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Mid-Term (WK4) - Mid-Term(WK4...

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Mid-Term (WK4) Grade for Ron Knapp: Week 4 Mid-Term Exam  Numeric grade:54/60  Letter grade:A  Comments: t/f had 20 out of 22 correct m/c had 17 out of 19 correct total points had 54 out of 60= 90%  1. Question: Unsecured creditors are the last to be compensated under chapter 7, so they often receive little or nothing.   Your Answer:         True       CO RRE CT         False         Instructor  Explanation: p. 783   Points Received: 1 of 1   2. Question: An example of a franchise is McDonalds.   Your Answer:         True       CO RRE CT         False         Instructor  Explanation: See week 2 lecture.   Points Received: 1 of 1   3. Question: Bob has not paid his ex-wife alimony as required under court order.  His ex-wife is trying to collect the alimony.  Bob files a  bankruptcy petition.  This automatically stays his ex-wife's collection efforts.
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  Your Answer:         True               False       CO RRE CT   Instructor  Explanation: p 772   Points Received: 1 of 1   4. Question: The only way to perfect a security interest is by filing a financing statement with the appropriate state office.   Your Answer:         True               False       CO RRE CT   Instructor  Explanation:  p 752   Points Received: 1 of 1   5. Question:Julie buys her first car, taking out a loan to do so.  Her Dad co-signs the loan so that he is equally liable with Julie.  Dad is a  guarantor.
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  Your Answer:         True               False       CO RRE CT   Instructor  Explanation: p 720   Points Received: 1 of 1   6. Question: A right of first refusal on a share certificate allows the corporation to match the offer that a selling shareholder receives for his  shares.   Your Answer:         True       CO RRE CT         False         Instructor  Explanation: p 1041   Points Received: 1 of 1   7. Question: A straight bankruptcy is also known as a Chapter 7 bankruptcy.
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  Your Answer:         True       CO RRE CT         False         Instructor  Explanation: See week 4 lecture   Points Received: 1 of 1   8. Question: It is better to be a surety than a guarantor.   Your Answer:         True               False       CO RRE CT   Instructor  Explanation: Ch 28, see lecture in week 4.   Points Received: 1 of 1   9. Question: A principal can ratify a contract even if the agent had no authority to enter into the contract on behalf of the principal.
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  Your Answer:         True       CO RRE CT         False         Instructor  Explanation: Ch 36   Points Received: 1 of 1   10. Question: Apparent authority is based on what a principal communicates to a third party.
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