For accountants, fraudulent malpractice always involves upgrading the financial
condition of the firm.
Directors are usually allowed to vote by proxy.
A federal agency planning to adopt a new regulation must give public notice of such
intent and then hold a hearing at which members of the public may express their views
and make suggestions.
When Gordon told Hanson that he was considering selling his house, Hanson offered to
buy it. Gordon and Hanson entered into a contract in which Hanson paid Gordon
$1,000 in cash for the right to buy Gordon’s house for $150,000 in the event Gordon
decided to sell it. Two weeks later, Jones offered Gordon $200,000 for his house, and
Gordon agreed to sell it to her for that amount. Hanson sued Gordon to force Gordon to
sell the house to him for $150,000, rather than to Jones for $200,000. Identify the
probable result of the action. What type of contract, if any, was entered into between
Gordon and Hanson?
The steps in terminating a financing transaction upon full payment by the debtor
include the preparation of a termination statement by the creditor and the presentation
of the statement to the filing officer, who marks the record “terminated.”
Indorsements may be classified in terms of whether the indorser has added any words to
the indorsement and what those words are.
In some states, a ‘service-letter” statute requires an employer on request to furnish a
discharged employee with a letter stating the reason for the discharge.
For ratification to occur, the agent must have purported to act on behalf of, or as agent
for, the identified principal.
Whenever a person receives a benefit for which payment has not been made, there is an
unjust enrichment and the value of such benefit must be paid to the person conferring
the benefit.
An ordinary gift made between two living persons is an inter vivos gift.
In order for delivery to occur, a gift must actually be handed over to the recipient.
A waiver of a breach may be either express or implied.
The purpose of the first ten amendments to the Constitution was to enlarge the power of
the federal government.
The rights of a third-party beneficiary always can be destroyed without that
beneficiary’s consent.
A party must mitigate damages at all costs.
Nuisances may be classified as either private nuisances or public nuisances.
Pursuant to the Credit Repair Organization Act of 1996, credit repair organizations must
be “non-profit.”
Maintaining confidentiality is an ethical issue for both employees and company
management.
The theories of product liability are mutually exclusive.
If a contract is unclear, it will be interpreted against the party who drafted it.