In the late 1800s and early 1900s, manufacturers were well protected from liability suits brought by injured customers because of two formidable obstacles in the law. What were they?
A. The principle of actus reus and the doctrine of laches.
B. The principle of caveat emptor and the doctrine of privity.
C. The principle of caveat emptor and the doctrine of laches.
D. The principle of actus reus and the doctrine of privity.
Answer: B. The principle of caveat emptor and the doctrine of privity.
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If a limited partner in a real estate direct participation program becomes involved in the management of the office building acquired by the partnership, which of the following is TRUE?
A) That limited partner's limited liability is jeopardized. B) This is allowed, but only with a majority vote of the other limited partners and written approval of the sponsor. C) The limited partner's participation is disallowed and the program continues as before, but the remaining partners are required to prorate the remaining unit. D) There are no adverse consequences if, in performing management functions, the limited partner's expertise benefits the program.
The difference between the interest rate of an index and the rate charged by a lender under an adjustable-rate mortgage is known as the
a. discount. b. gap. c. margin. d. cap.