Article 3 of the UCC establishes a four year statute of limitations for most actions
involving negotiable instruments.
A manufacturer with distributors in New York City may give its newer distributors free
advertising and other services to help them compete with the distributors who have
been doing business for a number of years and have become firmly established.
Art and Mary were good friends who went through high school and college together.
Art eventually became a college philosophy professor and Mary went into the business
world. Mary became a senior vice-president of a management firm and learned many of
the company’s trade secrets. Both Art and Mary signed one-year contracts with their
respective employers. The contracts contained clauses that provided that they would not
compete against their former employers for a period of one year after leaving their jobs.
The area covered by the restrictions for both Art and Mary was a radius of 500 miles
from the place of employment.Both Art and Mary resigned and within two months took
other jobs. Art went to work for another college 50 miles away, teaching philosophy.
Mary took a job 75 miles from her former employment. Her new position was similar to
her former job. The former employers sued to enforce the anticompetitive covenants in
the original contracts. Discuss the probable outcome of the lawsuits.
Individuals who steal valuable nonpublic information in breach of a fiduciary duty to
their employers and trade in securities on that information are guilty of insider trading
as “misappropriators.”
The issuing or delivery of a forged instrument to another person constitutes the crime of
counterfeiting a forged instrument.
A principal may ratify an action taken by an agent that the principal would not have
been capable of authorizing at the time that the action was taken.
When a person picks out a specific necktie and purchases it, the transaction involves
identified goods.