Commercial General Liability (CGL) policies apply to product liability cases, actions
for wrongful termination of employees, sexual harassment cases, damages caused by
business advertising or employee dishonesty, and trademark infringement suits.
A country can borrow money from other International Monetary Fund (IMF) members
or from the IMF by means of special drawing rights (SDRs) sufficient to permit that
country to maintain the stability of its currency’s relationship to other world currencies.
An output or requirement contract is not enforceable unless the parties include an
estimate of prospective amounts.
When the dissolution of a partnership has been caused by operation of law, notice of
such dissolution must be given to third persons.
The sharing of profits and losses is conclusive evidence of partnership.
Walker Meeks is currently a party to two contracts. On the first contract, he has agreed
to paint a portrait of a gentleman riding a horse. This portrait is for the wall of the
gentleman’s study. The gentleman chose Meeks for his realism in portraying the true
feelings behind portrait models. Meeks’ second contract is to paint the house of Sylvia
Sneed.
Meeks is offered an employment contract for a large sum of money. He wishes to
accept, but this would render him unable to complete the aforementioned contracts.
Meeks delegates the painting of the portrait to his friend Bob, an impressionist, and
delegates the painting of Sylvia’s home to Ted, a professional house painter.
Neither the gentleman nor Sylvia intends to allow the delegation to occur. Comment on
the probable outcome of the dispute.
Details of performance of a contract not expressly stated in a contract will often be
implied by the court.
Consideration always must be an act or the promise to perform an act.
Ordinarily, a seller’s opinion about the good(s) cannot be treated as a warranty.
An instrument may be transferred by negotiation or by assignment.
Ordinarily, each shareholder is entitled to one vote for each voting share.
Generally defenses that could be raised in a breach of contact claim cannot be raised
against a holder in due course.
Securities acquired under Rules 506, 505 and 404 exemption from registration are
considered restricted securities, and their resale may require registration.
If an agent’s act causes loss to the third person, that third person may generally hold the
agent liable for the loss.
In order for fraud liability to arise, the listener must actually rely on the false statement
of fact.
A bill of sale can be used as proof of an otherwise oral agreement.
The FTC rule concerning holders in due course is confined to consumer credit
transactions.
Courts tend to resolve ambiguities in limited partnership agreements against the general
partners.
The federal Consumer Credit Protection Act gives the debtor the right to rescind a
credit transaction within three (3) business days when the transaction would impose a
lien on the debtor’s home.
A showing that an invention as a whole would have been obvious to a person of
ordinary skill in the art when the invention was patented is called subsequent art.