The mortgage clause on a homeowners insurance policy requires that
A)
you must be promptly notified if the holder of your mortgage transfers the contract to another lending institution.
B)
payments for damages to the structure of the building be made to the mortgagee who will hold the funds until repairs are completed.
C)
if insurance premiums are not paid on time, the lender may revoke your home mortgage.
D)
in the event you are held liable for damages to a third party, the courts may not attach a lien on the mortgaged equity in the home.
B
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A written, integrated contract contains a provision that states it will be effective for a "year." The plaintiff in a lawsuit claims that a "year" is obviously 12 months. The defendant claims that the contract meant a 10-month school year. In this case:
a. parol evidence cannot be used to explain the term, because the plain meaning of a "year" is 12 months. b. parol evidence cannot be used to explain the term, because it is in an integrated document. c. the term "year" is ambiguous, and the parties can bring in parol evidence to clarify their intent. d. parol evidence cannot be used, because the contract contains an express term that could have been changed by the parties prior to the contract's execution.
Demario and Evander want to form and do business as a corporation—Farm-2-Fork RestaurantInc A corporation is
a. a natural being. b. a tangible thing. c. an artificial person. d. ultra vires.
Frank Zelco is a manufacturer's rep who represents the product lines of several manufacturers. Frank has worked with his brother, Dion, in their two person firm for almost five years. They have no written contract, but they split the profits. Frank
would like to create a business organization and put their arrangement in a written contract. Which sources of law will Frank need to help him do this? A) Ordinances B) The UCC C) State laws on business organizations D) Both b and c
Amy plans to open a laundromat with a gym. She got the idea from the laundromat with a bar and game rooms, which she visits regularly. She wants to test her idea by starting out in a small space with the focus on the laundromat and a small space allocated for gym equipments. Amy's idea is an example of ________.
A. an incremental innovation B. a pure innovation C. a blue ocean strategy D. an altruistic approach