Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
The Fair Housing Act prohibits discrimination based on race and color only.
Petrol Corp. owns several drilling operations in the Gulf of Mexico, refineries, service
stations, and tanker trucks for transporting their products. Petrol Corp. hires an
environmental manager to keep the company in compliance with various environmental
laws. What laws will the environmental manager need to study and why?
Consideration can be present regardless of whether the parties intend an exchange.
Under Regulation A, as amended in 1992, an issuer may make offers upon filing the
offering statement but may make sales only after the SEC has qualified the statement.
Section 11 of the 1933 Securities Act imposes liability upon an accountant for
negligence in the conduct of an audit.
Identify three ways the Sarbanes-Oxley Act affects accountants and auditors.
What is a condition? Give an example of each of the following: condition precedent,
condition concurrent, and condition subsequent.
An agent for an unidentified principal is liable on the contract to the third party no
matter whether the particular transaction is authorized or not.
Concurrent conditions occur when mutual duties of performance are to take place
simultaneously.
The drawee is the individual who signs a check and promises to pay.
If no exemption is available, a corporation offering shares of stock for sale is subject to
court injunction and civil liability in damages to persons to whom securities are sold in
violation of the regulatory statute, but there is no potential criminal liability.
If an offer states that a reply must be received by a certain date, the contract is formed
at the time the offeree sends or dispatches the acceptance.
A plumber hired to redo the plumbing in a building is an independent contractor and
agent of the owner of the building.
Restitution can be obtained where a voidable contract is avoided.
A unilateral contract may consist of a promise exchanged for an act or forbearance.
Mike, the owner of a yogurt shop, orders 500 quarts of yogurt from his supplier.
Nothing, however, is said by either party about the price or method of payment. The
supplier ships the yogurt as ordered. Since this is a contract implied in fact, Mike must
pay his supplier for the yogurt.
