Biology Forums - Study Force

Most sales contracts will include a number of contingencies.
 
  A. True
   B. False

Q. 2

Many jurisdictions require a seller's disclosure statement with the listing contract.
 
  A. True
   B. False

Q. 3

Fred has an electric train set that he inherited from his grandfather many years ago. Fred needs some extra cash and is not really interested in electric trains, so he offers the train set for sale over the Internet. Stella purchases the set as a birthday present for her son. When Stella and her son set up the train to operate it, the train malfunctions due to a product defect; it shocks them, causing them injury. Can Stella successfully sue Fred for injuries sustained using the strict liability theory? Why or why not?
 
  What will be an ideal response?

Q. 4

A seller's agent must do everything possible to gain an advantage for the seller.
 
  A. True
   B. False

Q. 5

In addition to filing the declaration of Condominium, the law also requires the condominium to devise:
 
  A. Statutory method of financing
   B. Condominium by-laws
   C. Condominium Charter
   D. Condominium Articles of Organization

Q. 6

Sellers typically use a real estate professional to help market and sell the property.
 
  A. True
   B. False

Q. 7

Unlike co-op owners, condominium owners:
 
  A. Own their own individual unit
   B. Do not own their own individual unit
   C. Are not responsible for the maintenance of common areas like sidewalks and playgrounds
   D. Purchase shares of stock in the condominium

(Answer to #1)  A

(Answer to #2)  A

(Answer to #3)  No, she cannot use strict liability theory because she is not a seller as defined by that theory. A seller is a person who is engaged in the business of selling the product for use or consumption. Even though that definition is very broad, it does not include the occasional seller of a product, like Fred, who is not in the business of selling the product.

(Answer to #4)  A

(Answer to #5)  B

(Answer to #6)  A

(Answer to #7)  A