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KellyV2012
KellyV2012, Bachelor's Degree
Category: Multiple Problems
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Experience:  BS in Business Administration: Options in Accounting & Finance
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21. Johns son was not his agent but contracted to purchase

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21. 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 (Points : 2)
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.


22. 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. (Points : 2)
True
False


23. In a bankruptcy case, after all creditors have been paid, any balance is turned over to the debtor. (Points : 2)
True
False


24. 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. (Points : 2)
True
False


25. In general, the claims of all of the creditors of an estate must be satisfied before any remaining amounts can be given to the debtor. (Points : 2)
True
False


26. In rehabilitation plans, a debtor: (Points : 2)
keeps all the assets (exempt and nonexempt).
remains in business.
makes a settlement that is acceptable to the majority of the creditors.
all of the above.


27. A voluntary petition in Chapter 7 bankruptcy may be filed by a(n): (Points : 2)
husband and wife.
railroad.
insurance company.
all of the above.


28. An agent's duty of loyalty to the principal is breached by (Points : 2)
the agent accepting a secret gift from a third person in connection with the agency.
the agent acting as agent for both parties to a transaction without disclosure.
the agent aiding a principal's competitors.
all of the above


29. Which of the following debts is not dischargeable in bankruptcy? (Points : 2)
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


30. A discharge does not release a person from a consumer debt to a single creditor aggregating more than $500 for luxury goods or services if they have been incurred within how many days of the order for relief? (Points : 2)
10
20
60
90
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  KellyV2012 replied 2 years ago.

Hi,

 

Please download the answer below.

 

http://www.box.com/s/0c8fbc6efb4642132863

 

Thanks,

KellyV2012, Bachelor's Degree
Satisfied Customers: 308
Experience: BS in Business Administration: Options in Accounting & Finance
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