to continue its business will result
in dissolution.
A fixed-rate mortgage is a standard mortgage with a rate of interest that changes
periodically.
A promise is a declaration that something will or will not happen in the future.
A loss sustained between the time of application and the delivery of an insurance policy
may not be covered.
A drawer who is induced by an imposter to issue a check in the name of an
impersonated payee can avoid payment on the check to an innocent holder.
The person who makes a promise is the promisee.