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Flashcards in Wiley Quiz 2 Deck (18):

A seller who discovers that an insolvent buyer has received goods on credit may reclaim the goods by making a demand for their return within 10 days after receipt of goods by buyer.

This 10 day limitation does not apply if...

Buyer made written misrepresentation of solvency within 3 months
Prior to receipt of goods


Which type of bonds are an obligation of a surety?

Official bonds


With official bonds, basically a party is guaranteeing that...

A public official will discharge duties in compliance with laws and regulations


A lease creates...

A possessory interest in real property


A tenant has the right to occupy a building for the term of the lease regardless of...

Whether the owner sells the property to a third party


Even if the land has defective title you can obtain title through...

Adverse possession


5 elements of adverse possession

1 open and notorious possession
2 hostile possession
3 actual possession
4 continuous possession
5 exclusive possession for 30 years


Hostile possession can be satisfied by, the person living on the land...

Taking possession under a good faith belief that the land in question
Was his


Issuance of securities made pursuant to Regulation D of the Securities Act of 1933 May be for an unlimited dollar amount if...

The number of nonaccredited investors does not exceed 35


Nonaccredited investors must be...2

1 sophisticated investors

2 have knowledge and experience in financial matters


A seller is entitled to stop delivery of goods in the hands of a carrier if...

1 An insolvent buyer who is not in possession of document of title

2 Refuses to pay cash


An individual who receives a promissory note as a gift...

2) why?

Does not qualify as a holder in due course

2) because they did not give value


A personal defenses will win against a promissory note holder if...

The current holder is not a holder in due course


A seller has a right to cure Nonconforming performance when there is...

Still time left for performance under contract


To cure a Nonconforming performance, a seller must...2

1 seasonably notify the buyer of his intention to cure

2 tender conforming goods within original time specified by contract



Promise to pay debt of another


A guaranty must be...

In writing to be enforceable under the Statute of Frauds


A seller who discovers that an insolvent buyer has received goods on credit may...2

1 Reclaim goods by making demand for their return

2 within 10 days after receipt of goods by buyer

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