15 - 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 6:08 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 10 seconds out of 2 hours and Instructions Question 1 On default, unless the security agreement states otherwise, the secured party has the right to repossess collateral. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 2 A corporate debtor must be "out of business" before it can file a bankruptcy petition for reorganization under Chapter 11. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 Unsecured parties have priority over secured parties to the proceeds from the disposition of collateral on the distribution of a debtor's estate. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 If the proceeds of a foreclosure sale cover the costs and the mortgage debt, any surplus is a windfall to the creditor. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 5 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 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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Selected Answer: [None Given] Correct Answer: not prevail, because the repossession was not a breach of the peace. Question 6 Jay is a surety for Karen's loan from Little Bank. Jay's right to be repaid by Karen after having paid her debt is the right of Selected Answer: [None Given] Correct Answer: reimbursement. 0 out of 2 points Question 7 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] Correct Answer: equipment that Brick uses in a business up to a specified amount. 0 out of 2 points Question 8 Loni delivers her Mazda to be repaired at Nile's Body Shop. Loni agrees to pay cash. Nile performs, but Loni does not pay. Nile tells Loni that he will keep the car until she pays. This is Selected Answer: [None Given] Correct Answer: an artisan's lien. 0 out of 2 points Question 9 The payment of John's debt to Kirsten is guaranteed by John's personal property. Kirsten is most likely to perfect her interest by Selected Answer: [None Given] Correct Answer: filing a financing statement with the appropriate authority. 0 out of 2 points
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15 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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