LGST 67680

subject Type Homework Help
subject Pages 6
subject Words 629
subject Authors David P. Twomey, Marianne M. Jennings

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Limited liability companies may be formed without filing formal articles of
organization with the secretary of state.
Automobile lemon laws protect only persons buying automobiles for personal, family,
or household use.
An express warranty can be disclaimed even if it was a critical part of the bargain to the
buyer.
Negotiable instruments are examples of formal contracts.
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A written authorization of agency is called a power of attorney.
Arnold Properties, Inc. entered into a lease agreement with Janet for a residential house.
Janet made four (4) subsequent monthly payments. At the end of the four (4) months,
Janet learned that she was to be transferred to a new job in another state. Janet
approached her landlord and explained her situation. The landlord was unsympathetic
and refused to release Janet from her rent. The landlord insisted on enforcement of
rental payment for the duration of the lease, which was for one (1) year. Janet had not
provided for a release in her lease to cover the possibility of a job transfer. Must Janet
pay for the remaining eight (8) months of rent even if she is not in physical possession
of the property?
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The finder of lost property is usually entitled to a judicially-determined reward for
finding and caring for the property until the rightful owner reclaims it.
A partner is considered an employee of the partnership when doing work that would
ordinarily be done by an employee.
If a bailment is for the sole benefit of the bailee, the bailor has no obligation to inform
the bailee of known defects.
The Sherman Act applies only to buying and selling activities, not manufacturing and
production activities.
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A contract can only involve two parties.
An agreement that does not specify the time for performance is not binding because it is
too indefinite.
The requirements to create a trust are uniform.
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A letter of credit agrees to provide the seller with needed currency exchanges when
transactions with foreign buyers occur.
Hiring an individual with a criminal record is conclusive proof that the employer is
liable for the tort of negligent hiring.
Goods physically existing and owned by a seller at the time of a transaction are called
existing goods.
Uniform State Law generally is not applicable to business.
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Under Title VII, whites are not protected against discrimination because of race and
color.

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