On April 5, 1987, Anker, Inc, furnished Bold Corp with Anker's financial statements dated March 31, 1987 . The financial statements contained misrepresentations that indicated that Anker was solvent when in fact it was insolvent. Based on Anker's financial statements, Bold agreed to sell Anker 90 computers, "F.O.B.—Bold's loading dock.". On April 14, Anker received 60 of the computers. The
remaining 30 computers were in the possession of the common carrier and in transit to Anker. If, on April 28, Bold discovered that Anker was insolvent, then with respect to the computers delivered to Anker on April 14, Bold may:
a. Reclaim the computers upon making a demand.
b. Reclaim the computers irrespective of the rights of any third party.
c. Not reclaim the computers since 10 days have elapsed from their delivery.
d. Not reclaim the computers since it is entitled to recover the price of the computers.
.B
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Selected data for Sorenta, Inc and New World Corp, two companies in the same industry, are presented below: Sorenta, Inc New World Corp Sales $50,000 $80,000 Cost of goods sold 30,000 50,000 Average inventory balance 5,000 5,000 Based on this data, which statement below is true?
a. New World Corp sells its inventory faster than Sorenta, Inc. b. Sorenta, Inc. has a lower gross profit ratio than New World Corp. c. Sorenta, Inc. has lower storage costs and a lower investment in inventory than New World Corp. d. New World Corp has a higher net income than Sorenta, Inc.
The _________ Model was developed for commercial applications in which conflicts of interest can arise
A. Biba B. Clark-Wilson Integrity C. Bell-Lapadula D. Chinese Wall
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Indicate whether the statement is true or false
A calendar-year individual taxpayer files last year's income tax return on July 1 of the current year. No extension was requested, and there is not a reasonable cause for the late filing. The return shows a balance due of $800 of tax. The late filing penalty is
A) $0. B) $40. C) $80. D) $120.