Obligations contingent upon the happening or nonhappening of an event not certain to
occur are known as conditional promises.
The courts have interpreted the Sherman Act as prohibiting all monopolies.
A depositary bank is any bank handling an item for payment.
To be a “holder,” one must actually have the instrument in his possession.
Courts usually will require evidence for a transaction to be usurious. What facts will the
courts consider as evidence of usury?
Generally, the executive branch of government has the power to enforce the law.
A basic element of fraud is a false representation or a misrepresentation.
Even if it has been lawfully and properly declared, a stock dividend may be revoked
unless it has been actually distributed.
The Truth-in-Lending Act requires disclosure of the cost of credit as an annual
percentage rate, which may be calculated in one of three different ways.
An example of a bailment for the bailor’s sole benefit is when Sherri, without
compensation, lends her Cappuccino maker to Ed for Ed’s party.