Question 1

Where a manufacturer has registered a conditional sale agreement on the sale of the goods to a retailer, a member of the general public who is a customer of the retailer will, on purchase, receive good title to the goods despite the registration of the prior agreement. In addition, that customer need not perform any searches.

Accepted Answer

A) True 
 B)False

Question 2

Janicka purchased a snowmobile from Andrew under a conditional sale agreement. Andrew registered the conditional sale agreement pursuant to the requirements for registration set down in the provincial legislation. Janicka later sold the snowmobile to Gary, who purchased the machine without making a search for conditional sale agreements. If Janicka defaults in payment, and Andrew seizes the snowmobile, Gary would have a right of action against Janicka.

Accepted Answer

A) True 
 B)False

Question 3

An owner is required to maintain a _____________ on a project for the benefit of ________________.

Accepted Answer

A)   trust fund; suppliers of goods and services
B)   hold-back; subcontractors
C)   surplus; subcontractors
D)   hold-back; suppliers of goods and services
E)   right of action; subcontractorsF) B) and D)
G) A) and C)

Question 4

Wen purchased an automobile from Nick for $10,000. Unknown to Wen, Nick had used the automobile as security for a loan from his bank, and the bank had registered its security interest in the automobile under the provincial personal property security registration legislation. A few months after the sale, Nick defaulted on the loan, and the bank discovered that Wen was in possession of the automobile. Nick is liable to Wen for breach of warranty of title, if the bank should seize the automobile.

Accepted Answer

A) True 
 B)False

Question 5

Jeff entered into a building contract with Mike under which Jeff agreed to construct a garage on Mike's lot for $60,000. Lumber Supply Company supplied the lumber at Jeff's request, but when Jeff failed to pay for the material within a few weeks after it was supplied, the Company filed a construction lien for $30,000 against Mike's property. If Mike ignores the lien claim, and pays the entire $60,000 to Jeff, Mike may be obliged to pay an amount equivalent to the sum he was required to hold back over again.

Accepted Answer

A) True 
 B)False

Question 6

A purchaser under a Conditional Sales Agreement endangers his equity of redemption by falling in arrears on his payments.

Accepted Answer

A) True 
 B)False

Exam 29: Leasehold Interests

Correct Answer
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Correct Answer
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Correct Answer
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An owner is required to maintain a _ on a project for the benefit of ____.

Correct Answer
verified

A purchaser under a Conditional Sales Agreement endangers his equity of redemption by falling in arrears on his payments.

Correct Answer
verified

Correct Answer
verified

Exam 29: Leasehold Interests

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

An owner is required to maintain a _____________ on a project for the benefit of ________________.

Correct AnswerverifiedShow Answer

A purchaser under a Conditional Sales Agreement endangers his equity of redemption by falling in arrears on his payments.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

An owner is required to maintain a _ on a project for the benefit of ____.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified