REG CPA Exam Questions and Answers
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express warranty - -any statement of fact made by the seller,
description provided by seller or sample shown by seller
-statements of value typically dont apply
-generally cannot be disclaimed
implied warranty of title - -imp...
express warranty - ✔✔-any statement of fact made by the seller,
description provided by seller or sample shown by seller
-statements of value typically dont apply
-generally cannot be disclaimed
implied warranty of title - ✔✔-implied that seller has right to sell goods
can only be disclaimed with specific language or circumstance
-sold "as is" and "with all faults doesnt disclaim
implied warranty of merchantability - ✔✔-implied that goods are fit for
ordinary purpose
-only applies when a sale by merchant
-sold "as is" and "with all faults can be disclaimed or by mentioning
merchantability
implied warranty of fitness for a particular purpose - ✔✔-buyer relies on
seller
-seller must know of purpose goods will be used for
, -sold "as is" and "with all faults can be disclaimed
cannot be disclaimed with "as is" or "with all faults" - ✔✔implied warranty of
title
501(c)(3) organization - ✔✔charities
501(c)(2) organization - ✔✔formed for exclusive purposes to hold property,
collect income from property, and turn over NI to exempt org.
501(c)(1) organization - ✔✔created by an act of congress
ex. federal credit unions
farmers cannot seek relief - ✔✔ch. 9
farmers can seek relief - ✔✔ch. 7
farmers with regular income can seek relief - ✔✔ch. 11
ch. 13
Ch. 7 - ✔✔provides liquidation of debtors estate
pays off creditors to extent of proceeds
trustee
Ch. 9 - ✔✔municipal debt adjustment
Ch. 11 - ✔✔debt reorganization
no trustee
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