Over the course of 1987-1989 the Securities and Exchange Commission (SEC) created a new Regulation D. While the basic structure of this important set of exemptions from securities registration under the Securities Act of 1933 (the 1933 Act) remains essentially unchanged, the combined force of numerous revisions of existing rules and the introduction of the novel “substantial compliance” concept has shaped a distinctly different legal environment for exempt transactions. We…
Although the application of an implied warranty of quality is now widespread in the sale of new homes, relatively few courts have considered whether implied warranty protection should extend to purchasers of commercial property. Of these courts, some have rejected the application of the warranty based on the assumption that a purchaser of commercial property is capable of acting for his own protection. Other courts, minimizing the significance of the…