Fifth National Bank decided to loan $200,000 to Fred Franklin. As collateral for the loan, Fred posted stock certificates. When Fred defaulted on the loan, Fifth National tried to sell the stock
They discovered the stock certificates were stolen from someone else. Which insuring agreement in a financial institution bond is designed to cover such losses?
A) Insuring Agreement B—On Premises
B) Insuring Agreement C—In Transit
C) Insuring Agreement D—Forgery or Alteration
D) Insuring Agreement E—Securities
Answer: D
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______ power results from one's specialized knowledge.
A. Legitimate B. Expert C. Referent D. Reward E. Coercive
St. Clair Company reports positive current E&P of $500,000 in 20X3 and positive accumulated E&P at the beginning of the year of $400,000. St. Clair Company distributed $600,000 to its sole shareholder, Danielle Brush, on December 31, 20X3. Danielle's tax basis in her St. Clair stock is $120,000. How much of the $600,000 distribution is treated as a dividend to Danielle, and what is her basis in St. Clair stock after the distribution?
What will be an ideal response?
Sean purchased a new car. One of the car's wheels came undone, and Sean crashed into a tree. Sean was not wearing his seatbelt when the car crashed. Sean filed a lawsuit against the car manufacturer
Which of the following statements is true in this scenario? A) Sean assumed the risk as he was not wearing a seatbelt. B) The car manufacturer is guilty of a strict liability tort. C) Assumption of the risk is not a valid defense against Sean, as he could not have known that the wheel would become detached. D) The car manufacturer can win the lawsuit by establishing the negligence per se doctrine.
Lucille bought a new lawn mower on sale at a local discount store. The mower did not come with an instruction book nor did it have warning labels placed near dangerous parts of the mower. If Lucille injures herself while using this mower, she can claim that she purchased a defective product
a. True b. False Indicate whether the statement is true or false