Wen Purchased an Automobile from Nick for $10,000

question 29

True/False

Wen purchased an automobile from Nick for $10,000. Unknown to Wen, Nick had used the automobile as security for a loan from his bank, and the bank had registered its security interest in the automobile under the provincial personal property security registration legislation. A few months after the sale, Nick defaulted on the loan, and the bank discovered that Wen was in possession of the automobile. Wen has a good and clear title to the automobile, because he purchased it without knowledge of the bank's claim.

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Definitions:

Time Management Matrix

A framework that categorizes tasks based on their urgency and importance, often used to prioritize and allocate time effectively.

Problem-Solving

The process of identifying issues and finding effective solutions to overcome them.

Meditation

A practice of focused attention, often on a single object, thought, or activity, to increase awareness of the present moment, reduce stress, promote relaxation, and enhance personal and spiritual growth.

80/20 Rule

The Pareto Principle, which suggests that 80% of effects come from 20% of causes, applicable in various contexts such as business, productivity, and time management.