Wiley Quiz 2

Question 1

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…

Answer 1

Buyer made written misrepresentation of solvency within 3 months
Prior to receipt of goods

Question 2

Which type of bonds are an obligation of a surety?

Answer 2

Official bonds

Question 3

With official bonds, basically a party is guaranteeing that…

Answer 3

A public official will discharge duties in compliance with laws and regulations

Question 4

A lease creates…

Answer 4

A possessory interest in real property

Question 5

A tenant has the right to occupy a building for the term of the lease regardless of…

Answer 5

Whether the owner sells the property to a third party

Question 6

Even if the land has defective title you can obtain title through…

Answer 6

Adverse possession

Question 7

5 elements of adverse possession

Answer 7

1 open and notorious possession
2 hostile possession
3 actual possession
4 continuous possession
5 exclusive possession for 30 years

Question 8

Hostile possession can be satisfied by, the person living on the land…

Answer 8

Taking possession under a good faith belief that the land in question
Was his

Question 9

Issuance of securities made pursuant to Regulation D of the Securities Act of 1933 May be for an unlimited dollar amount if…

Answer 9

The number of nonaccredited investors does not exceed 35

Question 10

Nonaccredited investors must be…2

Answer 10

1 sophisticated investors

2 have knowledge and experience in financial matters

Question 11

A seller is entitled to stop delivery of goods in the hands of a carrier if…

Answer 11

1 An insolvent buyer who is not in possession of document of title

2 Refuses to pay cash

Question 12

An individual who receives a promissory note as a gift…

2) why?

Answer 12

Does not qualify as a holder in due course

2) because they did not give value

Question 13

A personal defenses will win against a promissory note holder if…

Answer 13

The current holder is not a holder in due course

Question 14

A seller has a right to cure Nonconforming performance when there is…

Answer 14

Still time left for performance under contract

Question 15

To cure a Nonconforming performance, a seller must…2

Answer 15

1 seasonably notify the buyer of his intention to cure

2 tender conforming goods within original time specified by contract

Question 16

Guaranty

Answer 16

Promise to pay debt of another

Question 17

A guaranty must be…

Answer 17

In writing to be enforceable under the Statute of Frauds

Question 18

A seller who discovers that an insolvent buyer has received goods on credit may…2

Answer 18

1 Reclaim goods by making demand for their return

2 within 10 days after receipt of goods by buyer