Flashcards in Wiley Business Law Quiz Deck (17):
The primary purpose of recording of a deed is to...2
1 Protect granted against subsequent purchases
2 by putting subsequent purchasers on notice
If the subsequent party claiming superior title had actual notice of the unrecorded deed, then...
The recordation objective would have been met
If the subsequent party claiming superior title had actual notice of the unrecorded deed, then the recordation objective would have been met and recordation of the deed would...
Be irrelevant with regard to this particular party
An unrecorded deed is binding upon all persons...
Having actual notice of its existence
The relationship between a principal and agent is based upon...
Consent of both parties involved
If a limited partner, becomes involved with management, what is their potential liability?
Unlimited personal liability
Generally, shareholders are not personally liability for debts of a corporation, this is normally true even concerning a principal stockholder who is...
Director and chief executive officer of the corporation
Implied warranty of fitness for a particular purpose:
Warranty is created when seller has reason to know...
1 buyer's particular purpose
2 buyer is relying on seller's judgment
Implied warranty of fitness for a particular purpose guarantees the goods are...
Fit for buyer's particular purpose
Warranty of merchantability guarantees that...2
1 goods are of an average fair quality and
2 are fit for ordinary purposes
Parties are not considered to have privity of contract with the accountant when the undertaking of the audit was...
Not for their express purpose
To create an enforceable security interest, a financing statement...
Need not be filed
Filing a financing statement, what is it necessary for?
2) what is it not necessary for?
1 perfects the interest
2) not necessary to create the interest
Perfection by filing a financing statement will not defeat...
All other parties who acquire an interest in the same collateral
Purchasers from a merchant in the ordinary course of business, take the collateral free from...
Any prior perfected security interest
The only time a purchaser from a merchant would take the collateral subject to a prior perfected security interest would be when the purchaser...
Knew the merchant was selling goods in violation of financing