A seller may include in a standard form contract of sale of goods an express term exempting it from the liability normally imposed by the implied terms. Which of the following statements is correct?

C) Even if the words used in the clause do not precisely describe the type of liability disclaimed, the courts will usually imply a term so as to protect the seller.

B) Clear and direct language need not be used.

E) Any agreement exempting the seller needs to be in writing or it will not be enforced.

D) If the purchaser is a consumer as defined by consumer protection legislation, the seller cannot "contract out" of the implied terms.

A) The courts interpret such terms broadly.

A mortgagee rarely takes possession of the property upon default. A mortgagee usually waits until a final order of foreclosure has been obtained. The main reasons for a mortgagee not going into possession include all of the following EXCEPT

D) it must account for any benefit it receives from the occupation of the land and deduct it from the amount owing if the mortgagor ultimately tenders payment.

C) its possession would remain uncertain since the mortgagor might at any moment tender payment, redeem his interest and demand possession.

B) it would prefer to encourage the mortgagor to pay off the debt.

A) it generally wants its money rather than the mortgagor's property.

E) it gives up any rights it may have to obtain a final order of foreclosure.

Shareholders expect to receive a return on their investment. A fundamental right attached to shares is the right to

E) capital appreciation as a result of retained earnings.

C) some discrimination in the payment of dividends.

B) dividends when the corporation makes a profit.

D) dividends paid in the order of preferences assigned to classes of shareholdersstarting with the common shareholders.

A) receive dividends when declared by the directors.