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Flashcards in Wiley Quiz 2 Deck (18)
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1
Q

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…

A

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

2
Q

Which type of bonds are an obligation of a surety?

A

Official bonds

3
Q

With official bonds, basically a party is guaranteeing that…

A

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

4
Q

A lease creates…

A

A possessory interest in real property

5
Q

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

A

Whether the owner sells the property to a third party

6
Q

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

A

Adverse possession

7
Q

5 elements of adverse possession

A
1 open and notorious possession
2 hostile possession
3 actual possession
4 continuous possession
5 exclusive possession for 30 years
8
Q

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

A

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

9
Q

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

A

The number of nonaccredited investors does not exceed 35

10
Q

Nonaccredited investors must be…2

A

1 sophisticated investors

2 have knowledge and experience in financial matters

11
Q

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

A

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

2 Refuses to pay cash

12
Q

An individual who receives a promissory note as a gift…

2) why?

A

Does not qualify as a holder in due course

2) because they did not give value

13
Q

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

A

The current holder is not a holder in due course

14
Q

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

A

Still time left for performance under contract

15
Q

To cure a Nonconforming performance, a seller must…2

A

1 seasonably notify the buyer of his intention to cure

2 tender conforming goods within original time specified by contract

16
Q

Guaranty

A

Promise to pay debt of another

17
Q

A guaranty must be…

A

In writing to be enforceable under the Statute of Frauds

18
Q

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

A

1 Reclaim goods by making demand for their return

2 within 10 days after receipt of goods by buyer

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