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?
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...
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
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...
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