If United Widgets lowers its price to all buyers of 10 or more widgets, it is not a
violation of the Robinson-Patman Act.
The difference between an express contract and an implied in fact contract is the
manner in which assent is manifested.
Mario, a minor, sells his bicycle to Jimmy for $150. A week later, Kelly, who does not
know Mario, buys the bike from Jimmy for $200. Mario, upon learning about Jimmy’s
sale of the bike, disaffirms his contract with Jimmy. Kelly does not have valid title and
must return the bike to Mario.
A person under guardianship by court order has no contractual capacity.
Accountants authorized under federal law to practice before the IRS have the privilege
of confidentiality for tax advice given to their client-taxpayers with respect to Internal
Revenue Code matters.
The court will order the appointment of a trustee in a Chapter 11 proceeding only for
cause or if the appointment is in the interests of creditors or equity security holders.
Identify which forms of business organization provide the owners with limited liability
for the business’s obligations and which forms of organization allow the owners to
participate in the management and control of the business.
A special warranty deed limits the warranty given out by the grantor to acts or
omissions of the grantor.
If there is a defect in title, the courts will not allow the buyer to refuse to go through
with the purchase.
The Constitution authorizes the president to enter into treaties having the legal force of
a federal statute without having to go through the legislative process or without having
to receive advice or consent of the federal legislative branch of government.
A cease and desist order, issued by the FTC, directs a party to stop a certain practice or
face punishment, such as a fine.
“Restricted securities” are those that are sold pursuant to an exemption from
registration.
The RUPA abolishes the marshaling of assets doctrine and the dual priority rule.
Lessees of property and holders of security interests have insurable interests in property.
Richard agrees to supply Henry with all his needs of specially made shampoo for
Henry’s beauty salon. Henry believes that Richard is a representative of a famous hair
products company, but he finds a letter to a competitor written by Richard two days
before the agreement is signed proving that Richard is a fraud. Richard says that this
letter may not be admitted to court since the contract is wholly integrated. Is he correct?
Brent loans Manuel $1,600 on his oral promise to repay the loan in three annual
installments. Most courts would hold Manuel’s promise is unenforceable under the
one-year provision of the statute of frauds.
In most, if not all, cases where there is a legal detriment to the promisee, there is also a
legal benefit to the promisor.
The choice of the most appropriate form of business enterprise cannot be determined in
a general way, but depends on the particular circumstances of the owners.
In an action for negligence, five elements must be proved: a duty of care, breach of that
duty, factual cause, harm, and proximate cause.