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Proof of substantial impairment of the value of a contract to the buyer is required to
justify revocation of acceptance.
Under the majority view, a contract that does not satisfy the statute of frauds is
voidable.
In a federal system, a central government is given power to act nationally, while states
administer to local concerns.
Acceptance of an offer to form a unilateral contract need not be communicated to the
offeror to be effective.
The powers given by the states to the federal government are described as delegated
powers.
A franchisor is the person to whom the franchise is granted.
Under the common law, all parties entering on real property were owed the same duty
of care.
An insurance broker generally is an independent contractor who is not employed by any
one insurance company.
Federal law requires all companies who market search engines on the Internet to create
and abide by a search engine code of ethics.
The issuing or delivery of a forged instrument to another person constitutes the crime of
counterfeiting a forged instrument.
If two creditors have a security interest in the same collateral, their priority is
determined according to the "last in-first out" provision.
A debtor is presumed to be insolvent in the 180 days prior to declaration of bankruptcy.
A contract of record arises when the accountant of one of the parties has made an entry
of the contract in the business record of that party.
Megan owns a manufacturing business in a nonattainment area under federal air
pollution law. She wishes to triple the size of the manufacturing operation using land
she just purchased next to her current location. What must Megan demonstrate in order
to secure a permit to operate in the nonattainment area?
Most courts hold that joint ventures are not subject to the same principles of law as
partnerships.
An anticipatory repudiation must be clear, absolute, and unequivocal.
