Joe Went to a Music Store;misrepresenting Himself as James to the Store

question 52

Multiple Choice

Joe went to a music store;misrepresenting himself as James to the store attendant.He buys a plasma television on credit,charging it to James's account.He then sells that set to Mike.Mike buys the set in good faith.Which of the following is true in such cases?

• A) The store person can restore the TV from Mike.
• B) James can recover the TV from Mike.
• C) Mike will be held liable by the court for possessing stolen item.
• D) Mike will hold a good title;hence no harm can be caused to him.

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Definitions:

Proportionately Adjusted Income Statement

An income statement where the figures reflect the proportional share of joint ventures or associates in a company's earnings.

Contractual Agreement

A legally binding agreement between two or more parties outlining the terms and conditions of a business transaction.

Financial Statements

Summarized records of a company's financial activities, including the income statement, balance sheet, cash flow statement, and statement of changes in equity, which provide insights into its financial health.

Joint Control

A situation in which two or more parties have agreed upon shared control over a business activity, requiring unanimous consent for decision-making.