REG Study Group Q4 2014 - Page 279

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  • November 28, 2014 at 10:29 pm #633387
    Anonymous
    Inactive

    List the contracts that must be in writing or on record to be enforceable.

    November 28, 2014 at 10:30 pm #633388
    REGTaker
    Member

    Anything dealing with land sales

    Anything that can't be completed in one year

    Anything with the sale of goods over $500

    November 28, 2014 at 10:32 pm #633389
    Anonymous
    Inactive

    Correct!

    Also included are:

    Contracts involving real property sales, transfers, listing, and leases longer than one year;

    Contracts involving marriage.

    November 28, 2014 at 10:32 pm #633390
    Anonymous
    Inactive

    List the elements that constitute a fraud.

    November 28, 2014 at 10:33 pm #633391
    REGTaker
    Member

    Noted. Thanks!

    November 28, 2014 at 10:33 pm #633392
    REGTaker
    Member

    Oh..and I think contracts where you promise to pay the debts of someone else are included too.

    November 28, 2014 at 10:34 pm #633393
    REGTaker
    Member

    The only thing I can think of for fraud is scienter.

    November 28, 2014 at 10:34 pm #633394
    Anonymous
    Inactive

    1. Intentional Deceit (or negligent misrepresentation) – Scienter

    2. Deceit of a Material Fact;

    3. Reliance of the party deceived.

    November 28, 2014 at 10:35 pm #633395
    Anonymous
    Inactive

    Here's a good one – Describe the differences between fraud and misrepresentation.

    November 28, 2014 at 10:37 pm #633396
    REGTaker
    Member

    Fraud is intentional, misrepresentation could just be an error.

    November 28, 2014 at 10:40 pm #633397
    Anonymous
    Inactive

    Correct!

    November 28, 2014 at 10:40 pm #633398
    REGTaker
    Member

    Which of the following methods will allow a creditor to collect money from a debtor's wages?

    A.

    Arrest

    B.

    Mechanic's lien

    C.

    Order of receivership

    D.

    Writ of garnishment

    November 28, 2014 at 10:42 pm #633399
    Anonymous
    Inactive

    D

    November 28, 2014 at 10:42 pm #633400
    Anonymous
    Inactive

    List three new agencies created by Dodd-Frank.

    November 28, 2014 at 10:43 pm #633401
    REGTaker
    Member

    Correct!!!

    The president of Deal Corp. wrote to Boyd, offering to sell the Deal factory for $300,000. The offer was sent by Deal on June 5 and was received by Boyd on June 9. The offer stated that it would remain open until December 20. The offer:

    A.

    constitutes an enforceable option.

    B.

    may be revoked by Deal any time prior to Boyd’s acceptance.

    C.

    is a firm offer under the U.C.C. but will be irrevocable for only three months

    D.

    is a firm offer under the U.C.C. because it is in writing.

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