David has put together a limited partnership to invest in oil exploration. He wants to sell
limited partnership interests to investors. David plans to sell these interests to both accredited
and nonaccredited investors.
Which of the following best describes the status of David's
partnership interests as to the 1933 Securities Act?
A) This transaction is exempt as a private placement, only if David sells to no more than 35
accredited investors
B) This transaction is exempt as a private placement
C) This transaction is exempt as a private placement, only if David sells no more than $1.5
million worth of securities
D) This transaction is exempt as a private placement, only if David sells to no more than 35
nonaccredited investors
E) Limited partnership interests are not securities under the 1933 Act, so David is exempt
D
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Indicate whether the statement is true or false
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Celine offered Jenna $50 for a six carat diamond necklace. Jenna immediately agreed to sell it to Celine. However, after Jenna went home and looked at it again, she decided that the necklace was worth a lot more than $50
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