{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

5744 Ground Midterm Summer 2009 to send[1]

5744 Ground Midterm Summer 2009 to send[1] - ACT 5744...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ACT 5744 Midterm Summer 2009 – July 25, 2009 Professor Smith The answer sheet (answer sheet only) is due on Friday night, July 31, 2009 by 11:00 p.m. The answer sheet is to be sent to [email protected] Please use a separate answer sheet containing the answers only to submit your answers. Please do not use a spreadsheet. Multiple Choice Questions – (There are fifty questions worth 2 points each). Choose the best answer. 1) In order to be enforceable, a residential lease must A. Require that the tenant maintain liability insurance. B. State the due date for rental payments. C. Be in writing. D. Entitle the tenant to exclusive possession of the leased property. 2) MNO Company maintained two standard fire insurance policies on one of its warehouses. Both policies included an 80% coinsurance clause and a typical “other insurance clause” for multiple policies. One policy was with Fire Insurance, Inc. (Fire) for $24,000, and the other was with Casu- alty Co (Casualty), for $16,000. When the warehouse was worth $100,000, a fire in the warehouse caused a $40,000 loss. What amount can MNO recover from Fire and Casualty, respectively? A. $24,000 and $16,000. B. $12,000 and $8,000. C. None from either. D. $10,000 and $10,000. 3) Jan, a creditor of Sam, filed an involuntary petition in bankruptcy against Sam. Sam is indebted to six unsecured creditors including Jan for $4,000 each. If Sam opposes the petition, which of the fol- lowing is true?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
4) Which of the following factors carries the greatest weight in deciding who bears the risk of loss between merchants when goods are destroyed during shipment? 5) Tim, Clancy, and Oli were deeded a piece of land as tenants in common. The deed provided that Tim owned one-half of the property and that Clancy and Oli each owned one-quarter of the land. Oli dies. How is the property owned after Oli’s death? 6) John, the secured party, perfects its security interest by filing a financing statement? What is the effect of perfection of John’s security interest? A. The secured party has priority in the collateral over most creditors who acquire a security interest in the same collateral after the filing.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}