Tom Signs a Contract to Purchase Jerry's House

question 97

True/False

Tom signs a contract to purchase Jerry's house.They settle on the house,executing the contract at 10:00 a.m.,and the house is struck by lightning at 2:00 p.m.,burning to the ground as a result.Tom may claim impossibility based on destruction of the subject matter and rescind the contract.

Understand the legal framework under the Model Business Corporation Act (MBCA) regarding share issuance, promoter's liability, and shareholder rights.

Recognize the role of promoters before the corporation's formation and the extent of their liability.

Differentiate the characteristics of non-profit corporations from for-profit corporations under the MNCA.

Understand the initiation of a corporation's legal existence according to the MBCA.

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Definitions:

Seven-digit Numbers

Typically refer to a standard telephone number length in many countries, highlighting the capacity of human short-term memory to process this amount of information.

Mnemonic

A technique used to improve memory, often by making information easier to remember through the use of a pattern, phrase, or association.

Incidental Learning

The process of acquiring knowledge unintentionally or without conscious effort during an activity not specifically designed for learning.

Latent Learning

Learning that occurs without apparent reinforcement but is not demonstrated until an incentive is provided.