A custodian who holds money for the benefit of a minor under the Uniform Gifts to
Minors Act may choose to use the money to send the minor to summer camp.
Depositions are usually taken in the courtroom.
Generally, the right to make a will is limited to persons 18 or older.
To be engaged in warehousing, an enterprise must have appropriate storage buildings.
The federal Consumer Credit Protection Act gives the debtor the right to rescind a
credit transaction within three (3) business days when the transaction would impose a
lien on the debtor’s home.
Parties with rights in a negotiable instrument can be assignees or holders.
A promise to pay an attorney a fee owed by a third person can be enforced without a
writing.
Larceny is best defined as the taking of personal property from the presence of the
victim by the use of force or fear.
Generally, misdemeanors are more serious than felonies.
Consumer protection statutes apply only in situations in which the statute is
intentionally violated.
Dilatory lending is a practice on the part of the subprime lending market whereby
lenders take advantage of less sophisticated consumers or those who are desperate for
funds by using the lenders’ superior bargaining positions to obtain credit terms that go
well beyond compensating them for their risk.
The debts of a decedent are paid prior to distribution of any balance of the estate to
those entitled to receive it.
Generally, an assignment may be in any form.
An assignee’s rights are the same as those that had been possessed by the assignor.
An employer can assign to another employer the right to have an employee work.
Social invitations can be offers.
Because many oral contracts are legally enforceable, it is a good business practice in the
preliminary stages of discussions to stipulate that no binding agreement is intended to
be formed until a written contract is prepared and signed by the parties.
Samuel signed a contract to purchase furniture on credit. The contract clearly set forth
in bold print all charges included in the cost of the credit, including the interest rate and
annual percentage rate. The seller informed Samuel that the seller regularly sold these
contracts to a finance company that paid it immediate cash and then collected from the
debtors. The seller further advised that the finance company did not want “the
headache” of determining the validity of consumer complaints and that therefore the
contract provided that the consumer waived all defenses concerning the furniture
against the finance company. The contract expressly provided that the seller would
remain responsible for any non-conformities in the furniture or breaches of contract on
its part. The furniture was defective, but the finance company is demanding that Samuel
make the payments to it required by the contract and resolve its disputes with the seller
of the furniture. Samuel consults you regarding his rights. What is your response?
A financing statement need not be filed in a public place.