The last security interest to be perfected is the first in priority over any other perfected
security interests.
Plant life is not considered to be real property.
Buying or selling securities on the basis of nonpublic information is illegal only if the
profit from the transaction is unreasonable.
Under the mailbox rule, no acceptance is valid until it is received.
Frenchys Fast Fries (3F) requires that its employees wear uniforms and protective
clothing while on the job. 3F provides a locker room for the employees to leave their
street clothes and personal items while working. A sign on the back of the locker room
door states, “Frenchys is not responsible for the loss of any property in the locker room.
Grant, a 3F employee, changes his clothes in the locker room before starting work and
leaves his wallet and watch in a pocket of his jacket hanging in his locker. When he
returns after his shift, the wallet and watch are gone. Does Grants leaving personal
items in the locker room constitute a bailment? If so, what type of bailment? If not,
what legal relationship is it? Does 3Fs sign exculpate the company for Grants loss?
Why or why not?
Filing a financing statement with the appropriate public office is the only way to perfect
a purchase-money security interest in consumer goods.
Rules issued by administrative agencies now affect almost no aspect of a businesss
operations.
In no states are communications between an accountant and his or her client privileged.
A majority shareholder does not owe a fiduciary duty to minority shareholders under
any circumstances.
An effective offer requires reasonably certain terms.
A lessees breach of a contract will usually give the lessor the right to cancel the
contract.
Susan is the president of United Food Corporation, a wholesale grocery company. An
inspection by Tim, a government agent, uncovers unsanitary conditions caused by Val, a
United employee, in the United warehouse. Will, a United vice president, assures Tim
that the situation will be corrected, but nothing is done, which a later inspection reveals.
Susan knows nothing about any of this. Can United be convicted of a crime in these
circumstances? Can Susan be held personally liable?
A judge instructs a jury as to the law that applies in a case.
Only a foreseeable intervening event can break the connection between a wrongful act
and an injury to another.
A spendthrift trust provides for a beneficiarys transfer of his or her right to future
payments of trust funds.