16. 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. (Points : 2) True False 17. Any individual can be a debtor under Chapter 7. (Points : 2) True False 18. Jean goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when (Points : 2) 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. 19. The term apparent authority is used when there is (Points : 2) 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. 20. All student loans are dischargeable in a Chapter 7 bankruptcy. (Points : 2) True False 21. Distribution of the debtor's assets must be made according to an order of priority. (Points : 2) True False 22. Which of the following is true? (Points : 2) An agent has the power to contract on behalf of a principal An employee generally does not have the power to contract on behalf of the employer An independent contractor controls work performed by the independent contractor All of the above are true 23. The filing of a voluntary, but not an involuntary, petition operates as an automatic stay. (Points : 2) True False
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