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Flashcards in Wiley Quiz Deck (16)
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1
Q

Filing allows a creditor to…

A

Perfect a security interest in securities

2
Q

A third person’s reasonable interpretation of a principal’s representations measures…

A

Apparent authority

3
Q

Secret limitations

A

Express limitations of agent’s authority that were not known by
3rd party

4
Q

Express limitations on an agent’s authority which are not know by a third party (secret limitations) do…

A

Not alter an agent’s apparent authority

5
Q

Why do secret limitations not alter an agent’s apparent authority? 2

A

1 Since 3rd party can assume there are no limits on agent’s normal authority

2 unless informed to the contrary

6
Q

Corporations may guarantee the obligations of others when…

A

This act reasonably furthers the corporation’s business

7
Q

An instrument payable to order and endorsed in blank becomes…

A

Payable to bearer (bearer paper)

8
Q

Theft of bearer paper…

A

constitutes a personal defense

9
Q

Theft of bearer paper constitutes a personal defense and a holder in due course…2

A

Takes free of all personal defenses of any party to instrument
With whom he has not dealt

10
Q

Theft of order paper would constitute a…2

A

1 Real defense,

2 which holder in due course would take subject to

11
Q

Proper negotiation of order paper requires…2

Which would necessitate what by theif?

A

1 Delivery and endorsement

2 necessitate forgery by theif

12
Q

After a financing statement is filed, a creditor’s security interest will be perfected after…

A

All 3 elements of attachment exist

13
Q

Working papers may not be transferred to another accountant…

A

Without the client’s permission

14
Q

Under the 1933 Act, SEC registration statements:

Form S-1

A

Standard long form

15
Q

Under the 1933 Act, SEC registration statements:

The SEC adopted Forms S-2 and S-3 to…

A

Reduce burden of disclosure over form S-1

16
Q

In a state that has adopted several liability, the CPA firm is…

A

Only liable for their share of fault

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