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Question
Spratt, an accountant, deliberately falsified a financial statement she was preparing for Aniline Industries. Gladden and Jarvis invested in Aniline based on the statement. A banker at Kidston National Bank also relied on the statement in deciding to make a loan to Aniline. When Gladden, Jarvis, and Kidston National Bank learned of the deception, they told Spratt that they were going to bring suit against her. Spratt told them that a court would never rule in their favor because they were not known third parties. Was Spratt correct? Why or why not?
Answer
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Related questions
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_____ is a court action that allows a person entitled to goods to recover them from someone who has them wrongfully.
A. Adjustment
B. Writ of replevin
C. Specific performance
D. Cover the sale
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Gerald orders 1,000 cupcakes from Haddock Bakers for a Christmas Eve party. However, Haddock fails to deliver the cupcakes as per the schedule mentioned in the contract, and does not send any notification to Gerald. Gerald orders the cupcakes from Marlene's Cakes that evening. This is an example of which of the following?
A. Writ of replevin
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C. Cover of a sales contract
D. Seek adjustment
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Turban, an immigrant who speaks little English, enters into a contract to pay $300 per month for ten years to purchase an auto from Travel Motor Co. The appraised retail value of the car is $5000. What legal remedy would release Turban from his contract?
A. Unconscionability
B. Specific performance
C. Punitive damages
D. Implied understanding
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B. Buyers cannot place insurance on goods.
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D. Buyers can obtain insurable interest on goods that are not mentioned in the contract.
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Q:
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B. conclusively prove ownership of the goods named in the document.
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B. pass to the buyer at the point of origin.
C. pass to the buyer at the destination.
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Q:
Which of the following is true of international sales law?
A. It governs only the formation of a sales contract and the rights and duties that arise from it.
B. It is concerned with the validity of a contract that would be governed by other laws.
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D. It applies to auctions sales, sales of stocks, securities, negotiable instruments or money.
Q:
Which of the following is true of oral contracts for the sale of goods of $500 or more?
A. Oral contracts can occur between merchants and consumers for sale of good of $500 or more.
B. A written conformation is received and signed by one party, and sent to the other for approval.
C. A written conformation is received by a party and to which it does not object to within 10 days.
D. An oral objection is accepted to a written confirmation for the sales of goods for $500.
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Q:
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D. In a sale the title transfer includes all rights of ownership but in a bailment the title transfer includes limited rights of ownership.
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In a contract for which no delivery is required, title to the goods does not pass to the buyer until the buyer receives the goods.
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In a shipment contract, risk of loss does not pass from the seller to the buyer until the buyer receives the goods.
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In an auction with reserve, the auctioneer must accept the highest bid.
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A sale of goods contract offer is silent concerning the method of acceptance. It may be accepted in any reasonable manner.
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B. exemplary damages.
C. nominal damages.
D. speculative damages.
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A. a constructive breach of contract.
B. substantial performance.
C. abandonment of contractual obligations.
D. a repudiation of contract.