This is why I hate business law
22 06 09 - 13:01 Category: .
It's bunch of over-complicated contractual nonsense in which they make up new terminology for their crap just to make it more confusing and easier to exploit:
"Which of the following rights does one cosurety generally have against another cosurety?"
A. Exoneration
B. Subrogation
C. Reimbursement
D. Contribution
Quick lesson, cosureties are individuals who sign to back a liability of the primary borower. Like when parents cosign student loans. In general, if there is more than one cosurety and one pays more than their share, they can sue the others for reimbursment of the share the other cosureties should have covered. So I answerd C...
"When two or more sureties exist, a surety who has paid more than his or her agreed share is entitled to reimbursement from the cosurety in accordance with the surety contract. This right to receive payment is known as 'contribution.'"
Completely effing pointless. Why the hell can't you just call it reimbursment? Business Law, contract law in particular, is riddled with this kind of crap.
Ever heard of the word "scienter?" I hadn't, all it is is another word for fraud, but in business law it's called scienter. The word doesn't even sound real, and it has nothing to do with science.
Suffice to say the regulation portion of my CPA study material and I are NOT getting along.
Sounds like so much FUN!!
Daniel (Email) (URL) - 22-06-’09 15:48