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Question
Brent has opened a fruit and vegetable business named Brent's Country Stand, near an affluent suburban neighborhood. After six months Brent wishes to raise capital for expansion so he offers a number of his customers the following deal. If the individual gives Brent $10,000, Brent will provide a promissory note, payable in five years with full repayment of the principal and a 10% interest rate of return. Brent's Country Stand is the maker of the notes and about ten customers have purchased these promissory notes. Do these promissory notes qualify as securities? Why or why not?Answer
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Related questions
Q:
Which of the following involves a third party substitution?
A.novation
B.accord and satisfaction
C.substitute agreement/modification
D.rescission
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In Mobil Oil Exploration & Producing Southeast, Inc. v. United States:
A.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract.
Q:
Each of the following is a discharge by mutual consent except:
A.accord and satisfaction.
B.novation.
C.rescission.
D.frustration of purpose.
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Q:
In Lucy v. Zehmer, the two parties were drinking in a bar when Lucy offers to buy Zehmer's farm. After some negotiation a written contract was executed. Zehmer claimed that the whole episode was only a joke and he never intended to sell the farm. The court determined that:
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Q:
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A.Promises made as a part of a prenuptial agreement.
B.An agreement to sell of a car for $1,500.
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Q:
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A.promissory estoppel only applies if Edmund was very rich because $1M is a lot of money
B.promissory estoppel applies whether Edmund was rich or not
C.promissory estoppel does not apply because Edmond had no reason to believe that Mary would rely on his promise
D.promissory estoppel does not apply because Mary must announce that she accepts his offer for it to create an obligation to pay
Q:
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