LGST 86861

subject Type Homework Help
subject Pages 6
subject Words 1040
subject Authors David P. Twomey

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A tort is a wrong arising from a violation of a private duty.
If the finance company to which a seller of goods on credit assigns the buyer's
promissory note is more than half-owned by the seller, the finance company will likely
be held a participating transferee and, as a result, will be denied the status of a holder in
due course.
Funds from the Superfund are used to pay the cost of eliminating or containing
condemned waste sites.
Jared agrees to purchase twelve computers from Zack Enterprises, Inc. for sale in
Jared's department store. Twelve boxes from Zack Enterprises have just arrived at the
department store. What are Jared's rights and responsibilities?
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A seller has the right to stop shipment if the buyer has received goods on credit and the
seller learns that the buyer is insolvent, the buyer has not provided assurances as
requested, or the seller has grounds to believe performance by the buyer will not occur.
When a person who performs continuing services for another receives a fixed payment
that does not depend on the existence of profit and is not affected by losses, that person
is a partner.
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The Robinson-Patman Act of 1936 guarantees a seller the right to refuse to deal with
anyone for any reason or purpose.
The private life of a nonpublic citizen is subject to public scrutiny.
Freedom from liability to third persons dealing with the franchise holder is one of the
main reasons that franchisors grant franchises.
The jurisdictional rule of reason addresses the problems that arise when a foreign
country has a significant interest in regulating conduct taking place within the United
States.
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A contract of insurance is to be interpreted as it would be understood by a person with
technical knowledge of the law or of insurance.
The scope of an agent's authority is always known by the third party.
Bart and his brother-in-law, Ted, owned a small corporation. Ted was basically an
investor, and Bart ran the entire business. As Ted became increasingly remote from
day-to-day operations, Bart began to falsify some records so that Bart could take a
greater share of the profits. This continued for years with Bart mailing falsified
financial statements to Ted. When Bart suddenly became ill, Ted was forced to assume a
greater role in the business on a temporary basis. During this time, Ted discovered the
past deceptions and sued Bart under Rule l0b-5 of the Securities Exchange Act of 1934.
Bart defended on the procedural ground that the business was local and had never been
involved in interstate transactions of any kind. Moreover, the corporation was not listed
on any stock exchange, nor did it have assets in excess of $10 million or 500 or more
shareholders. Comment on the outcome of this case.
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A security interest gives a creditor more protection than is afforded by a right to sue on
the debt.
Fran had a very rare, and therefore expensive, automobile that she wished to sell. Fran
worried that if the first attempt at selling the auto failed, the value of the auto might
come into question. To prevent any potential loss of profit if the auto needed to be
resold, Fran created a sales contract that provided for an estimation of damages should
the contract later be breached by the potential buyer. A potential buyer was found, and
the contract was signed. Later, because of a lack of sufficient financing, the buyer
breached the sales contract. Fran requested the estimated damages provided for in the
contract. The buyer refused, calling the clause unconscionable and excessive. Can Fran
recover?
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A limited partner may never sue the business.
Upon a seller's tender of nonconforming goods and the buyer's rejection of them, the
transaction has ended.

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