Lakeside Resort hires Micheline to act as its agent to buy a 1,000-acre waterfront tract
of land from Nabil for $1,000 per acre. Lakeside does not want Nabil to know that it is
the principal or that Micheline is its agent. Lakeside wants the land for a new marina,
and believes that Nabil may not sell the land for that purpose or may demand a
premium price. Micheline makes the purchase, signing only her name on the contract as
the buyer and not disclosing to Nabil the agency relationship. Lakeside gives Micheline
the amount to pay for the land, but she absconds with the funds. Nabil soon learns of
Lakeside’s identity. Can Nabil enforce the contract against Lakeside? Against
Micheline?
Penalties for aiding or assisting in the preparation of false tax returns are limited to one
penalty per taxpayer per tax year.
An employee may take up to twenty-six weeks of military caregiver leave within a
twelve-month period to care for a family member with a serious injury or illness
incurred as a result of military duty.
In a Chapter 11 case, the court cannot confirm a reorganization plan over the objections
of a class of creditors.
The purpose of the homestead exemption is to ensure that the debtor will retain some
form of shelter.
One of the basic elements of zoning is the classification of land by permissible use as
part of a comprehensive municipal plan.
In a limited number of instances, the UCC presumes that special business standards
ought to be imposed on merchants because of their relatively high degree of
commercial expertise.
Fresco and Garcia form a partnershipHVAC Pros. Garcia’s capital contribution is
$10,000, and Fresco’s is $15,000. The partnership agreement provides that profits are to
be shared, with 40 percent for Garcia and 60 percent for Fresco. Later, Garcia makes a
$10,000 loan to the partnership when it needs working capital. When the partnership is
dissolved, its assets are $50,000, and its debts are $8,000. How should the assets be
distributed?
Traditionally, a professional owed a duty only to those with whom the professional had
a direct contractual relationship.
A professional can not be liable for fraud if he or she did not act with fraudulent intent.
A director who does not hold a management position in the corporation is an outside
director.
Account numbers on credit-card receipts must be truncated (shortened).
Limited liability companies are treated as citizens of every state of which their members
are citizens.
Merchants are absolute insurers against all accidents arising in connection with the
goods.
State consumer protection agencies are charged by Congress with the broadly stated
goal of preventing unfair and deceptive trade practices.
Under the UCC, an agreement modifying a contract needs no consideration to be
binding.