July 4th Flashcards
The remedy of specific performance is not…
Not available for breach of personal service contract
If a CPA repudiates a personal contract with a corporation, the corporations will be…
Unable to obtain judgement ordering CPA to perform
Refusing to prepare taxes unless a substantially higher fee is paid is an example of…
Ordinary duress
When a CPA refuses to furnish a client’s work papers unless he is paid a substantially higher fee than set forth in the contract, makes the contract…
Voidable
The statute of limitations for Breach of contract on defective goods begins when…
Defective goods are tendered
FOB wholesaler loading dock
Title of goods passes when delivered to carrier
If a mortgagor defaults and the mortgagee forecloses, the mortgagor may…
Not remain in possession of property
A blank endorsement by the first name on the check makes the next signer’s signature…
Not necessary to be negotiated
A draft is a 3 party instrument where…3
1 a drawer orders a 2 drawee to pay fixed amount to 3 payee
Generally security agreements must be in writing to be…
Enforceable
The primary exception to writing requirements of security agreements is if the secured party…
Takes possession of collateral
What is it called when a secured party takes physical possession of collateral?
Pledge
After the registration statement has been filed but before it becomes effective, the issuer is allowed to make certain…
1 oral offers and
2 written offers that are preliminary prospectuses
If a buyer who contracted with an agent who they thought was the principal, and the buyer discovers the actual principal who refuses to fulfill the contract, the buyer has cause of action against…
Both agent and principal
For property contributed to a partnership after June 8, 1997, a partnership must hold contributed property how long before distributing it to avoid pre-contribution gain being taxed to contributing partner?
7 years
