Questions from Business Law

Q: On February 2, Phillips induced Mallor to purchase from her fifty

On February 2, Phillips induced Mallor to purchase from her fifty shares of stock in the XYZ Corporation for $10,000, representing that the actual book value of each share was $200. A certificate for...

Q: Dorothy mistakenly accused Fred's son, Steven, of negligently burning down

Dorothy mistakenly accused Fred's son, Steven, of negligently burning down her barn. Fred believed that his son was guilty of the wrong and that he, Fred, was personally liable for the damage, since S...

Q: Jones, a farmer, found an odd-looking stone in

Jones, a farmer, found an odd-looking stone in his fields. He went to Smith, the town jeweler, and asked him what he thought it was. Smith said he did not know but thought it might be a ruby. Jones as...

Q: Decedent Joan Jones, a bedridden, lonely woman of eighty-

Decedent Joan Jones, a bedridden, lonely woman of eighty-six years, owned outright Greenacre, her ancestral estate. Biggers, her physician and friend, visited her weekly and was held in the highest re...

Q: For each of the following indorsements indicate (a) the type

For each of the following indorsements indicate (a) the type of indorsement and whether the indorsement is (b) blank or special, (c) restrictive or nonrestrictive, and (d) qualified or unqualified: (a...

Q: The Society National Bank (Society) agreed in a promissory note

The Society National Bank (Society) agreed in a promissory note to lend U.S.A. Diversified Products, Inc. (USAD) up to $2 million in the form of an operating line of credit upon which USAD could make...

Q: Ames, seeking business for his lawn maintenance firm, posted the

Ames, seeking business for his lawn maintenance firm, posted the following notice in the meeting room of the Antlers, a local lodge: “To the members of the Antlers—Special this month. I will resod you...

Q: Small, admiring Jasper’s watch, asked Jasper where and at what

Small, admiring Jasper’s watch, asked Jasper where and at what price he had purchased it. Jasper replied, “I bought it at West Watch Shop about two years ago for around $85, but I am not certain as to...

Q: Jeff says to Brenda, “I offer to sell you my

Jeff says to Brenda, “I offer to sell you my PC for $900.” Brenda replies, “If you do not hear otherwise from me by Thursday, I have accepted your offer.” Jeff agrees and does not hear from Brenda by...

Q: On November 19, Hoover Motor Express Company sent to Clements Paper

On November 19, Hoover Motor Express Company sent to Clements Paper Company a written offer to purchase certain real estate. Sometime in December, Clements authorized Williams to accept the offer. Wil...