Shares of stock may not be acquired through subscription but may be acquired through
a transfer of existing shares from a shareholder or from the corporation.
An oral agreement to supply a line of credit for two (2) years cannot be enforced
because of the statute of frauds.
A partner is considered an employee of the partnership when doing work that would
ordinarily be done by an employee.
To be set aside as a preference, a transfer must be fraudulent.
The EPA lacks the authority to have polluting activities halted through the use of
injunctions.
There is often a conflict between the goal of making money for shareholders and the
goal of solving social problems through business.
Administrative regulations are a type of law.
A contract for an amount greater than $1 million must be made under seal or it is not
binding.
In general, transferees who are aware of facts that would make a reasonable person ask
questions are deemed to know what they would have learned if they had asked
questions.
Computer programs are subject to copyright protection.
Smarts and Then Some, Inc. developed a software program after several years of
research and development. The particular software program was then test”marketed, at
which point a competitor filed suit claiming that the Smarts and Then Some program
violated the competitor’s copyright on a program they too were test-marketing. What is
the test to determine whether a copyright has been violated?
Restrictions on the transfer of stock are valid if they are not unreasonable.
Unless justified by business necessity, physical standards such as height requirements
that tend to exclude people of certain national origins violate Title VII.
Under the Berne Convention Implementation Act of 1988, it is no longer mandatory
that works published after March 1, 1989 contain a notice of copyright.
If monetary damages would be an adequate remedy, then an action for specific
performance would be appropriate.
A discharge releases a debtor from student loan obligations that first became due within
two (2) years before bankruptcy.
As in the case of agency, the burden of proving the existence of a partnership is on the
person who claims that one exists.
An incorporeal hereditament is the relationship that arises when one person delivers
possession of personal property to another under an agreement, express or implied, by
which the latter is under a duty to return the property or to deliver it or dispose of it as
agreed.
Because a corporation is not a human being, it cannot be convicted of a crime.
A partner has the authority to do those acts that are customary for a member of a
partnership conducting the particular business of that partnership.