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In a case of the sale of property, time is not regarded as of the essence when there has
not been any appreciable change in the market value or condition of the property and
when the person who delayed does not appear to have done so for the purpose of
speculating on a change in market price.
Unless justified by business necessity, physical standards such as height requirements
that tend to exclude people of certain national origins violate Title VII.
A contract for an amount greater than $1 million must be made under seal or it is not
binding.
The transfer and collection of negotiable instruments between banks requires specific
indorsements.
A person who has knowledge of a limitation on an agent's authority cannot disregard
that limitation.
A third person who deals with a person claiming to be an agent has the right to rely on
the statements made by the agent concerning the extent of the agent's authority.
Through incorporation by deference, a contract can consist of both the original
document and the detailed statement that is incorporated in it.
A person who attends a banquet given at a hotel is considered a guest for purposes of
determining the liability of the hotelkeeper.
The UCC imposes a higher degree of good faith on a merchant seller or buyer of goods
than on a nonmerchant seller or buyer of goods.
State laws that attempt to indemnify corporate directors against personal monetary
liability for gross negligence are void as contrary to public policy.
If a debtor with multiple debts specifies the debt to which a payment is to be applied
and the creditor accepts the money, the creditor is bound to apply the money as
specified.
A 'short-swing" profit is realized by a corporate insider from selling corporate securities
less than one (1) year after purchase.
A negotiable warehouse receipt that provides for delivery of the goods to the order of
Jill Jones may be negotiated by delivery of the document to the purchaser.
Parties to international ventures often agree to arbitrate their disputes in neutral
countries.
Under the Clean Water Act, the EPA has developed effluent guidelines, which are
ranges for discharges organized according to industrial groups and for specific plants in
each of these groups.
The primary party on a draft is the drawee, assuming that the drawee has accepted the
draft.
Subchapter S corporations have the benefits of limited liability as in partnerships and
are taxed as corporations.
A blank indorsement indicates the person to whom the instrument is to be paid-that is,
the transferee.
