A Statute Makes It Illegal and a Crime for an Unlicensed

question 30

True/False

A statute makes it illegal and a crime for an unlicensed individual to "offer for sale a switchblade knife." Mack, who does not hold a licence, owns a store that deals in a variety of items.The front window display case, which is visible from the street, contains a switchblade knife that has a price tag on it.Under general contractual rules, Mack has undoubtedly committed a crime because he does not hold a licence.

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Definitions:

European Option

An option that can only be exercised at the end of its life, at its expiration date, unlike American options which can be exercised at any time up to the expiration date.

Expiration Date

The specific date on which an option contract becomes void and the rights to exercise it cease.

Right to Buy

A policy or statute that allows tenants to purchase the home they are renting, often at a discount, most commonly associated with public housing in the UK.

American Put

A type of put option that can be exercised at any time before its expiration, offering the seller protection against declining asset values.