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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 46167
Experience:  32 years of experience practicing law and a businessman.
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Jurisdiction over bankruptcy proceedings is vested in the federal

Resolved Question:

Jurisdiction over bankruptcy proceedings is vested in the federal district courts.
Answer True
False
2 points
Question 2

A copyright bestows upon the creator of an artistic or literary work a federal statutory right to exclusively;
Answer
use the work.
reproduce the work.
display the work.
All of the above
2 points
Question 3

In a bankruptcy case, after all creditors have been paid, any balance is turned over to the debtor.
Answer True
False
2 points
Question 4

A party working for and under the control of another and authorized to enter into contracts for that other person or entity is called an;
Answer
employee.
agent.
independent contractor.
attorney.
2 points
Question 5

Jean goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when;
Answer
a court grants a petition in bankruptcy that automatically stays all litigation by creditors against a debtor.
a debtor is unable to pay his or her debts as they come due.
a debtor's creditors force the debtor into bankruptcy proceedings.
a debtor's debts exceed the fair market value of his or her assets.
2 points
Question 6

A trustee's authority to avoid enables it to set aside a sale or other transfer of the debtor's property.
Answer True
False
2 points
Question 7

Craig is the principal beneficiary of his aunt's will. If his aunt dies, any property inherited by Craig within six months after the filing of a bankruptcy petition against him passes to the trustee.
Answer True
False
2 points
Question 8

The term apparent authority is used when there is;
Answer
no interaction between the principal and third persons.
actual authority.
only the appearance of authority and that appearance of authority was created by the principal.
only the appearance of authority and that appearance of authority was created by the agent.
2 points
Question 9

The issuing by a bankruptcy court of an order of relief relieves the debtor of immediate collection activities by creditors.
Answer True
False
2 points
Question 10

The principal duty of a trustee is to liquidate a debtor's estate and distribute the money as quickly as possible.
Answer True
False
2 points
Question 11

The debtor will be denied a discharge if:
Answer
the debtor had been extravagant.
the debtor incurred the debts because of negligence.
the debtor had received a discharge ten years before.
the debtor refused to obey a lawful order of the court.
2 points
Question 12

An agent is under a duty to obey;
Answer
any instruction given by the principal.
all lawful instructions given by the principal.
all instructions given by the principal.
only those lawful instructions which will reasonably benefit the agency.
2 points
Question 13

It is possible, on a debtor's bankruptcy, that an unsecured creditor might receive nothing to cover the debt.
Answer True
False
2 points
Question 14

A discharge will release a debtor from liability for willful and malicious injury to the property of another.
Answer True
False
2 points
Question 15

A voluntary petition in Chapter 7 bankruptcy may be filed by a(n):
Answer
husband and wife.
railroad.
insurance company.
All of the above.
2 points
Question 16

The main objective(s) of a bankruptcy proceeding is (are):
Answer
the collection and the distribution of the debtor's assets.
the discharge of the debtor from obligations.
both a and b.
to force the debtor to keep accurate financial records.
2 points
Question 17

If the debtor is not paying debts as they become due, the debtor may be vulnerable to having an involuntary petition in bankruptcy filed against it.
Answer True
False
2 points
Question 18

A discharge in bankruptcy will prevent a debtor from ever obtaining another discharge in bankruptcy.
Answer True
False
2 points
Question 19

Which of the following debts is not dischargeable in bankruptcy?
Answer
Judgments based on negligence.
Judgments based on breach of contract.
Judgments for willful and malicious injuries.
Judgments in which the creditors would receive no distribution.
2 points
Question 20

In a distribution of assets as part of a bankruptcy, the claims of creditors with the highest priority must be satisfied entirely before the "claims of creditors with the next-highest priority" is considered.
Answer True
False
2 points
Question 21

Distribution of the debtor's assets must be made according to an order of priority.
Answer True
False
2 points
Question 22

An automatic stay:
Answer
arises only upon the filing of a voluntary petition.
prevents any further interest from accruing on a debtor's outstanding debts.
prevents creditors from taking action against a debtor.
ends if a debtor attempts to incur additional debt after a petition has been filed.
2 points
Submitted: 3 years ago.
Category: Business Law
Expert:  Richard replied 3 years ago.

Here you go....:) Heading to dinner; will be back in a bit if you have any follow ups!

 

1. False

2. All of above

3. True

4. Agent

5. Creditors force debtor into bankruptcy

6. True

7. False

8. Appearance of authority by agent

9. True

10. False

11. Dont know this one...sorry

12. All lawful instructions

13. True

14. False

15. H and W

16. Both a and b

17. True

18. False

19. Judgment for willful/malicious injuries

20.. True

21. True

22. Prevents creditors from taking action

Customer: replied 3 years ago.
When an agent is authorized to transact all activities in a particular business, that agent is;
Answer
a general agent.
a perfected agent.
a special agent.
a universal agent.
2 points
Question 24

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.
Answer True
False
2 points
Question 25

The filing of a voluntary, but not an involuntary, petition operates as an automatic stay.
Answer True
False
2 points
Question 26

An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court.
Answer True
False
2 points
Question 27

John's son was not his agent but contracted to purchase a computer in the name of John. When John learned of this, John sternly rebuked his son but continued to use the computer for several weeks. After losing interest in the computer, John offered to return it, saying that the purchase was unauthorized. In this example, John;
Answer
is not liable on the purchase.
expressly ratified the purchase.
is liable because all children have the apparent authority to contract for their parents.
ratified the purchase by his conduct.
2 points
Question 28

The usual method of creating an agency is by:
Answer
express authorization.
conduct.
operation of law.
ratification.
2 points
Question 29

The trustee may set aside transfers of debtor's property made within one year of the filing of the petition if the transfer was made to defraud creditors.
Answer True
False
2 points
Question 30

An agent acting under a power of attorney is referred to as an;
Answer
impostor.
attorney-in-fact.
broker.
authority with interest.
Customer: replied 3 years ago.
r u answering these last questions I will add a movement
Expert:  Richard replied 3 years ago.

Sorry about that...these weren't in the original posting

 

23. General

24. True

25. True

26. True

27. Ratified by conduct

28. Express authorization

29. True

30. Atty in fact.

 

There you go. :)

Richard, Attorney
Category: Business Law
Satisfied Customers: 46167
Experience: 32 years of experience practicing law and a businessman.
Richard and 4 other Business Law Specialists are ready to help you

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