The Second Amendment to the U.S. Constitution reserves all powers not delegated to
the national government to the states.
Equity is a branch of law, founded in justice and fair dealing, which seeks to supply a
remedy when no adequate remedy at law is available.
In May 2013, National Biotech Corporation generally advertises that it will make a $4
million offering of stock in June. National makes the offering as advertised and, ten
days after the first sale, notifies the Securities and Exchange Commission (SEC). All
buyers of the stock are given material information about the company, its business, and
the stock. Before the end of the year, the offering is completely sold out. The buyers
include forty unaccredited investors and fifty accredited investors. National does not
register the offering. The SEC files a suit against National, seeking civil sanctions on
the ground that this offering was not exempt from registration. National argues that the
applicable exemption is Rule 505 of Regulation D of the Securities Act of 1933 and that
because of this exemption, any resale of the stock is also exempt. Who is correct?
The extreme risk of an activity is a defense against imposing strict liability.
After two years of research and the investment of considerable funds, Coast-to-Coast
Company (CC) develops a new product that it hopes will produce substantial profits.
CC learns that a competitor, National Sales, Inc., has made and begun to sell a nearly
identical product. CC learns from a reliable source that National paid a CC employee to
obtain the plans for CC’s product while it was in development. What legal recourse does
CC have against National?
A plaintiff who proves unlawful discrimination may be awarded reinstatement and back
pay, but not retroactive promotions.
Quorum requirements are the same in all jurisdictions.
When there is a breach of an underlying contract for which an instrument was issued,
the maker of a note can refuse to pay it.
Market concentration refers to the number of firms in the market.
Expropriation occurs when a government seizes private property for a proper purpose
and awards just compensation.
All international sales contracts should have a choice-of-language clause to designate
the official language by which the contract will be interpreted.
Certain types of property are exempt from writs of execution or attachment.
The Internet is changing the notion of the size and limits of a relevant geographic
market.
A lender can make a higher-priced mortgage loan based on the value of the consumer’s
home without verifying the consumer’s ability to repay the loan.
Pricing information is not a trade secret.
Stare decisis is a doctrine obligating judges to follow the precedents established within
their jurisdictions.