Wen Purchased an Automobile from Nick for $10,000

question 24

True/False

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.

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Definitions:

Tariffs

Taxes imposed by a government on imported goods to protect domestic industries or raise revenue.

International Trade

The exchange of goods, services, and capital between countries and territories.

Economically Advanced

Describes countries or regions with high levels of income, sophisticated infrastructure, and a diverse economy, often synonymous with developed countries.

Wage Rates

The standard amount of compensation an employee receives from an employer in exchange for labor, usually expressed per hour or year.