5744 Ground Midterm Summer 2009 to send[1]

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

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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? A. The court may not award attorney’s fees to Sam because of its limited authority under the Bankruptcy Code. B. Jan will be required to file a bond indemnifying Sam for any losses that Sam may incur. C. Sam must be joined by at least three other creditors in filing the petition. D. All are false.
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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? A. Whether the goods are perishable. B. The agreement of the parties. C. Who has title at the time of the loss. D. The terms of applicable insurance policies. 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? A. Tim owns one-third, Clancy owns one-third, and Oli owns one-third. B. Tim owns one-half, Clancy owns one-quarter, and Oli’s heirs own one-quarter. C. Tim owns five-eighths and Clancy owns three-eighths. D. Tim owns one-half and Clancy owns one-half. 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
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This note was uploaded on 12/06/2009 for the course ACCT REG 5744 taught by Professor Smith during the Spring '09 term at Nova Southeastern University.

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

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