Cahaba Disaster Recovery V

question 67

Multiple Choice

Cahaba Disaster Recovery v.Rogers,the case in the text,demonstrates the requirement that a buyer notify a seller of defective goods within ________ after he discovers the defect.

• A)14 days
• B)48 hours
• C)a reasonable time
• D)7 days.

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Definitions:

Preference Shares

A type of stock that provides shareholders with prioritized dividend payments and, in some cases, preferential treatment in asset distribution upon the company's liquidation.

Outstanding Shares

The total number of shares of stock that are currently owned by shareholders, including shares held by institutional investors and restricted shares owned by company insiders.

Statutory Close Corporation Supplement

A legal provision that allows a closely held corporation to operate with fewer formalities and more flexibility than is typical under corporate law.

MBCA

Model Business Corporation Act, a model set of laws prepared by the Committee on Corporate Laws of the American Bar Association to guide states in the preparation of their corporate statutes.