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When a landlord sells leased premises to a third party, any existing leases terminate
automatically.
When two conflicting security interests are unperfected, the first to attach has priority.
A client's negligence may constitute a defense to a charge of negligence against an
accountant.
Generally, states have antifraud patterned after federal securities law.
Patty, who is divorced, owns a house. She has no reasonable expectation of benefit from
the life of Quinn, her ex-spouse, but she applies for insurance on his life anyway. She
also obtains a fire insurance policy on the house, which she later sells. Five years later,
Quinn dies and the house is destroyed in a fire. Can Patty obtain payment on either the
death of Quinn or the loss of the house? Explain.
After a merger, a disappearing corporation's preexisting rights disappear.
A security interest may attach to intangible collateral but cannot be perfected.
The recipient of a negotiable instrument becomes a holder regardless of the form of the
transfer.
A qualified opinion must be specific and identify the reason for the qualification.
Under the exhaustion doctrine, a party must feel "exhausted" about an administrative
action or regulation to challenge it in court.
Self-defense is a defense to negligence.
A contract in which a buyer takes goods primarily for resale, with a right to return any
goods that fail to sell, is a sale on approval.
Accountants may be subject to criminal penalties for violations of federal securities
laws.
To rescind a contract is to cancel it.
If a customer's debit card is lost or stolen, the customer will not be liable for any
unauthorized use of the card.
The rules governing firm offers apply to all merchants.
