Quiz 23-28 Flashcards Preview

Yaeger REG > Quiz 23-28 > Flashcards

Flashcards in Quiz 23-28 Deck (28):
1

Lack of notification of the assignment of contract has...

No bearing on contract's validity

2

Generally an assignor will give...

notification of assignment of contract, but it is not required

3

Assigning a contract does not relieve the assignor of...

Liability for fulfilling the contract

4

When International CPA's undertake audit work of a foreign subsidiary of a U.S. company and the work is relied upon by a U.S. CPA firm, the international CPA's work is...

Subject to SOX since it is relied upon by the U.S. firm

5

Circular 230 advises that the tax payer may request and receive...

Any/all records that are necessary to comply with taxpayer's
Federal tax obligation

6

Under Circular 230, the practitioner may...

Retain a copy of records returned to the client

7

If an instrument is payable 6 months after the death of the maker it would...

Not be a negotiable instrument

8

In order to be a negotiable instrument it must be payable...

Either on demand or at a definite time

9

Someone's death cannot...

Be determined at a definite time

10

Promising to provide additional collateral if there is a decrease in value of existing collateral will...

Not affect the instrument's negotiability

11

An instrument is nonnegotiable if it is not payable at a definite time, example

I promise to pay to the order of within 5 days of the sale of my land

12

The sale of land, specified on a nonnegotiable instrument may...

Take place tomorrow or Never take place

13

Under the UCC, rules on Investment Contracts, by transferring a stock certificate to another party, the original owner...2

1 Warrants that the certificate is genuine

2 and has not been materially altered

14

The rules of negotiability of investment securities follow...

The same rules of negotiation of commercial paper under UCC

15

A sales agreement does not have to be in writing and signed by both parties to...

Sell stock

16

If contracts had to be in writing the entire NY stock exchange would...

Shut down

17

A stockholder normally has the right to sell his or her shares without getting permission from the issuer. The exception to this is when the...2

1 Stockholder is under a shareholder's agreement and

2 has received restricted stock subject to terms of that agreement

18

The mere endorsement of shares of stock...

Completes negotiation

19

The mere endorsement of shares of stock completes negotiation so that the buyer does not have to...

Not have to wait until corporation issues new stock to buyer

20

An individual becomes a bona ride purchaser of share upon...

Completion of endorsement

21

Contract terms may be contained in multiple documents under...

The Statute of frauds

22

The writing of documents under the Statute of frauds should contain...3

1 name of parties

2 subject matter

3 material terms and conditions

23

All endorsers would be discharged from liability if the check was...

Certified subsequent to the endorsements

24

Under the UCC, certification of a check is...

Acceptance

25

Where a holder procures certification, which parties are discharged? 2

1 the drawer and

2 all prior endorsers

26

Prosecution of criminal violations of federal securities laws is handled by the...

Justice Department

27

3 duties of SEC

1 requiring disclosure of facts about listed securities

2 regulating securities brokers and

3 investigating securities fraud

28

When a seller makes an assignment, they...

Impliedly warrant a lack of any fact impairing the value of the assignment

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