M 536 Midterm 1

subject Type Homework Help
subject Pages 4
subject Words 305
subject Authors Henry R. Cheeseman

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Bylaws of a corporation must be filed with a government official.
An undeveloped real estate property is an example of future goods.
To create an implied-in-fact contract, it must be established that a plaintiff provided a
property or services gratuitously.
The main criticism for ethical fundamentalism is that it does not allow people to decide
what is right or wrong for themselves.
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The manager does not owe a duty of loyalty to the LLC (limited liability company) as
he or she is not a member of the LLC.
Under the Statute of Frauds, a bailment agreement must be in writing if it is for more
than one year.
A unilateral contractcan be accepted without the performance of an act by the offeree.
Section 12 of the Securities Act of 1933 provides purchasers who have been injured by
securities pursuant to an unwarranted exemption to rescind the securities purchase.
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A licensor is a party who is granted limited rights in intellectual property or
informational rights owned by another person or company.
The right to cure rule can be invoked by the seller.
Unscheduled claims are not dischargeable in bankruptcy.
A special indorsement does not specify to whom the indorser intends the instrument to
be payable.
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The National Labor Relations Board is required to supervise all consent elections.

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