Alcorn State University Bankruptcy Law Essay and Multiple Choice Questions

Question Description

Questions are from

Secured Transaction, Bankruptcy, Agency Formation and duties, Personal property and bail outs.

Answers for essay question should be precise, should stay on point.

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ESSAY QUESTIONS I. Ames, an agent for Baker Antiques, had the authority to purchase early 20th century American furniture costing a maximum of $1500.00 per piece. Ames bought a 19th—century French desk for $3000.00 from Carter. Baker was furious when she saw the desk, and she fired Ames. Nevertheless, she put the desk on display in the shop with a $5000.00 price tag. When the best offer she got for the desk was $2500.00, Baker returned the desk to Carter. Baker told Carter that Ames had exceeded his authority in purchasing the desk, and she demanded that Cater refund the $3000.00 that Ames had paid for the desk. Will Carter have to do so? II. Is student loan debt dischargeable in bankruptcy proceedings under chapter 7? What are the arguments for an against the proposition the student loan debt should or should not be discharged in bankruptcy. III. John and Mary who are unmarried wish to buy a house together. Both parties want the house to be owned 50% each and for the house to pass to the other (survivor) in case of either of their deaths. What kind of tenancy should be establish and what requirements have to be met? IV. Explain the difference between Chapter 7 (liquidation); Chapter 11 (reorganization) and Chapter 13 (Wage Earner) under the Bankruptcy Code. Is bankruptcy a state or Federal law. 1. An example of intangible personal property is: a. b. c. d. 2. a patent a fractional interest in furniture a fractional interest in a condominium natural gas A gift made in contemplation of death is called a gift a. inter vivos b. revocable c. not really a gift d. causa mortis 3. Which of the following forms of cotenancy does have the right of survivorship. a. joint tenancy b. tenancy in common c. universal tenancy d. community property. 4. The scope of an agent’s authority may be determined from the: a. express words of the principal b. words or deeds of the principal c. customs of the trade or business. d. all of the above. 5. A seller sells on credit and is given a security interest in the goods, that interest is called: a. a purchase money security interest. b. a future transaction. c. floating lien d. none of the above. 6. Goods held for sale or lease are: a. inventory. b. equipment c. consumer goods d. none of the above. 7. A security interest that is effective against third persons as well as against the buyer is called: a. universal security interest. b. prohibitive security interest c. perfected security interest d. protective security interest. 8. In Texas a security interest in a motor vehicle to be noted on the title certificate, the security interest is perfected: a. by the certificate notation. b. by filing under he UCC c. either by the certificate notation or by the UCC filing d. none of the above. 9. Barry and Eldridge owned Blueacre as tenants in common. Eldridge died. Blueacre is owned : a. solely by Barry because of the survivorship feature. b. jointly by Barry and the state because of escheat. c. by Barry and Eldridge’s heirs. d. solely by Eldridge’s heirs. 10. What is the purpose of the financing statement (UCC1) a. to meet UCC accounting requirements under Article 9 b. to create the security interest. c. to amend the security agreement. d. to alert third persons that a creditor has a security interest in certain collateral 11. Computer programs are subject to protection in the US under: a. copyright laws. b. patent laws. c. trade secret laws. d. all of the above. 12 A debtor is presumed to be insolvent on and during what number of days immediately preceding the date of the filing of a bankruptcy petition. a. b. c. d. 30 60 90 120 13. The Uniform Durable Power of Attorney Act: a. states that insanity of the principal terminates the agency. b. states that an agency cannot be terminated by the principal c. proves for a power of attorney in the event of disability. d. has be adopted by only a few states. 14. An agent acting under a power of attorney is referred to as a (n) a. attorney-in-fact b. broker c. authority with interest. 15. The term “apparent authority” is used when there is: a. no interaction between the principal and third persons b. actual authority. c. only the appearance of authority and that appearance of authority was created by the principal. d. only the appearance of authority and that appearance of authority was created by the agent. 16. When an agent is authorized to transact all activities in a particular business, that agent is: a. a general agent. b. a perfected agent. a. imposter c. d. a special agent. a universal agent …

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