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Give me minute to review the question and respond, you are going to make me have flashbacks to lawschool
Hope that helps
Thank you for your help so much. Would you please let me know about number 11?
1. Hope approached Jonathan, a newly hired loan officer, regarding a loan to purchase a new big-screen television. Jonathan agrees to lend Hope $1,800 for the television, and gives Hope a check for that amount. Hope proceeds to the electronics store and purchases the television. Why doesn’t Jonathan possess a security interest in the television? A. Jonathan failed to either obtain possession of the television or to obtain a security agreement signed by Hope. B. Jonathan failed to give Hope value to ensure that the security interest was properly created. C. Hope doesn’t have rights in the collateral, which is required for a security interest to be properly created. D. Hope failed to give Jonathan the information needed to properly perfect the security interest. 2. Which one of the following statements is true regarding bankruptcy? A. Only individuals may file for Chapter 7 bankruptcy. B. Chapter 11 bankruptcy is most commonly filed by individuals. C. Chapter 12 generally applies to corporations. D. Chapter 13 results in full or partial payment to most creditors. 3. Josey borrowed money from First Bank to purchase a ski boat. First Bank perfected a security interest in the ski boat. Ten days before First Bank perfected its security interest in the ski boat. Josey went to Local Finance Company and borrowed money there, listing the ski boat as collateral. Local finance Company perfected a security interest in the ski boat on the same day. Josey defaulted on both loans. According to the law, what should happen to the ski boat? A. First Bank will take the ski boat because it was the first to perfect. B. Local Finance Company will take the ski boat because it was the first to perfect. C. First Bank will take the ski boat because it has a purchase-money security interest. D. Local Finance Company will take the ski boat because it has a purchase-money security interest. 4. Toni contacted a local attorney, and retained the attorney to assist her in filing for Chapter 7 bankruptcy. Which one of the following will apply to Toni? A. The information of a creditors’ committee B. The formation of a reorganization plan C. Confirmation of a reorganization plan D. A meeting of the creditors 5. Chuck lent money to Pam so that Pam could purchase a DVD player. Based upon an agreement signed by Pam, Chuck perfected a security interest in the DVD player. Which of the following is true about this set of facts? A. Chuck is the debtor in this scenario. B. Chuck is the secured party in this scenario. C. Pam is the co-debtor in this scenario. D. Pam is the secured party in this scenario. 6. Jackie seeks to borrow money from Smalltown Bank to finance repairs for her car. Because Jackie’s credit rating isn’t yet fully established, Smalltown Bank will approve the loan only if Jackie’s father, Fred, signs an agreement stating that if Jackie fails to pay the loan, he will pay the loan in full. Fred is best classified as a A. surety. C. guarantor. B. creditor. D. co-debtor. 7. Prudence purchased an automobile with money borrowed from Local Bank. Local Bank loaned Prudence the money because she told the bank she intended to purchase a car Prudence and Local Bank agreed that the bank would take a security interest in the car until the loan was paid in full. Accordingly, Prudence signed an agreement with the bank setting forth these terms. Which of the following is true about this set of facts? A. Local Bank failed to properly perfect a security interest in the car because it failed to properly file a financing statement. B. Local Bank possesses a proper security interest in the car because Local Bank has a purchase-money security interest in the car. C. Local Bank failed to properly perfect a security interest in the car because Prudence didn’t sign a security agreement. D. Local Bank possesses a proper security interest in the car because it was unnecessary for the Bank do anything other than loan Prudence the money. 8. Ken plans to file for Chapter 7 bankruptcy. Ken owns his own home, which is currently worth $110,000, upon which Ken owes $100,000. Ken plans to reaffirm the debt on his home. Ken also owns a 20002 Lexus, worth $30,000. Ken owes no money on the Lexus. Which of the following is true about this set of facts? A. Ken may exempt the equity in his residence, but may not exempt the full value of the car. B. Ken may exempt the equity in his residence and the full value of the car. C. Ken may not exempt the equity in his residence or the full value of the car. D. Ken may not exempt the equity in his residence, but may exempt part of the value of the car. 9. Buddy agreed to loan Mario money to purchase some vacant land. Mario signed an agreement stating that Buddy possessed a security interest in the land, and describing where the land is located. Buddy loans Mario $10,000, and Mario purchased the land. Which of the following is true about this set of facts? A. Buddy does not have a security interest in the land because a valid security agreement wasn’t signed by Mario. B. Buddy created a valid security interest in the land because all of the requirements for creating such an interest were met. C. Buddy does not have a security interest in the land because the debtor must have rights in the collateral. D. Buddy created a valid security interest in the land because merely loaning Mario the purchase money for the land created a security interest. 10. Leslie approaches Big Bank about borrowing money for her new daycare business. The bank is unsure about the business venture, and will approve the loan only if Leslie’s business partner, Amy, cosigns the loan. Leslie and Amy agree that if Amy has to make any loan payments, Leslie will reimburse Amy. Amy is best described as a A. guarantor C. surety B. creditor D. single debtor Read more: I have 20 Busines Law 2 questions to be answered. If a ... - JustAnswer http://www.justanswer.com/bankruptcy-law/1abny-20-busines-law-questions-answered.html#ixzz1oCIRa3Os
Under the Bankruptcy Code, "family farmers" and "family fishermen" fall into two categories: (1) an individual or individual and spouse and (2) a corporation or partnership. Farmers or fishermen falling into the first category must meet each of the following four criteria as of the date the petition is filed in order to qualify for relief under chapter 12:
In order for a corporation or partnership to fall within the second category of debtors eligible to file as family farmers or family fishermen, the corporation or partnership must meet each of the following criteria as of the date of the filing of the petition:
I stick with my first answer that chapter 12 would be the best answer, here is the reasoning right of the bankruptcy courts website.
OK. I will stick with chapter 12 for Q 11.
Thanks and good luck
I didn't see the answer from 1 to 10. Would you please answer those?
3.Not sure on this one
I had a hard time on number 3. Don't know either A or C.
I was thinking co-debtor on 6
7. Not sure on this one, the security interest ones go to far back in my memory, the bankruptcy questions are more my speed
9. Not sure on this one
10. Most likely A as she is one of the guarantors of the loan, or she is a co-debtor which is not listed as a possible answer.
Thank you so much for your help Sir.
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