Selling the Contents of the House in Preparation for a Move

question 75

Multiple Choice

Selling the contents of the house in preparation for a move to a condominium, Mr. Lotski sold an antique desk to a Mr. Rogers who paid by a cheque later returned N.S.F. (not sufficient funds) . Lotski later learned that Rogers had sold the desk to Mrs. Lee for cash, which he took and then disappeared. Who is entitled to the desk if the court holds that the first contract between Lotski and Rogers is voidable?

• A) Rogers
• B) Lotski
• C) Lotski but he must pay compensation to Lee
• D) Lee
• E) Lee but she must pay compensation to Lotski

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Definitions:

Financial Instruments

Contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity, including stocks, bonds, and derivatives.

Corporate Expansion

The process by which a company grows through increasing sales, acquiring new businesses, or entering new markets.

Securities Transactions

Deals or operations involving the buying, selling, or exchange of securities, such as stocks and bonds, between parties.

Five Years

A period consisting of five consecutive years.