Wiley B-law Quiz

Question 1

In order to rescind a contract because of a misrepresentation, the rescinding party must prove that there was…3

Answer 1

1 misrepresentation of material fact

2 reliance on that fact

3 injury

Question 2

Among securities that are exempt from registration under the 1933 Act are…

Answer 2

Securities of bank

Question 3

Promissory notes maturing in 12 months must…

Answer 3

Be registered under 1933 act

Question 4

As sureties (and owners of the corporation), if the corporation defaults the owners are…

Answer 4

Immediately liable on the debts

Question 5

If doubt exists whether an instrument is a draft or a note, the holder may…

Answer 5

Treat the instrument as either

Question 6

If doubt exists whether an instrument is a draft or a note, the holder may treat the instrument as either. The instrument will thus qualify as…

Answer 6

A negotiable instrument

Question 7

In order for a deed to be effective between the purchaser and seller of real estate, the deed must…

Answer 7

Be delivered by seller with intent to transfer title

Question 8

Even though a deed may be executed it does not become effective until…

Answer 8

Delivery is made with the proper intent

Question 9

If the last endorsement on a negotiable instrument is…2

Answer 9

1 A special endorsement

2 the instrument is order paper

Question 10

Misrepresentation may involve…

Answer 10

Innocent misstatement made in good faith