Reg Dont Know

Question 0

What must plaintiff prove under strict liability

Answer 0

1. Seller was engaged in business of selling the product
2. Product was defective
3. Defect was reasonably dangerous
4. Defect caused injury.

If these are proved seller is liable REGARDLESS of negligence.

Question 1

Is the recording of a mortgage necessary to validate rights and responsibilities.

Answer 1

No

Question 2

Under statute of frauds must a guarantee be in writing

Answer 2

to be enforceable must be in writing

Question 3

Prior to making payments cosurities may seek remedy of what?

Answer 3

Exoneration. Where they file a suit to compel the debtor to pay the creditor.

Question 4

Requirements for a valid deed

Answer 4

1. Names of buyer and seller
2. Words evidencing an intent to convey
3. Legally sufficient description
4. Sellers signature
5. Delivery of deed

Question 5

Section 291

Answer 5

Recaptures 20% difference between ordinary income if the propert were sec 1245 property. And the ordinary income under sec 1250.

Question 6

Sec 1245

Answer 6

Recaptures gain as ordinary income to extent ALL depreciation (including S/L) but can not exceed amount if actual gain