A Unit Owner of a Condominium

question 44

Multiple Choice

A unit owner of a condominium

• A) owns one share in the capital of the corporation.
• B) owns a given proportion of the shares of the corporation.
• C) has a vote, but not a share in the corporation.
• D) has a proportion of the votes, but not a share in the corporation.
• E) has a proportion of the shares and votes in the corporation.

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Definitions:

Fraud in the Inducement

A deceitful practice where one party intentionally misrepresents material facts, inducing another to enter into a contract.

UCC Statute of Frauds

A legal requirement under the Uniform Commercial Code that certain contracts must be in writing to be enforceable.

Agreed-upon Terms

The specific conditions and stipulations that are formally accepted by the parties involved in a contract or agreement.

Specially Manufactured Goods

Items that are custom-made to a buyer's specifications, making them unique and not easily resaleable in the general market.