Week+3+quiz+answer+key[1] - Bus422 Contemporary Business...

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Bus422 – Contemporary Business Law II Week Three Test Answer Key *Please post your answers to the test in your Individual Forum no later than Day 7 (Monday). You may use only the designated reading materials to answer the questions on the test. Each blank is worth two tenths of a point (.2). Total point value on the test is six (6). 1. The __________________ is primarily liable for the debtor’s obligation and the debtor can demand performance at the time the debt is due. (surety, Ch. 28) 2. Most common law liens or statutory liens are known as _______________________. (possessory liens, Ch. 28) 3. The right to foreclose under _________________________ must be expressly conferred on the mortgagee by the terms of the mortgage. (power of sale, Ch. 28) 4. A ___________________________________ is retained when the seller of goods takes a security interest in the goods until they are paid for. (purchase money security interest, Ch. 29) 5. The time of _________________ of a security interest will determine the priority of creditors with a security interest in the same collateral. (perfection, Ch. 29) 6. A purchase money security interest in consumer goods is perfected by the _______________
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This note was uploaded on 04/09/2010 for the course ACC 423 acc 423 taught by Professor Mr.youknowwho during the Spring '10 term at University of Phoenix.

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Week+3+quiz+answer+key[1] - Bus422 Contemporary Business...

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