Financial Accounting > EXAM > ACC 352 BUSINESS LAW 2023 (All)

ACC 352 BUSINESS LAW 2023

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ACC 352 BUSINESS LAW QUIZ –Law on Sales –Part I 1. A form of delivery which takes place after the seller of the property continues in possession of said property No longer as owner but as a ... mere possessor: a. Traditio constitutum possessorium c. Traditio brevi-manu b. Traditio calvis d. Quasi-Traditio 2. When goods are delivered to the buyer on “sale or return”, the ownership passes to the buyer: A. Upon delivery of the goods b. Upon the expiration of the period agreed upon c. Upon acceptable of the buyer of the sellers offer d. Upon perfection of the sale 3. When are delivered to the buyer on approval, trial or satisfaction, the ownership passes to the buyer: a. Upon delivery of the things c. Upon conception of the sale b. Upon meetings of minds d. Upon the return of the things to the seller 4. P orally appointed A as his agent to sell the formers land. On January 3, 2001, A sold the land to B who for with took possession thereof. It turned out however, that on January 1, 2001, P, without informing A, had already sold the same land to C, who up to now has not taken possession of the same land. Neither of the sales was registered. Whose contract shall prevail? a. The sale to B for he was first in possession in good faith b. The sale to C for the land was first sold to him by the owner c. Those sale to B for the agent was duly authorized to sell the land. d. The sale to C because the sale to B was void, A was not duly authorized by P. 5. S sold to A in a memorandum of agreement of the sale of his parcel of land. After a week, S sold the same land to B in a formal deed of sale. Upon buying the land, B who was aware of the sale to A, immediately took possession thereof and registered the sale in his favor. When informed of the second sale, A subsequently registered an adverse claim with the Registry of Deeds. The parcel of land shall belong to: a. A because he has the older title b. B because the sale to him was in a formal deed of sale c. B because he first registered the sale in his favor d. B because he was the first possessor of the land. 6. In case of redemption, which of the following will not be paid by the seller to the buyer? a. Expenses incidental to the sale paid by the buyer b. Necessary expenses made on the thing sold c. The consideration of the sale paid by the buyer d. The interest on the purchase price [Show More]

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