LGST 60017

subject Type Homework Help
subject Pages 5
subject Words 384
subject Authors David P. Twomey

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Ordinarily, a court will not consider whether a contract is fair or unfair.
In the absence of a statute requiring a writing, a contract may be oral or written.
When we speak of government regulation of business we ordinarily mean state
government regulation, not federal government intervention.
Legislation commonly requires that an installment-sale contract specify the cash price,
down payment, finance charges, and insurance costs.
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Bills of lading for intrastate shipments are governed by the UCC, while those for
interstate shipments are regulated by the Federal Bills of Lading Act.
Federal law now recognizes the validity of electronic signatures.
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.
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The amount of credit specified in a letter of credit must be taken by the beneficiary in
the form of a lump-sum payment.
A state may prohibit a seller from selling below cost if the purpose is to harm
competitors.
Omitting a date of execution affects an instrument's negotiability.
Mediation tends to keep discussions between parties proceeding.
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Fire insurance is a personal contract, and in the absence of statutory or contractual
authorization, it cannot be assigned without the consent of the insurer.
Electing directors who most reflect the shareholders' interests and attitudes is the most
effective form of shareholder control.
Consequential damages are those that necessarily flow from the breach.
To recover liability, the plaintiff must show the defendant was negligent.
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Unless otherwise agreed by the parties, payment by a buyer requires payment either in
cash or by certified check.

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