Which of the following statements correctly applies to a typical statute of limitations?
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1 .Under the liability provisions of Section 11 of the Securities Act of 1933, a CPA who certifies financial statements included in a registration statement generally will not be liable to a purchaser of the security:
A If the CPA can prove due diligence. B If the financial statements were materially misstated. C Unless the purchaser can prove privity with the CPA. D Unless the purchaser can prove scienter on the part of the CPA.
2 .Which of the following solutions creates an encrypted communication tunnel across the Internet for the purpose of allowing a remote user secure access into the network?
A Authority certificate. B Digital encryption. C Packet-switched network. D Virtual private network.
3 .Sam's Retail Outlet's certified public accountant prepares financial statements that omit a material fact. The financial statements are part of Sam's registration statement. An investor purchases Sam's stock. Under Section 11 of the Securities Act of 1933, the accountant can avoid liability by showing that she:
A Lacked criminal intent in preparing the financial statements. B None of the answer choices are correct. C Exercised due diligence in preparing the financial statements. D Was not in privity of contract with the Investor.
4 .Jen offers to sell Bob her laptop computer for USD500. Bob is not sure he can afford it and asks Jen if she will keep the offer open until noon the next day. Jen tells Bob that she will keep her offer open if he gives her his promise that he won't buy another computer before that time. Bob gives her his promise not to buy another computer. Jen is:
A Not obligated to keep the offer open to Bob because he didn't buy it right away. B Obligated to keep the offer open because she gave her word. C Not obligated to keep the offer open because Bob did not give valid consideration to create an option contract. D Obligated to keep the offer open until ...
5 .Which of the following facts must be proven for a plaintiff to prevail in a common law negligent misrepresentation action?
A The misrepresentations concerned opinion. B The misrepresentations were in writing. C The defendant made the misrepresentations with a reckless disregard for the truth. D The plaintiff justifiably relied on the misrepresentations.
7 .Miller negotiated the sale of Miller's liquor store to Jackson. Jackson asked to see the prior year's financial statements. Using the store's checkbook, Miller prepared a balance sheet and profit and loss statement as well as he could. Miller told Jackson to have an accountant examine Miller's records because Miller was not an accountant. Jackson failed to do so and purchased the store in reliance on Miller's financial statements. Jackson later learned that the financial statements included several errors that resulted in a material overstatement of assets and net income. Miller was not aware that the errors existed. Jackson sued Miller, claiming Miller misrepresented the store's financial condition and that Jackson relied on the financial statements in making the decision to acquire the store. Which of the following statements is correct?
A Jackson will prevail if the errors in the financial statements were material. B Jackson would be entitled to rescind the purchase even if the errors in the financial statements were not material. C Money damages is the only remedy available to Jackson if, in fact, Miller has committed a misreprese...
8 .Wren purchased a factory from First Federal Realty. Wren paid 20% at the closing and gave a note for the balance secured by a 20-year mortgage. Five years later, Wren found it increasingly difficult to make payments on the note and defaulted. First Federal threatened to accelerate the loan and foreclose if Wren continued in default. First Federal told Wren to make payment or obtain an acceptable third party to assume the obligation. Wren offered the land to Moss, Inc. for USD10,000 less than the equity Wren had in the property. This was acceptable to First Federal and at the closing Moss paid the arrearage, assumed the mortgage and note, and had title transferred to its name. First Federal released Wren. The transaction in question is a (an):
A Purchase of land subject to a mortgage. B Novation. C Third party beneficiary contract. D Assignment and delegation.
9 .Carson agreed orally to repair Ives' rare book for USD450. Before the work was started, Ives asked Carson to perform additional repairs to the book and agreed to increase the contract price to USD650. After Carson completed the work, Ives refused to pay and Carson sued. Ives' defense was based on the Statute of Frauds. What total amount will Carson recover?
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10 .Ferco, Inc. claims to be a creditor beneficiary of a contract between Bell and Allied Industries, Inc. Allied is indebted to Ferco. The contract between Bell and Allied provides that Bell is to purchase certain goods from Allied and pay the purchase price directly to Ferco until Allied's obligation is satisfied. Without justification, Bell failed to pay Ferco and Ferco sued Bell. Ferco will:
A Not prevail, because Ferco lacked privity of contract with either Bell or Allied. B Not prevail, because Ferco did not give any consideration to Bell. C Prevail, because Ferco was an intended beneficiary of the contract between Allied and Bell. D Prevail, provided Ferco was aware of the contract b...
