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Flashcards in Wiley Quiz 2 Deck (18):
1

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

2

Which type of bonds are an obligation of a surety?

Official bonds

3

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

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

4

A lease creates...

A possessory interest in real property

5

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

6

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

Adverse possession

7

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

8

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

9

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

10

Nonaccredited investors must be...2

1 sophisticated investors

2 have knowledge and experience in financial matters

11

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

12

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

13

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

The current holder is not a holder in due course

14

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

Still time left for performance under contract

15

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

16

Guaranty

Promise to pay debt of another

17

A guaranty must be...

In writing to be enforceable under the Statute of Frauds

18

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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