Birch Woods Development,Inc

question 22

Multiple Choice

Birch Woods Development,Inc. ,includes,on the map of a twenty-lot development,a restriction that limits construction on each lot to one single-family house.Birch files the map in the appropriate public office.In each lot's deed is a reference to the map and a provision that each buyer "and his or her successors,heirs,or assigns" are bound to it.Cub buys one of the lots and later sells it to Dag.With respect to the restriction,Dag is

• A)bound.
• B)not bound,because Dag is not a "successor,heir,or assign."
• C)not bound,because Dag is not the original buyer of the lot.
• D)not bound,because of a lack of sufficient notice in the deed.

---

Definitions:

Cost of Goods Sold

The specific costs incurred from the production of goods a business sells, including labor and materials.

Accounts Receivable

Outstanding payments due to a business from its customers for delivered or utilized services or products.

Certified Management Accountant

A professional certification for accountants and financial professionals in strategic management and financial accounting.

Certified Public Accountant

A certified status awarded to accountants who successfully complete a licensing exam and fulfill additional criteria set by the state.