Accounting contracts can be either written or oral.
A claim in recoupment can be used against a holder in due course.
An Environmental Impact Statement must be prepared for every major federal action
that significantly affects the quality of the environment.
Kris, a shareholder of E-Max, Inc., claimed that the business was being mismanaged.
Kris notified the board of directors that the corporation has been wronged and asked the
board to bring suit in the name of the corporation directly. In response to Kris’ demand,
what actions may the board take? What could Kris’s response be to each alternative?
Dwight Stringer signed three promissory notes as an agent for his company. The first,
he signed “Dwight Stringer, agent for Park Systems, Inc. The second, he signed
“Dwight Stringer, Agent. The third note was signed merely “Park Systems, Inc. Discuss
the liability of Dwight and Park Systems, Inc. on each of the notes.
Warranty liability is the liability of someone who gives payment on a negotiable
instrument.
Some of the elements of a contract are agreement, consideration, legality, and capacity.
Raul agrees to paint Mike’s house for $1,000. Before finishing, Raul states it is too hot
to finish, and Mike offers to pay $1,200 if Raul finishes. Mike’s statement that he will
pay $1,200 is unenforceable.
The Civil Rights Act of 1964, a federal statute, forbids discrimination on the basis of
national origin in employment. The Equal Employment Opportunity Commission
(EEOC) is the administrative agency that oversees the law. The EEOC issued
Guidelines on Discrimination because of National Origin. According to one of the
guidelines, the EEOC will presume a violation of the law if an employer sets a work
requirement that employees must speak only English in the workplace. This is an
interpretive rule because it interprets the Civil Rights Act.
Whittle sent an order over the Internet for a $1,200 garage door. His name keyed onto
the order will only be effective as a signature sufficient to create a “writing ‘signed by
the party against whom enforcement is sought if he follows up with a signature on
paper.
List and discuss the three ways to acquire control of a corporation.
Emily runs a childrens clothing boutique which takes in local homemade items on a
consignment basis. Her standard form contract indicates that Emily has the right to put
items on sale without prior approval, but does not specify what effect the sale has on the
consignors payment percentage. Her intent is to keep the same profit she would have
had without the sale. She is using ambiguity in her contract to increase her sales and
profit.
Both the Justice Department and the Federal Trade Commission enforce antitrust laws.
Discuss the concept of consideration.
The Bankruptcy Code uses the term “bankrupt to refer to a person who cannot pay his
debts.
Courts normally require consideration to be approximately equal on both sides of the
bargain.