T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 54P
Related questions
Question
86. T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
Group of answer choices
a. S can legally recover the necklace from B even without reimbursing B.
b. S may legally recover the necklace from B but he must reimburse B of the amount of P10,000.
c. S can never legally recover the necklace from B because the latter is a purchaser in good faith and for value.
d. S cannot legally recover the necklace from B even if he reimburses B of the amount of P10,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT