Quiz 23-30 Flashcards Preview

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Flashcards in Quiz 23-30 Deck (27):
1

Title warranties can be disclaimed...2

1 Only by specific language

2 which clearly indicates to buyer that there is disclaimer of
warranty title

2

In order to have a contract 4 elements must be present

1 agreement
2 consideration
3 legal purpose
4 competent parties

3

According to the statute of frauds, a transfer of an interest in land...

Must generally be in writing

4

Under the statute of frauds, in a contract to sell land, and only one party puts their intentions in writing. The contract would...

Only be enforceable against the party that put their intentions in
writing

5

Under the statute of frauds, in a contract to sell land, and only one party puts their intentions in writing. Oral acceptance by the buyer is...2

1 Only enforceable if buyer takes possession and/or

2 makes value able improvements on the land

6

Are multiple members allowed in an S-Corp?

No

7

A party with a collateralized negotiable promissory note, which had 2 prior endorsers, releases the collateral, what affect will releasing collateral have on the negotiable promissory note?

Party will not be able to receive payment from prior endorsers if
maker defaults

8

A party with a collateralized negotiable promissory note, which had 2 prior endorsers, releases the collateral, what are the endorsers known as?

Future holders

9

A party with a collateralized negotiable promissory note, which had 2 prior endorsers, releases the collateral. The future holders (endorsers)...

Relied on the existence of the maker's collateral, so they can't be
Held liable for nonpayment of maker

10

Under Rule 505, Regulation D, the SEC...

SEC must be notified within 15 days of first sale of offering

11

Under Rule 505, Regulation D, the sale can be made to...

An unlimited number of accredited investors

12

Under Rule 505, Regulation D, general solicitation...

Is not permitted

13

Under Rule 505, Regulation D, only if investor is nonaccredited they must...

Be provided a prospectus

14

A holder in due course is a person who has...3

1 acquired a negotiable instrument for value

2 in good faith

3 without notice that debtor may have defenses to payment

15

UCC states a seller that is a merchant regularly dealing in goods of the kind warrants that...

Goods shall be delivered free of rightful claim of any third person
By way of infringement

16

When a contract contains a contingent clause that buyer will not be obligated to purchase the property if it is not rezoned to commercial zoning classification by the specified date.

If it is not rezoned by the specified date and buyer refuses to buy
Property, there is no breach of contract

17

Under both common law and statute law, every partner has the right to...

Inspect the books of the partnership

18

According to the Revised Uniform Partnership Act, a partnership shall provide access to its books and records to...3

1 partners and their agents

2 attorneys

3 includes inactive partners

19

Securities from insurance companies are...

Regulated by the '33 Act

20

Securities issued by savings and loans and similar financial institutions are...

Exempt from regulation of the '33 act

21

When a party merely signs their name on the back of a check, that has the effect of...

Converting the paper into a bearer instrument

22

When a party merely signs their name on the back of a check and puts the words without recourse under their name...

Does not change the bearer quality of his endorsement

23

If an individual takes possession of the paper, the legal implication of without recourse endorsement is...

Limited to that endorser avoiding contractual liability on the paper

24

Avoiding contractual liability, from endorser writing "without recourse"

Endorser won't pay if earlier parties on the instrument will not pay

25

Since the paper is bearer paper, negotiation may be completed...

By mere delivery

26

A qualified endorsement ("without recourse") does not...

Does not render the instrument nonnegotiable

27

Under the UCC, even if a sale is made with a disclaimer of any and all warranties, the seller...

Still makes implied warranties relative to title

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