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The concept of a floating lien does not apply to a shifting stock of goods.
If the subject matter of a contract turns out to be more valuable than one of the parties
believed it would be, that party can cancel the contract.
To recover workers' compensation, an employee must prove that an injury was the fault
of the employer.
Misstatements or misrepresentations in an application for insurance can void a policy.
An employer can refuse to bargain collectively with an elected employee representative.
A federal judge must adhere strictly to federal sentencing guidelines.
A bailment must be in writing to be valid.
Privity of contract is the principle under which contracting parties alone traditionally
had rights and liabilities under their contract.
When the risk of loss for goods passes from a seller to a buyer is generally determined
by the contract between the parties.
Insurance is classified according to the amount of the payment on a claim.
To determine whether a duty of care has been breached, a judge asks how he or she
would have acted in the same circumstances.
Fungible goods are goods that cannot be delivered by physical transport.
A release bars further recovery beyond the terms stated in the release.
Property voluntarily placed somewhere by its owner and inadvertently forgotten is lost
property.
In an auction, the auctioneer is an offeree.
Only the manufacturer of a defective product can be strictly liable for an injury or
damage caused by the product.
A bankruptcy estate consists of all the debtor's interests in property currently held,
wherever located.
A franchisee normally pays an initial lump sum for a franchise license.
Forcing someone to enter into a contract through fear created by threats is undue
influence.
When a buyer agrees to buy goods held by a bailee, unless otherwise explicitly agreed,
the risk of loss passes to the buyer when the price is paid.
