9 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 6:00 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 5 seconds out of 2 hours and Instructions Question 1 Green Landscape Company buys a backhoe on credit from Heavy Equipment Corporation, but does not make a payment on the loan for several months. Heavy repossesses the backhoe by towing it from a public street. Green sues Heavy for breach of the peace. Green will probably Selected Answer: [None Given] Correct Answer: not prevail, because the repossession was not a breach of the peace. 0 out of 2 points Question 2 A pledge is a promise by a debtor to take reasonable care of the collateral. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 Summit Credit Corporation lends funds to Toby, a consumer, to apply to the cost of a sport utility vehicle (SUV), which is the collateral for the loan. An enforceable security interest also requires Selected Answer: [None Given] Correct Answer: a written agreement or Summit's possession of the SUV. 0 out of 2 points Question 4 Opie's debt to Pyle is past due. Pyle obtains a judgment against Opie to collect the debt, but Opie refuses to pay. Pyle asks the court to order the seizure and sale of Opie's property. This is a request for Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: a writ of execution. Question 5 A Chapter 11 plan is binding on confirmation and the debtor is discharged. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 6 Pruitt performs a contract with Quentin to shingle the roof on Quentin's house, but Quentin does not pay. Pruitt notifies Quentin that Pruitt will foreclose on the house and sell it to satisfy the debt. This is Selected Answer: [None Given] Correct Answer: a mechanic's lien. 0 out of 2 points Question 7 A security agreement must be filed in person to be valid and enforceable. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 8 Ian's mortgage debt to Jeff is past due. Jeff brings a legal action against Ian to collect the debt. Jeff asks the court to order the sale of the mortgaged property and the payment of a portion of the proceeds to Jeff. This is a request for Selected Answer: [None Given] Correct Answer: a foreclosure. 0 out of 2 points Question 9 To create an enforceable security interest, the secured party must give value. Selected Answer:
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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9 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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