A consumer who notifies the issuer of an EFT card within two (2) days after learning of
a loss or theft of the card can be held to a maximum liability of $500 for unauthorized
use of the card; failure to notify within this time will increase the consumer’s liability
for losses to a maximum of $5,000.
Any warranty that does not provide the complete protection of a full warranty is called
a warranty in breach.
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?
The use of agency arrangements allows a U.S. firm to avoid taxation on sales made in
its agent’s country.
A trustee can delegate the performance of personal duties.
A third party arrangement occurs when a corporate officer agrees to be personally liable
for a corporate note.
A condominium is a combination of co-ownership and individual ownership.
The Racketeer Influenced and Corrupt Organizations (RICO) Act was designed
primarily to prevent individuals involved in organized crime from investing money
obtained through racketeering in legitimate businesses.
A cured transaction is a pledge of property by the buyer-debtor that enables the seller to
take possession of the goods if the buyer fails to pay the amount owed.
After the expiration of the incontestability period of a life insurance policy, the insurer
must pay the face amount of the policy when the insured dies and cannot claim that in
obtaining the policy, the insured had been guilty of misrepresentation, fraud, or any
other conduct that would entitle it to avoid the contract of insurance.
A variance permits an owner of land to use it in a specified manner that is inconsistent
with zoning ordinances.
Under the common law, the reason a landlord terminates a lease by notice is immaterial.
Truth is not a defense to defamation.
The U.S. dollar is considered the international currency.
The purchase of a warehouse receipt by due negotiation eliminates all prior claims.