REG Study Group Q4 2014 - Page 255

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  • November 26, 2014 at 1:49 am #633026
    REGTaker
    Member

    17-How much does one creditor have to be owed for them to file an involuntary bankruptcy to someone that has less than 12 creditors?

    November 26, 2014 at 1:49 am #633027
    REGTaker
    Member

    16–Offer, acceptance, consideration

    November 26, 2014 at 1:51 am #633028
    REGTaker
    Member

    Hopefully we'll get tax lady's SIMS. Kemy said hers weren't that bad either. Maybe the AICPA is being generous because it's the holidays. 🙂

    November 26, 2014 at 1:52 am #633029
    Anonymous
    Inactive

    16 – Correct! I also have Lack of defense in my notes.

    November 26, 2014 at 1:52 am #633030
    Anonymous
    Inactive

    17 – is that $15,325?

    November 26, 2014 at 1:55 am #633031
    REGTaker
    Member

    Yep!

    November 26, 2014 at 1:56 am #633032
    Anonymous
    Inactive

    That was totally from memory – take that, sinus infection!

    November 26, 2014 at 1:57 am #633033
    REGTaker
    Member

    18–If goods don't conform to the contract what can the buyer do about it?

    November 26, 2014 at 1:59 am #633034
    Anonymous
    Inactive

    18–Reject shipment – ask for better goods (performance?) or sue for breach??

    November 26, 2014 at 2:02 am #633035
    REGTaker
    Member

    I didn't know this but they are allowed to keep all the goods AND sue for damages, reject all the goods and cancel the contract, or reject all/some of the goods and sue for damages. I had no idea they could sue if they kept the goods. That's just crazy talk

    November 26, 2014 at 2:02 am #633036
    Anonymous
    Inactive

    19–What are 3 of the types of VOIDABLE contracts?

    20–What are 3 types of contracts that are VOID?

    November 26, 2014 at 2:04 am #633037
    Anonymous
    Inactive

    That IS right – I worked at a grocery store in High School and when they sent in some “bad” produce, they kept it and we would go through some of the freebies (which is gross, but… High School). Good question!

    November 26, 2014 at 2:05 am #633038
    REGTaker
    Member

    19–Fraud in the inducement, incompetency, simple duress

    20–illegal, fraud in the execution, extreme duress (bodily harm)

    November 26, 2014 at 2:07 am #633039
    REGTaker
    Member

    Oh–undue influence (parents/minors example) is voidable

    November 26, 2014 at 2:07 am #633040
    Anonymous
    Inactive

    Correct!

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