Liability insurance protects against liability imposed on the insured as a result of
injuries to the person or property of another.
Management may never legally limit unionizing activities.
A deficiency judgment requires a borrower to pay the amount of debt remaining after
the collateral is sold.
Liquidated damages provisions are usually not enforceable.
Because fraud actions necessarily involve wrongful conduct, courts may award punitive
damages.
The duration of a franchise is a matter to be determined between the parties.
An agreement that includes an option to purchase real property must be in writing for
the option to be enforced.
An exculpatory clause in an employment contract is not enforceable if it removes the
employer’s potential liability for injuries to employees.
The primary purpose of the Statute of Frauds is to ensure that all parties to a contract
understand all the terms of the contract.
In a country with a federal form of government, the national government and the states
share sovereign power.
For a creditor to have an enforceable security interest, the debtor must have rights in the
collateral.
If a buyer repudiates a contract, the seller cannot recover damages.
General Equity Corporation enters into a contract with Honi, who agrees to create
artwork for General’s main office building. Honi delays and eventually refuses to
perform. Meanwhile, General contracts to sell the building to Ideal Investments, Inc.,
but before the transaction is complete, Jewel Funds Company offers to pay a higher
price. General refuses to transfer the building to Ideal. In separate suits by General
against Honi and by Ideal against General, each plaintiff seeks specific performance.
How might the court rule in each case, and why?
The Statute of Frauds is a compilation of all the laws and regulations related to fraud.
An insured’s lack of an insurable interest is an absolute defense against payment.
On a lessee’s insolvency, the lessor can stop delivery of the goods.
Uunconscionability can involve the lack of an opportunity to read a contract or ask
questions about its meaning.
Under the UCC, prompt shipment of goods is considered an acceptance of an offer to
buy the goods.
A contract will be discharged if reasonably foreseeable circumstances make it
impossible to attain the contract’s purpose.