Question 1

Match the following:
-creditor

Accepted Answer

A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts. 
A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

Question 2

Match the following:
-PMSI

Accepted Answer

A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts. 
A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

Question 3

Match the following:
-security interest

Accepted Answer

A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts. 
A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

Question 4

Match the following:
-involuntary petition

Accepted Answer

A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts. 
A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

Question 5

Match the following:
-composition

Accepted Answer

A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts. 
A) The right in personal property that insures payment or performance of an obligation. 
B) Making a security interest effective against third parties who assert competing interests. 
C) A document filed to provide notice of a security interest. 
D) A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in patents and copyrights. 
E) Tangible or electronic record that evidences both a debt and a security interest in specific goods.
F)The creation of a security interest that is enforceable against the debtor.
G)A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.
H)A contract between the debtor and creditor creating a security interest in the debtor's collateral.
I)Goods bought or used primarily for personal, family, or household purposes.
J)The right of a surety who has paid the creditor to be repaid by the principal debtor.
K)A person liable to a creditor immediately upon the default of a principal debtor.
L)Interest retained either by the seller of goods or by a lender who advances the purchase price.
M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
N)The party primarily liable on the obligation.
O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.
P)A way to begin a bankruptcy case that is available to any debtor, even if solvent.
Q)May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.
R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
S)Property subject to a security interest.
T)Any entity that has a claim against the debtor.
U)A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
V)The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.
W)An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.
X)Prevents attempts by creditors to recover claims against the debtor.
Y)A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

Exam 58: Debtor and Creditor Relations

Match the following: -creditor

Match the following: -PMSI

Match the following: -security interest

Match the following: -involuntary petition

Match the following: -composition

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

the Legal Environment of Business

Contracts

Agency

Sales

Negotiable Instruments

Unincorporated Business Associations

Corporations

Regulation of Business

Property

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