Estray statutes determine ownership rights in fungible goods that have ‘strayed.
The extreme risk of an activity is a primary basis for imposing strict liability.
Precise Engineering Corporation has a contract with Quik Mart Stores to provide
customized software for Quiks inventory control system. Retail Outlets, Inc, Quiks
competitor, induces Sam, a Precise subcontractor who is writing code for the Quik
software, to delay delivery of the code for one week. As a result, Precises delivery of
the software is delayed, and Quik sustains $500,000 in lost profits. On what ground
could Quik recover damages from Retail Outlets?
A contract may have to be in writing to be enforceable even if its performance is
possible within a year.
In cyberspace, thieves are as subject to physical limits as they are in the “real world.
An insureds lack of an insurable interest is an absolute defense against payment.
Business ethics focuses on ethical behavior in the business world.
For purposes of diversity of citizenship, a corporation is a citizen only of the state in
which it is incorporated.
A bank that has certified a check is under no obligation to accept it.
Property voluntarily discarded by its owner with no intention of reclaiming it is
abandoned property.
A board of directors cannot conduct business outside a formal meeting.
An offer must be practical to be effective.
International law attempts to reconcile the authority of each nation over its own affairs
with its desire to benefit from trade and harmonious relations.
Specific performance is the remedy customarily used when one party has breached a
contract for a sale of land.
Under the “danger invites rescue doctrine, a person who tries to rescue another
individual from harm is liable for any injuries to the individual.
On a contract breach, the nonbreaching partys only option is to refuse to perform.
Under the UCC, a sellers tender of goods that do not conform in every way to a contract
is not a valid tender.
A contract entered into under duress is voidable.