“Permissive” subjects of bargaining include seniority provisions, promotions, layoff and
recall provisions, no-strike no-lockout clauses, and grievance procedures.
As a result of pressure from the United Nations Conference on Trade and Development
(UNCTAD), the General Agreement on Tariffs and Trade (GATT) allowed the grant of
special preferences to developing countries as an exception to the GATT’s basic rule of
trade without discrimination.
A payee is not liable on an instrument until the payee transfers the instrument to
someone else.
If a shareholder borrows money and delivers stock as collateral security, the creditor
has a perfected security interest in the stock without any filing by the creditor.
An agent is distinguished from an ordinary employee in that employees are hired to
represent the employer in dealings with third persons.
If the offeree purports to accept an offer but in so doing makes any change to the terms
of the offer, such action is a counteroffer that rejects the original offer.
Corrective advertising required by the FTC also is called retroactive advertising.
Race or color can be a bona fide occupational qualification.
A special agent is authorized by the principal to do all acts that can be delegated
lawfully to a representative.
In general, a principal is liable for crimes of the agent committed while acting within
the scope of the agency, even if the principal did not authorize commission of the
crimes.
Price discrimination is not permitted even when it can be justified on the basis of a
difference in grade, quality, or quantity.
The “known user” rule imposes liability on the accountant for negligent malpractice
when he or she can foresee the parties who will rely on his work in the financial
statements.
Violation of a consumer protection statute occurs even without proof that the
wrongdoer intended to defraud or deceive anyone.
To be patentable, an invention must be new and not obvious to a person of ordinary
knowledge and skill in the art or technology to which the invention is related.
The Federal Trade Commission administers the law prohibiting unfair methods of
competition.
A trademark is any word, name, symbol, device, or combination of these used to
identify a product.
A restrictive endorsement specifies the purpose of the endorsement or the use to be
made of the paper.
If the principal is not disclosed, the agent is necessarily the other contracting party and
is bound to the contract.