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The Uniform Transfers to Minors Act establishes procedures for adults to make
irrevocable gifts of money and securities to minors.
For a life insurance, insurable interest is necessary at the time of loss.
Only outstanding shares have the right to vote.
A principal is bound legally to pay a gratuitous agent.
A signature on a negotiable instrument can be any name, word, or mark used in lieu of a
written signature.
An entrusted merchant has the power to transfer all rights in the goods to a buyer in the
ordinary course of business.
Copyright for a work can only be claimed once the U.S. Copyright Office issues it.
An insurance contract is called a policy.
The Uniform Franchise Offering Circular (UFOC) satisfies only the Federal Trade
Commission (FTC) and a separate disclosure document should be prepared by the
franchisor in accordance with state regulations.
Data and software do not constitute intellectual property.
