C.P.A. Law Questions (of the Board of Examiners, American Institute of Accountants) and Answers
Ronald Press Company, 1925 - Commercial law - 190 pages
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acceptance agreed agreement allowed amount Answer apply assets authority bank bankrupt bankruptcy become bill blank buyer capital stock charter cheque claim co-partners Company consideration contract corporation court creditors debts deductible defense delivered delivery directors discharged dividends due course duty effect entitled examination executed existing fact FEDERAL firm follows further give given held Hence hold holder INCOME TAX individual indorsement insolvent interest issue liable limited loss maker matter ment nature necessary Negotiable Instruments Law notice offer officers paid partner partnership party passes payable payment performance present prior profits promise provides purchase Question Question 9 reasonable received recover refused render rule Section secure sell seller shares signed stockholders suit thereof tion transfer trustee Uniform usual valid writing
Page 11 - Every person negotiating an instrument by delivery or by a qualified indorsement, warrants, — 1. That the instrument is genuine and in all respects what it purports to be ; 2. That he has a good title to it; 3. That all prior parties had capacity to contract; 4. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless.
Page 113 - Where the instrument is wanting in any material particular, the person in possession thereof has a prima facie authority to complete it by filling up the blanks therein. And a signature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima facie authority to fill it up as such for any amount.
Page 144 - In the case of an assignment of a claim secured by a certificate, the liability of the assignor upon such warranty shall not exceed the amount of the claim.
Page 93 - Any affirmation of fact or any promise by the seller relating to the goods is an express warranty if the natural tendency of such affirmation or promise is to induce the buyer to purchase the goods, and if the buyer purchases the goods relying thereon.
Page 38 - Any alteration which changes: 1. The date. 2. The sum payable, either for principal or interest. 3. The time or place of payment. 4. The number and the relations of the parties. 5. The medium or currency in which payment is to be made. Or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration.
Page 100 - The instrument is payable to bearer — 1. When it is expressed to be so payable; or 2. When it is payable to a person named therein or bearer; or 3. When it is payable to the order of a fictitious or nonexisting person, and such fact was known to the person making it so payable; or 4.
Page 113 - The date; 2. The sum payable, either for principal or interest ; 3. The time or place of payment; 4. The number or the relations of the parties; 5. The medium of currency in which payment is to be made; Or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration.
Page 86 - A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property.
Page 29 - The signature of any party may be made by a duly authorized agent. No particular form of appointment is necessary for this purpose; and the authority of the agent may be established as in other cases of agency.
Page 7 - June no contract for the sale of any goods, wares or merchandise, for the price of ten pounds sterling or upwards, shall be allowed to be good, except the buyer shall accept part of the goods so sold, and actually receive the same, or give something in earnest to bind the bargain, or in part...