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Question
Promoters can escape potential liability by having the corporation and the third party agree to release them. The agreement releasing a promoter is known as a(n):
A. novation.
B. estoppel.
C. operating agreement.
D. articles of organization.
Answer
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Related questions
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Turban, an immigrant who speaks little English, enters into a contract to pay $300 per month for ten years to purchase an auto from Travel Motor Co. The appraised retail value of the car is $5000. What legal remedy would release Turban from his contract?
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Q:
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Which of the following is true of international sales law?
A. It governs only the formation of a sales contract and the rights and duties that arise from it.
B. It is concerned with the validity of a contract that would be governed by other laws.
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D. It applies to auctions sales, sales of stocks, securities, negotiable instruments or money.
Q:
Which of the following is true of oral contracts for the sale of goods of $500 or more?
A. Oral contracts can occur between merchants and consumers for sale of good of $500 or more.
B. A written conformation is received and signed by one party, and sent to the other for approval.
C. A written conformation is received by a party and to which it does not object to within 10 days.
D. An oral objection is accepted to a written confirmation for the sales of goods for $500.
Q:
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A. Future goods
B. Nonconforming goods
C. Tangible goods
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Q:
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C. In both there is a transfer of title but in a bailment the title reverts to the bailer at the end of the bailment.
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In a contract for which no delivery is required, title to the goods does not pass to the buyer until the buyer receives the goods.
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In a shipment contract, risk of loss does not pass from the seller to the buyer until the buyer receives the goods.
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A sale of goods contract offer is silent concerning the method of acceptance. It may be accepted in any reasonable manner.
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Q:
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A. a constructive breach of contract.
B. substantial performance.
C. abandonment of contractual obligations.
D. a repudiation of contract.