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Author Question: Which of the following transactions is protected by the three-day rescission rights? A) A contract ... (Read 61 times)

debasdf

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on: Jun 24, 2018
Which of the following transactions is protected by the three-day rescission rights?
 A) A contract for a home equity line of credit.
 B) A contract for the purchase of a sofa for a home entered into at the furniture store with payments over 12 months and finance charges of 19 percent.
 C) A contract for construction of a swimming pool entered into at the pool company office with payment in cash.
 D) All of the above are covered by the three-day rescission rights.

Question 2

ABC partnership owns and operates a potato farm in Idaho. A, B, and C are the partners/owners. C is having significant personal financial problems. Savoy Stores has obtained a judgment against C in the amount of l2,341. Savoy knows that ABC is about to harvest its potatoes. When the ABC potatoes are being transported for processing, Savoy takes one-third of the potatoes to satisfy the debt. A and B object. C claims he is using the partnership property to satisfy a debt. Can C do this?


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tuwy

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Reply #1 on: Jun 24, 2018
Answer to Question 1

A

Answer to Question 2

No. Creditors can attach the partner's interest but not the partnership property. Savoy could attach C's profits from the potatoes but not the potatoes themselves.


debasdf

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Reply #2 on: Jun 24, 2018
Thank you


tuwy

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Reply #3 on: Jun 24, 2018
No problemo


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