Preemption occurs when Congress chooses to act exclusively in a concurrent area and a
valid federal statue or regulation takes precedence over a conflicting state or local law.
Under the Statute of Frauds, oral contracts are void.
Different standards for air quality apply to existing sources of pollution and major new
sources.
Under the doctrine of respondeat superior, an agent is liable for the principal’s
negligence.
In determining whether a franchisor acted in good faith in terminating a franchise
relationship, a court would balance the rights of both parties.
State constitutions are supreme within their respective borders.
To succeed in a strict product liability suit, an injured plaintiff must show that a
product’s defect was the proximate cause of the injury.
A material breach occurs when performance is substantial, but not complete.
Parents who sign a contract made by their minor child with an adult have the same
option to disaffirm as the child.
A material change in a loan contract between a creditor and a debtor discharges a surety
only to the extent that the surety suffers a loss.
A free-writing prospectus may be used before the Securities and Exchange Commission
completes its review of a related registration statement.
Gaining unauthorized access to an electronic fund transfer system is a felony.
A business firm may have an insurable interest in the life of any of its employees,
except a key employee.
In a sole proprietorship, the proprietor shares the burden of any losses or liabilities
incurred by the business enterprise with the government.
A director does not need to disclose any conflict of interest before voting on a proposal.
A gift is effective whether or not it is accepted.
Copyright protection is automaticregistration is not required.
Joy steals a check from Kyle, forges his signature, and transfers the check to Loco
Loans, Inc., for value. Unaware that the signature is not Kyle’s, Loco Loans presents the
check to Metro Bank, the drawee, which cashes the check. Kyle discovers the forgery
and insists that Metro recredit his account. Can Metro refuse? If not, from whom can
the bank recover?