Cathy Sells Her House to Sam on 30^th March 2011

question 26

Multiple Choice

Cathy sells her house to Sam on 30^th March 2011 for $125,000.She then sells the house to Ron for the same amount on 4^th April 2011.On arriving at the house,Ron realizes that he has been cheated and that at common law the first deed prevails over subsequent deeds.In case the state in which the transactions took place enacted recording statutes,which of the following act would have awarded Ron a title to the house?

• A)Purchasing the house within three days of sale to the first purchaser.
• B)Paying more than Sam for the same house.
• C)Being the first to place the deed in a publicly available file in a register of deeds.
• D)Applying for a dominant tenement at the public office in the county.
• E)Being the first to apply for a restrictive covenant at the recorder's office in the county.

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Definitions:

Merchandise Return

The process of a customer returning previously purchased goods to the seller, often due to defects or unsatisfaction, which may result in a refund or replacement.

Gross Method

An accounting method for recording purchases at the total invoice cost without deducting any cash discounts at the time of purchase.

Perpetual Inventory System

An accounting method that continuously updates the quantity and cost of inventory as purchases and sales are made.

Merchandise

Products or goods that are bought, sold, or traded within the retail or wholesale market.