Posted: April 24th, 2016
If an agent uses the money of the principal for the agent s purposes, the principal does not have the option to sue if he has already signed any papers.
Once made, anticipatory repudiation can never be withdrawn.
List the factors one should consider in choosing a form of business organization
For ratification to be effective:
A. the principal cannot be disclosed to the third person.
B. the agent or purported agent must have acted on behalf of the principal.
C. it must occur within 60 days after cancellation by a third party.
D. it is not necessary that the principal have had knowledge of all material facts
Peds, a wholesale shoe distributor, ordered a quantity of shoes from Ma Industries. When Peds received the shipment, it discovered that all of the shoes were cracked and peeling. Peds contacted Ma and stated that it was rejecting the shipment because the shoes were defective. Peds wanted to ship the shoes back to Ma but received no communication from Ma regarding what was to be done with the shipment. Peds did not pay the remainder owed for the shipment and stopped payment on the check that had been initially issued for the order. Subsequently, Peds had the shoes refinished by another company and distributed and sold the shoes. Ma sued for the value of the shipment. Did Peds accept the shipment of shoes and owe Ma for the goods?
When a corporation is held by a family or a small group of people who know one another, the corporation is called a:
A. a closely held corporation.
B. a family business.
C. a public private partnership.
D. all of the above
Any attempt to limited consequential damages for injury caused to a person by consumer goods is considered prima facie unconscionable.
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