Author Question: Which is the most important factor in determining whether an item is a fixture or personal property? ... (Read 113 times)

panfilo · **on:** Jun 24, 2018

Which is the most important factor in determining whether an item is a fixture or personal property?
A) Degree of attachment
B) Who wants to know
C) Degree of land ownership
D) Agreement of the parties

Question 2

Samuel signed a contract to purchase furniture on credit. The contract clearly set forth in bold print all charges included in the cost of the credit, including the interest rate and annual percentage rate. The seller informed Samuel that the seller regularly sold these contracts to a finance company that paid it immediate cash and then collected from the debtors. The seller further advised that the finance company did not want the headache of determining the validity of consumer complaints and that therefore the contract provided that the consumer waived all defenses concerning the furniture against the finance company. The contract expressly provided that the seller would remain responsible for any non-conformities in the furniture or breaches of contract on its part. The furniture was defective, but the finance company is demanding that Samuel make the payments to it required by the contract and resolve its disputes with the seller of the furniture. Samuel consults you regarding his rights. What is your response?

chloejackso · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

D

Answer to Question 2

An FTC regulation protects Samuel. It provides that any holder of a consumer credit contract is subject to all defenses that the debtor could assert against the seller of the goods. This is a required statement that should have been included, in boldface type, in the contract that Samuel signed.