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Flashcards in Wiley B-law Quiz Deck (10)
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1
Q

In order to rescind a contract because of a misrepresentation, the rescinding party must prove that there was…3

A

1 misrepresentation of material fact

2 reliance on that fact

3 injury

2
Q

Among securities that are exempt from registration under the 1933 Act are…

A

Securities of bank

3
Q

Promissory notes maturing in 12 months must…

A

Be registered under 1933 act

4
Q

As sureties (and owners of the corporation), if the corporation defaults the owners are…

A

Immediately liable on the debts

5
Q

If doubt exists whether an instrument is a draft or a note, the holder may…

A

Treat the instrument as either

6
Q

If doubt exists whether an instrument is a draft or a note, the holder may treat the instrument as either. The instrument will thus qualify as…

A

A negotiable instrument

7
Q

In order for a deed to be effective between the purchaser and seller of real estate, the deed must…

A

Be delivered by seller with intent to transfer title

8
Q

Even though a deed may be executed it does not become effective until…

A

Delivery is made with the proper intent

9
Q

If the last endorsement on a negotiable instrument is…2

A

1 A special endorsement

2 the instrument is order paper

10
Q

Misrepresentation may involve…

A

Innocent misstatement made in good faith

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