An agreement to refrain from a particular trade, profession, or business is enforceable if two requirements are met: that it protects a property interest of the promisee and that the restraint is no more extensive than is reasonably necessary to protect that interest
Indicate whether the statement is true or false
True
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Which of the following is not one of the four avenues of escaping commitments stated in the text?
A. restate the commitment in more general terms B. plan a way out C. let it die silently D. use intimidation E. All of these choices are correct.
The burden of proof in both civil and criminal cases is "beyond a reasonable doubt."
Indicate whether the statement is true or false
Derek and Abyan were discussing business over lunch when they agreed on the sale of a five-acre parcel of land. Since neither of them had any paper with them, Derek wrote the following on a napkin: "Abyan agrees to purchase from Derek a 5-acre parcel located at the local address of 123 105th Street, St. Joseph, Minnesota, U.S.A. for the price of $4,500 per acre. Transfer of title, payment, and
possession to take place on May 1, 2011." Abyan signed the napkin. On May 1, 2011, Derek was ready to close the deal and transfer title but Abyan refused to pay the purchase price. If Derek sues Abyan for the price of the land, the most likely result will be: A)Abyan will win because the writing is not sufficient under the statute of frauds. B)Derek will win because the writing is sufficient under the statute of frauds. C)Abyan will win because Derek did not sign the writing. D)Derek will win because the statute of frauds does not apply to this situation.
You are asked to provide two friends who are in business together with advice regarding what they need to do to legally in order to form a limited liability company. Although your friends like the general notion of limited liability in the operation of
their business, they are totally unfamiliar with the legal processes for forming a LLC, so you need to provide them with the basic requirements for LLC creation. What specific advice would you give them?