Question 1

Which of the following is an example of an intangible[s]?

Accepted Answer

A)  Accounts. 
B)  Goodwill. 
C)  Literary rights. 
D)  Accounts, goodwill, and literary rights. 
E)  Accounts and goodwill, but not literary rights. 
A)  Accounts. 
B)  Goodwill. 
C)  Literary rights. 
D)  Accounts, goodwill, and literary rights. 
E)  Accounts and goodwill, but not literary rights.

Question 2

Reference - Claims to Funds. Paul had a great job as a bank executive. Unfortunately, his bank came under scrutiny by federal regulators and while Paul had done nothing illegal, he ended up being fired. Unfortunately for Paul, he had a number of debts. Among his assets were a house worth $250,000 on which he owed $150,000 to a bank which held a security interest; three vehicles; an expensive watch worth $5,000; and $120,000 in an Individual Retirement Account "IRA". He owed $900 per month in child support to his ex-wife Suzy and was behind on payments in the amount of $1,800. He also owed $2,000 in wages consisting of four months of back pay to Bob who took care of Paul's landscaping needs and swimming pool care. Unable to find a job and believing that he had no other option, Paul filed for Chapter 7 bankruptcy. All debtors angrily demanded payment from liquidation of Paul's assets. Paul, on the other hand, claims that he needs all the above mentioned assets and that he should not have to give up anything. Only federal bankruptcy exemptions apply to Paul's case. Which of the following forms Paul's bankruptcy estate?

Accepted Answer

A)  All his prepetition assets. 
B)  Only the jewelry and Individual Retirement Account. 
C)  Only the nonexempt assets. 
D)  Only the personal goods lacking a security interest. 
E)  Only the real estate. 
A)  All his prepetition assets. 
B)  Only the jewelry and Individual Retirement Account. 
C)  Only the nonexempt assets. 
D)  Only the personal goods lacking a security interest. 
E)  Only the real estate.

Question 3

Which of the following is true regarding a secured party's interest in proceeds?

Accepted Answer

A)  A secured party automatically has an interest in proceeds for a limited amount of time. 
B)  A secured party has an interest in proceeds only if the proceeds are taken into the possession of the secured party. 
C)  A secured party has an interest in proceeds only if a financing statement is filed on the proceeds. 
D)  A secured party has an interest in proceeds if the secured party takes the proceeds into the possession of the secured party or if the secured party files a financing statement on the proceeds. 
E)  The secured party may not acquire a security interest in proceeds unless a new agreement regarding the proceeds is reached with the debtor. 
A)  A secured party automatically has an interest in proceeds for a limited amount of time. 
B)  A secured party has an interest in proceeds only if the proceeds are taken into the possession of the secured party. 
C)  A secured party has an interest in proceeds only if a financing statement is filed on the proceeds. 
D)  A secured party has an interest in proceeds if the secured party takes the proceeds into the possession of the secured party or if the secured party files a financing statement on the proceeds. 
E)  The secured party may not acquire a security interest in proceeds unless a new agreement regarding the proceeds is reached with the debtor.

Question 4

List three advantages associated with perfection by possession.

Accepted Answer

First, a secured party does not have to

Which of the following is an example of an intangible[s]?

Which of the following is true regarding a secured party's interest in proceeds?

List three advantages associated with perfection by possession.

An Introduction to the Fundamentals of Dynamic Business Law

Business Ethics and Social Responsibility

The Us Legal System and Alternative Dispute Resolution

Administrative Law

Constitutional Law

Criminal Law and Business

Tort Law

Real, Personal, and Intellectual Property

Introduction to Contracts and Agreement

Consideration

Capacity and Legality

Reality of Assent

Contracts in Writing and Third-Party Contracts

Discharge and Remedies

Formation and Performance of Sales and Lease Contracts

Sales and Lease Contracts: Performance, Warranties, and Remedies

Negotiable Instruments: Negotiability and Transferability

Secured Transactions and Bankruptcy

Agency and Liability to Third Parties

Forms of Business Organization

Corporations: Formation and Organization

Securities Regulation

Employment and Discrimination Law

Consumer Law

Filters

Exam 18: Holder in Due Course, Liability, and Defenses

Which of the following is an example of an intangible[s]?

Which of the following is true regarding a secured party's interest in proceeds?

List three advantages associated with perfection by possession.

An Introduction to the Fundamentals of Dynamic Business Law

Business Ethics and Social Responsibility

The Us Legal System and Alternative Dispute Resolution

Administrative Law

Constitutional Law

Criminal Law and Business

Tort Law

Real, Personal, and Intellectual Property

Introduction to Contracts and Agreement

Consideration

Capacity and Legality

Reality of Assent

Contracts in Writing and Third-Party Contracts

Discharge and Remedies

Formation and Performance of Sales and Lease Contracts

Sales and Lease Contracts: Performance, Warranties, and Remedies

Negotiable Instruments: Negotiability and Transferability

Secured Transactions and Bankruptcy

Agency and Liability to Third Parties

Forms of Business Organization

Corporations: Formation and Organization

Securities Regulation

Employment and Discrimination Law

Consumer Law

Filters