A joint effort by businesspersons to obtain legislative action can be exempt from the
antitrust laws.
If a buyer breaches a contract, the seller can choose to simply cancel the contract.
Preemptive rights permit a director to veto, or “preempt,” any proposal that the
shareholders have voted to approve or disapprove.
If a franchisee is induced to enter into a franchise contract by the franchisor’s fraudulent
misrepresentation, the franchisor may be liable for damages.
A writ of execution applies to a debtor’s nonexempt real or personal property wherever
located.
Erin contracts in writing to sell her Ford-brand pick-up truck to Garth for $10,500. Erin
agrees to deliver the truck on Friday, and Garth promises to pay the $10,500 on the
following Monday. On Thursday, Garth tells Erin that he changed his mind and will not
buy the truck. Over the weekend, Garth changes his mind again and tenders $10,500 to
Erin on Monday. Erin has not sold the truck to another party but refuses the tender and
refuses to deliver. Garth claims that Erin has breached their contract. Erin contends that
Garth’s repudiation released her from her duty to perform under the contract. Who is
correct, and why?
A seller is prohibited from charging different prices to competing buyers for identical
goods or services.
A principal’s ratification of an agent’s unauthorized act must be express.
Frieda is an administrative assistant with Global Dispatch & Shipping Corporation, but
has no authority to sign Global Dispatch checks. Frieda orders merchandise from Home
& Office Furnishings Company delivered to her home and pays with a Global Dispatch
check, signing “Global Dispatch & Shipping Corp. by Frieda, admin. assist.” Home &
Office does not know that Frieda has no authority to sign the check. Who is liable on
the check, and why?
A court will dismiss a derivative suit if a majority of the directors or an independent
panel determines in good faith that the lawsuit is not in the best interests of the
corporation.
Property consists of the legally protected rights and interest of a person in anything with
an ascertainable value that is subject to ownership.
The Civil Rights Act of 1964 prohibits job discrimination on the basis of merit.
Shareholders own the corporation, and they have legal title to corporate property.
To be negotiable, an instrument must be payable on demand.
A will can serve no other purpose besides the distribution of property.
A buyer’s failure to cover will bar him or her from using any other remedies available
under the UCC.
A gift of real estate by will is generally called a bequest.