ACC 575 ACC575 Week 4 Quiz

ACC 575 ACC575 Week 4 Quiz

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ACC 575 Week 4 Quiz

1. 

Simpson, Ogden Corp.'s agent, needs a written agency agreement to

2. 

Which of the following claims would have the highest priority in the distribution of a bankruptcy estate under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code if the petition was filed June 1, 2005?

3. 

A party who filed a security interest in inventory on April 1, would have a superior interest to which of the following parties?

4. 

Carr Corp. sells VCRs and video tapes to the public. Carr sold and delivered a VCR to Sutter on credit. Sutter executed and delivered to Carr a promissory note for the purchase price and a security agreement covering the VCR. 

Sutter purchased the VCR for personal use. Carr did not file a financing statement.

5. 

Your client, Sanitary Dairies, Inc., employs Harold Stone as a milk-truck driver. Stone negligently runs the truck into the car of Ronald Green, injuring Green, his wife, and damaging Green's car. Stone is also injured in the collision. Which of the following is correct?

6. 

When a valid contract is entered into by an agent on the principal's behalf, in a non-disclosed principal situation, which of the following statements concerning the principal's liability is correct?

7. 

A debtor is in default. The collateral consists of 100 cows described in the security agreement. Thirty cows were stolen through no fault of the debtor. Which of the following statements is correct concerning the secured party's rights due to the debtor's default?

8. 

Long Corp. is a real estate developer and regularly engages real estate brokers to act on its behalf in acquiring parcels of land. 

The brokers are authorized to enter into such contracts, but are instructed to do so in their own names without disclosing Long's identity or Long's relationship to the transaction.

9. 

Food Corp. owns a restaurant called The Ambers. The corporation president, T.J. Jones, hires a contractor to make repairs at the restaurant, signing the contract, "T.J. Jones for The Ambers." Two invoices for restaurant repairs were paid by Food Corp. with corporate checks. Upon presenting the final invoice, the contractor was told that it would not be paid. The contractor sued Food Corp. Which of the following statements is correct regarding the liability of Food Corp.?

10. 

A secured party is interested in perfecting his or her security interest. Which of the following statements is correct?

11. 

Which of the following statements is correct?

12. 

Posadas USA, Inc. owned a Holiday Inn in Dallas. Garza was staying at the Inn when an employee, Macias, gave her a ride to DFW in the Holiday Inn van. Unfortunately, Macias had been out partying all night the night before and fell asleep at the wheel. This caused a wreck that severely injured Garza. She sued Posadas. Which of the following is true?

13. 

Rich purchased property from Sklar for $200,000. Rich obtained a $150,000 loan from Marsh Bank to finance the purchase, executing a promissory note and a mortgage. By recording the mortgage, Marsh protects its

14. 

Ace engages Butler to manage Ace's retail business. Butler has the implied authority to do all of the following, except

15. 

Creditor A agreed to loan Debtor D the money for the purchase of inventory. Debtor D signed a security agreement on October 1. Creditor A filed a financing statement on the goods on October 2. The inventory was shipped FOB place of shipment on October 5. When did the security interest attach?

16. 

Which of the following requirements must be met for creditors to file an involuntary bankruptcy petition under Chapter 7 of the Federal Bankruptcy Code?

17. 

Part agrees to act as Young's agent to sell Young's land. Part is instructed to disclose that he is acting as an agent but not to disclose Young's identity. Part contracts with Rice for Rice to purchase the land. After Rice discovers Young's identity, Young refuses to fulfill the contract.

18. 

Under the UCC Secured Transactions Article, which of the following conditions must be satisfied for a security interest to attach?

19. 

When a principal debtor defaults and a surety pays the creditor the entire obligation, which of the following remedies gives the surety the best method of collecting from the debtor?

20. 

By signing a reaffirmation agreement on April 15, 2008, a debtor agreed to pay certain debts that would be discharged in bankruptcy. On June 20, 2008, the debtor's attorney filed the reaffirmation agreement and an affidavit with the court indicating that the debtor understood the consequences of the reaffirmation agreement. The debtor obtained a discharge on August 25, 2008.


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