A bank in good condition may take out a loan without the Fed questioning the purpose or nature of the loan. Such a loan is known as
A. a no documentation discount loan.
B. a haircut.
C. a covenant.
D. a primary credit discount loan.
Answer: D
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Which of the following is true of a destination contract containing a "no-arrival, no-sale" clause?
A) The seller is required to bear the expense and risk during transportation. B) The seller is required to replace any goods lost in transit. C) The buyer does not have to pay for destroyed goods. D) The risk of loss passes once the shipping has been arranged.
Which of the following is NOT true about certified public accountants?
a. CPAs need not meet educational requirements as long as they can pass the CPA exam. b. CPAs are licensed by the state in which they practice. c. CPAs generally work for accounting firms that provide services to other companies or individuals. d. Public accountants can do tax consulting. e. CPAs perform examinations of other firms’ financial statements.
In the Lesher v. Strid case, the court held that:
a. a representation is material if it is likely to influence a reasonable person. b. for a misrepresentation to be actionable, it must be one of fact rather than of opinion. c. a mutual mistake of fact renders a contract voidable by the adversely affected party if the mistake is so fundamental that it frustrates the purpose of the contract. d. the contract's "as is" clause expressly excluded reliance on extrinsic representations such as the defendant's representation about the four-acre water rights.
The typical arbitration is a binding proceeding. That means it cannot be appealed, except for very limited reasons. What are the negative aspects to arbitration because of this limited right of appeal?
What will be an ideal response?