Mod 23-27 Quiz Flashcards Preview

Yaeger REG > Mod 23-27 Quiz > Flashcards

Flashcards in Mod 23-27 Quiz Deck (24):
1

Under Novation, the new party...

Assumes all responsibilities of original party

2

Substituted contract involves...

The original parties to an agreement whereby all parties agree to substitute the terms and conditions of new and amended contract

3

Under a substituted contract, parties are...2

1 released from their duties of original contract

2 continue contractual relationship

4

During the investigative process of any license discrepancies, state boards initially work to ensure that a...

Full investigation is performed to determine if the matter should
Be pursued

5

Full investigation by state boards include...2

1 subpoenaing witnesses and

2 collecting documents

6

When does risk of loss pass when a nonmerchant sells an item to buyer?

Risk of loss passes to buyer upon tender delivery to buyer

7

The law considers a nonmerchant seller one who would not necessarily have...2

1 insurance or

2 safe storage for goods

8

In order for a contract to be enforceable consideration must...

Be mutual

9

Paying money is the...

2) performing a service is...

Consideration from the buyer

2) the consideration from the service provider

10

There can be no contract without...

Acceptance

11

Open acceptance would...

Not result in a sales contract

12

Open quantity, under UCC sales article can...

Result in a contract

13

Registration under the '33 Act requires...

Full disclosure of financial information

14

One of the essential elements of a contract is...

Legal capacity

15

Minors are considered to have...

2) as a result, the general treatment of minors by the law is...

Compromised contractual capacity

2) favorable

16

A minor may disaffirm (get out of) a contract for...2

1 Nonnecessities (ex. Computer)

2 whether executed or partly executed

17

The minor is to return the goods, if able, after disaffirmance. If a minor is unable to return goods or the goods are damaged, the...

Adult party generally bears the loss

18

When the seller is a merchant, the risk of loss passes from the merchant seller to the buyer upon...

The buyer's actual receipt of goods

19

Risk of loss does not pass to buyer when seller...

Delivers goods in his own truck

20

In a noncarrier case, risk of losses passes from merchant seller on...

Actual delivery of goods into buyer's possession

21

Mere tender at the seller's place of business does...

Not pass risk of loss to buyer

22

Since the seller is a merchant, risk of loss passes when...

Buyer takes actual physical possession of goods

23

Neither the tender of the goods at the seller's place of business nor use of the seller's truck to deliver the goods is an event that transfers risk of loss to the buyer as the merchant seller...

Merchant seller still retains possession of the goods

24

Novation requires...

At least one part of original contract to be substituted for new party

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