An automatic stay:
a. arises only upon the filing of a voluntary petition.
b. prevents any further interest from accruing on a debtor’s outstanding debts.
c. prevents creditors from taking action outside of the bankruptcy proceeding against a
debtor.
d. ends if a debtor attempts to incur additional debt after a petition has been filed.
Repeated breaches and waivers are generally interpreted to indicate:
a. poor business practices.
b. illegal behavior.
c. ignorance of the law.
d. modification of contract.
Which of the following statements is true regarding the World Trade Organization
(WTO)?
a. The WTO has been in place since 1947.
b. The WTO coordinates its activities with GATT.
c. It provides a dispute settlement body to promote the resolution of trade disputes.
d. It has the ability to impose criminal penalties.
A deposition:
a. is the testimony of a witness taken under oath.
b. is conducted outside of the courtroom.
c. can be used to impeach a witness.
d. all of the above.
Arthur was involuntarily petitioned into bankruptcy by three of his creditors. When the
trustee reviewed Arthur’s books and records, the trustee discovered the following
transactions: (a) Three weeks before the filing of the petition, Arthur paid cash for
$17,000 worth of inventory for his store; and (b) Twelve days before the filing of the
petition, Arthur paid $300 in full satisfaction of his store€s most recent electric bill.The
trustee is considering attempting to set aside both of these transfers as preferential
transfers. Discuss the advisability of the trustee€s attempt to set aside these transfers.
An affirmative action plan that “unnecessarily trammels” the interests of nonminority
employees:
a. is an example of reverse discrimination.
b. is lawful if women are the favored group.
c. is lawful to aid in the hiring of blacks and Native Americans.
d. is unlawful unless the favored group has been severely disadvantaged.
A financing statement must provide:
a. the name of the debtor.
b. the name of the secured party or their representative.
c. the covered collateral.
d. all of the above.
Penalties for crimes are:
a. always paid to the government.
b. always paid to the victim(s).
c. shared equally between the government and the victim(s).
d. subject to forfeiture.
The type of patent that may be granted to developers of new and non-obvious
ornamental features of manufactured articles is called a(n):
a. design patent.
b. functional or utility patent.
c. improvement patent.
d. plant patent.
Which of the following factors do not affect negotiability of an instrument?
a. A provision specifying the collateral that secures the debt.
b. The antedating of the instrument..
c. The omission of a date of execution.
d. None of the above affect negotiability.
Computer crimes include:
a. theft of hardware.
b. theft of software.
c. intentional damage to information stored on a computer.
d. all of the above.
Upon a default by a buyer, the secured seller may resell the collateral:
a. not less than three (3) months after the buyer’s default.
b. not less than six (6) months after the buyer€s default.
c. only at a public sale.
d. at either a public or a private sale.
Ordinarily, a court will not consider whether a contract is fair or unfair.
A contract of indefinite duration may be terminated by notice from either party to the
other party.
A trespass to personal property is any unpermitted entry below, on, across, or above the
land of another.
Some of the powers delegated to the national government still may be exercised by the
states.
Jane asserts she has a legal right. Jane is really saying she has an obligation to perform
or refrain from performing an act.
The property that is subject to the security interest is called collateral.
A provision giving a corporation the right to purchase a shareholder’s shares on the
death of the shareholder is invalid.
A de facto corporation is not accorded legal recognition due to some recognized defect
in its incorporation.
By operation of law, a party can be discharged in bankruptcy from debts.