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Jurisdiction over bankruptcy proceedings is vested in the federal district courts.Answer TrueFalse2 pointsQuestion 2A copyright bestows upon the creator of an artistic or literary work a federal statutory right to exclusively;Answeruse the work.reproduce the work.display the work.All of the above2 pointsQuestion 3In a bankruptcy case, after all creditors have been paid, any balance is turned over to the debtor.Answer TrueFalse2 pointsQuestion 4A party working for and under the control of another and authorized to enter into contracts for that other person or entity is called an;Answeremployee.agent.independent contractor.attorney.2 pointsQuestion 5Jean goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when;Answera 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 pointsQuestion 6A trustee's authority to avoid enables it to set aside a sale or other transfer of the debtor's property.Answer TrueFalse2 pointsQuestion 7Craig 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 TrueFalse2 pointsQuestion 8The term apparent authority is used when there is;Answerno 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 pointsQuestion 9The issuing by a bankruptcy court of an order of relief relieves the debtor of immediate collection activities by creditors.Answer TrueFalse2 pointsQuestion 10The principal duty of a trustee is to liquidate a debtor's estate and distribute the money as quickly as possible.Answer TrueFalse2 pointsQuestion 11The debtor will be denied a discharge if:Answerthe 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 pointsQuestion 12An agent is under a duty to obey;Answerany 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 pointsQuestion 13It is possible, on a debtor's bankruptcy, that an unsecured creditor might receive nothing to cover the debt.Answer TrueFalse2 pointsQuestion 14A discharge will release a debtor from liability for willful and malicious injury to the property of another.Answer TrueFalse2 pointsQuestion 15A voluntary petition in Chapter 7 bankruptcy may be filed by a(n):Answerhusband and wife.railroad.insurance company.All of the above.2 pointsQuestion 16The main objective(s) of a bankruptcy proceeding is (are):Answerthe 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 pointsQuestion 17If 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 TrueFalse2 pointsQuestion 18A discharge in bankruptcy will prevent a debtor from ever obtaining another discharge in bankruptcy.Answer TrueFalse2 pointsQuestion 19Which of the following debts is not dischargeable in bankruptcy?AnswerJudgments 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 pointsQuestion 20In 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 TrueFalse2 pointsQuestion 21Distribution of the debtor's assets must be made according to an order of priority.Answer TrueFalse2 pointsQuestion 22An automatic stay:Answerarises 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
Here you go....:) Heading to dinner; will be back in a bit if you have any follow ups!
2. All of above
5. Creditors force debtor into bankruptcy
8. Appearance of authority by agent
11. Dont know this one...sorry
12. All lawful instructions
15. H and W
16. Both a and b
19. Judgment for willful/malicious injuries
22. Prevents creditors from taking action
When an agent is authorized to transact all activities in a particular business, that agent is;Answera general agent.a perfected agent.a special agent.a universal agent.2 pointsQuestion 24The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.Answer TrueFalse2 pointsQuestion 25The filing of a voluntary, but not an involuntary, petition operates as an automatic stay.Answer TrueFalse2 pointsQuestion 26An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court.Answer TrueFalse2 pointsQuestion 27John'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;Answeris 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 pointsQuestion 28The usual method of creating an agency is by:Answerexpress authorization.conduct.operation of law.ratification.2 pointsQuestion 29The 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 TrueFalse2 pointsQuestion 30An agent acting under a power of attorney is referred to as an;Answerimpostor.attorney-in-fact.broker.authority with interest.
There you go. :)
27. Ratified by conduct
28. Express authorization
30. Atty in fact.
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