In a product liability action, the plaintiff typically relies on the traditional tort theory of
negligence or the modern tort doctrine of strict liability.
A certificate of deposit is a special form of note.
The trial process can be divided into the following major phases: pleadings, discovery,
dismissals and pretrial judgments, and settlement conference.
A seller or lessor has the right to cancel a contract if the buyer or lessee breaches the
contract by rejecting or revoking acceptance of the goods, failing to pay for the goods,
or repudiating all or any part of the contract.
An offer for a unilateral contract can always be revoked at any time prior to the
offeree’s completion of the requested act.
If the exchanged consideration is consumed or otherwise unavailable, there cannot be a
valid restitution following a rescission of the contract.
Another term for “meeting of the minds” is “mutual dissent.”
A principal-agent relationship is formed between a customer and the bank if a deposit is
a check that the bank must collect for the customer.
The Digital Millennium Copyright Act makes the act of accessing the protected
information a copyright violation, regardless of whether the information is misused.
Managerial, administrative, and professional employees are covered by the Fair Labor
Standard Act’s wage and hour provisions.
If goods are nonconforming, the risk of loss remains on the seller until (1.) the defect or
nonconformity is cured or (2.) the buyer accepts the nonconforming goods.
The National Labor Relations Board oversees union elections.
A transaction involving a security interest generally must include three parties.
An inference of the existence of a general partnership is drawn if profits are received in
payment of an annuity owed to a widow, widower, or representative of a deceased
partner.
The purpose of a mechanic’s lien is to give the homeowner a way to collect against a
person who provides inadequate materials for home building or repair.
Companies will only be protected if they designate their mark as a registered trademark.
Proponents of the Law and Economics School of jurisprudence suggest that the practice
of appointing counsel, free of charge, to prisoners who bring civil rights cases should be
abolished. They believe that if a prisoner cannot find a lawyer who will take the case on
a contingency-fee basis or pro bono (free of charge), the case is probably not worth
bringing.
For purposes of Section 7 of the Clayton Act, the relevant geographical market is
traditionally identified as the entire country.
To be a negotiable instrument under the requirements of UCC 3-104, a writing must
contain either an unconditional order to pay or an unconditional promise to pay a fixed
amount of money on demand or at a definite time.
All of the information in the prospectus must be printed in all-capital letters, and in
boldface type.
A trustee is named in a Chapter 13 by the creditors at the meeting of creditors.
The implied warranty of merchantability includes a warranty that goods delivered in
groups are of a consistent quality.
The object of a tying agreement must be a tangible product and not simply services or
other intangibles.
The president is the agent of the United States in dealing with foreign countries.
Under the UCC, an electronic record is not the same as writing.
Under the UCC, a valid sales or lease contract only requires consideration and
acceptance.
In order for a principal to be liable for the agent’s negligence, the situation must meet
the requirements of both the “motivation” and the “work-related” tests.
A tender offer can be made for all or a portion of the shares of the target corporation.
The most common form of alternative dispute resolution is mediation.
A party who makes a promise to pay is the drawer of a note.
A counteroffer by the offeree simultaneously reinstates the offeror’s offer and creates a
new offer.
A valid informal contract is just as enforceable as a valid formal contract.
The doctrine of caveat emptor provides that consumers should receive extensive
protections when purchasing goods.
A “poison pill” refers to a target company in a hostile takeover selling off valuable
pieces of itself to make itself less attractive to the potential buyer.
The Law and Economics School of jurisprudence is also known as the “San Francisco
School.”