business Law!

Which of the following could not be construed to be a "security"? An investment in a citrus grove. An investment in cattle. An instrument labeled "stock" wherein the investor has managerial functions. A fractional, undivided interest in mineral rights. Kramer owned a farm outside of Wendover, Ohio and decided to divide the farm into 640 one-acre lots and sell the lots to the general public. Kramer also contracted to manage the farm on behalf of the buyers. Kramer is: offering a security, an investment contract. not offering a security, as it is real estate. is offering a security, a concessionaire. None of the above. Adona, Inc. has decided to "go public." Adona would like to avoid registration under the Securities Act of 1933 and hopes to fit within an exemption. For a small public issue, the transactions involving sales to aceredited investors can be up to: 51 million. 53 million. 55 million. $10 million