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Profits and losses from a Limited liability company (LLC) do not have to be distributed
in the same proportion.
Shareholders are responsible for determining how much will be paid in dividends.
A stop-payment order can be issued either by the drawer or the payee.
Bankruptcy law is exclusively federal law; there are no state bankruptcy laws.
Section 14(e) protects shareholders from fraud committed in connection with a tender
offer.
A creditor who has the only secured interest in the debtor's collateral has priority over
unsecured interests.
If an oral contract that should have been in writing under the Statute of Frauds is
already executed, neither party can seek to rescindthe contract on the grounds of
noncompliance with the Statute of Frauds.
A checking account customer owes a duty to examine the monthly statements of
account promptly and with reasonable care to determine whether any payment was not
authorized because of alteration of a check or a forged signature.
The principal is liable for the tortious conduct of an agent who is acting within the
scope of his or her authority.
Under the perfect tender rule, the buyer can reject a whole shipment of nonconforming
goods.
Under ethical fundamentalism, a person looks to an outside source for ethical rules or
commands.
