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14 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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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 6:06 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 4 seconds out of 2 hours and Instructions Question 1 Ross and Sally agree to guarantee Tim's debt. Ross's maximum liability is $30,000, and Sally's is $20,000. Tim owes $20,000 and is in default. Ross pays the creditor the entire amount. In the absence of an agreement to the contrary, Ross can recover from Sally Selected Answer: [None Given] Correct Answer: $8,000. 0 out of 2 points Question 2 Donald's debt to Everett is past due. Everett brings a legal action against Donald to collect the debt. To ensure that a judgment in Everett's favor will be collectible, Everett asks the court to order the seizure of Donald's property. This is a request for Selected Answer: [None Given] Correct Answer: a writ of attachment. 0 out of 2 points Question 3 Before a discharge is granted, a debtor can transfer property or make a payment in preference to one creditor over another. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 Brick's debt to Conry is past due. Conry brings a legal action against Brick to collect the debt. To ensure that a judgment in Conry's favor will be collectible, Conry asks the court to order the seizure of Brick's property. Exempt from such an order in most states is Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Faculty & Course Informatio Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: equipment that Brick uses in a business up to a specified amount. Question 5 Hal's Hardware store defaults on a debt to Intrastate Bank, which takes possession of the collateral securing the debt. Intrastate sells the collateral. The proceeds from the sale are applied first to Selected Answer: [None Given] Correct Answer: Intrastate's fees for the sale. 0 out of 2 points Question 6 Ollie files a petition in bankruptcy. At the moment of filing Selected Answer: [None Given] Correct Answer: an automatic stay goes into effect. 0 out of 2 points Question 7 Khali's debt to Lew is past due. Lew obtains a judgment against Khali to collect the debt, but Khali refuses to pay. Lew asks the court to order Khali's employer to pay a portion of Khali's paycheck to Lew. This is a request for Selected Answer: [None Given] Correct Answer: an order of garnishment. 0 out of 2 points Question 8 The payment of Hu's debt to Ian is guaranteed by Hu's personal property. To give public notice of his interest in Hu's property, Ian is most likely to Selected Answer: [None Given] Correct Answer: file a financing statement with the appropriate authority.
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