Savings and loans lost a total of $10 billion in 1981-1982 due to a combination of rising interest rates in 1979-1981 and
A) the recession of 1981-1982 that reduced real estate prices enough to cause significant loan defaults.
B) the regulatory restrictions enacted by Congress in 1981 and 1982.
C) the loss of market share to commercial banks that were allowed to compete directly with thrifts in the real estate market.
D) the acceleration of inflation in 1981-1982 that caused thrifts to lose additional funds to money market mutual funds.
A
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The equitable remedy of rectification is granted by the courts in which of the following situations?
A) The parties to a contract disagree as to the meaning of a term in their contract. B) The seller made a fraudulent misrepresentation that induced the buyer to buy. C) The seller of goods has made an innocent misrepresentation that persuaded the buyer to buy. D) A person buys something that he later learns he already owned. E) Because of a mistake, a written document does not include a corrected term to which the parties had orally agreed.
Brokers Andrews and Benson both have an open listing on a property. Broker Andrews showed the property to a prospective buyer and carried on negotiations, but the buyer decided not to buy. Two weeks later, Broker Benson contacted the same buyer and arranged a sale of the property. The seller would be obligated to pay a commission as follows:
A: Full amount to both Brokers Andrews and Benson; B: Full amount to Benson only; C: Fifty percent each to Brokers Andrews and Benson; D: Full amount to Broker Andrews who will have to settle with Broker Benson.