Question

1. At her neighbor's garage sale, Constance buys 2 living room couches and a coffee table...

1. At her neighbor's garage sale, Constance buys 2 living room couches and a coffee table for $250, which she uses to replace the broken furniture at home. Unbeknownst to Constance, the neighbor still owed money to All Purpose Furniture, Inc., where he had purchased the furniture on credit. If All Purpose informs Constance that she must return the furniture because they have a security interest in the collateral


Select one:

a.


They are partially correct; Constance must pay half of what the neighbor owes and he must pay the rest.

b.


They are incorrect; Constance takes the furniture free of All Purpose's security interest because she is a buyer in the ordinary course of business.

c. They are correct; Constance took the furniture at her own risk & is subject to All Purpose's security interest.

d.

They are correct; a perfected security interest takes priority.




2. After Mafioso Bank repossesses Malik’s yacht, but before it sells the yacht at auction, Cousin Bubba agrees, as a gift to Malik, to pay off the balance of Malik’s debt to Mafioso, including Mafioso’s expenses of repossession. Cousin Bubba’s generosity is a

Select one:
a.
Redemption.
b.
Private purchase of the yacht that Bubba now owns.
c.
Way to keep Malik forever in his debt.
d.
Foreclosure.


3. Island Breeze Company designs and manufacturers desk fans. Little Billy Brady and his 5-year-old twin brother were injured when they removed the cover of the fan and used it to as a “gun” to shoot marble “bullets” at each other. In a product liability suit, Island Breeze’s best defense is
Select one:
a. the design of the fan.
b. the manufacturing of the fan.
c.
Billy and his brother were knowledgeable users.
d. Billy and his brother's unforeseeable misuse of the fan.



4. Morticia sells her waterfront property, worth $2 million, to Fester, Inc. in exchange for stock of the same price. Later, Fester's shareholders learn that the property was only worth $1 million. Which of the following is true?
Select one:
a. Morticia must pay Fester Inc. the difference in price between the value of the property when she purchased it and the value of the property when she sold it to Fester Inc. in exchange for shares of stock.
b. Nothing happens. The parties are free to contract and Morticia made a good deal whereas Fester, Inc. made a bad deal.
c. Morticia must pay Fester Inc. the difference in price between the value of the property and the value of the stock she received.
d. Fester Inc. must sell the waterfront property and give the proceeds to Morticia.


Homework Answers

Answer #1

Answer 2:

Option A is the correct answer

a. Redemption

Explanation:

Due to cousin bubba's generosity, Malik was capable to clear his balance.
People who have defaulted on their debts the capability to mend their property by giving the balance due before the foreclosure method starts(As per the right of redemption).

Answer 3:

Option D is the correct answer

d. Billy and his brother's unforeseeable misuse of the fan.

Explanation:

Because they separated the cover of the fan and practiced it as a “gun” to shoot marble “bullets” at each other. This is not the meant usage of the product. Accordingly, outcomes can be justified as unforeseeable misuse of the fan.

-------------------------------

-------------------------------

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Liam, an international student from Ireland, has a Form W-2 that shows amounts withheld for...
1. Liam, an international student from Ireland, has a Form W-2 that shows amounts withheld for Social Security and Medicare taxes. Laim is an F-1 nonresident alien for tax purposes. Which form should he file to receive a refund of these taxes once attempts to obtain a refund through his employer have failed? a. Form 843 b. Form 8233 c. Form 8880 d. Form 8962 2. Carlos and Sophia are from Mexico. Carlos is a scholar at a local university...
QUESTION 1 A contract induced by improper threats or undue influence is void. True False 1...
QUESTION 1 A contract induced by improper threats or undue influence is void. True False 1 points    QUESTION 2 A contract made by a person under guardianship is voidable. True False 1 points    QUESTION 3 A contract with a minor remains in force unless the minor decides that he or she does not wish to be bound by it. True False 1 points    QUESTION 4 A person who was intoxicated at the time he made a contract...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such as national defense. (ii) clean up negative externalities such as water pollution. (iii) regulate a common resource such as fish in a public lake. (iv) provide goods with positive externalities such as medical research. A) (ii) only B) (ii) and (iii) only C) (i), (ii), and (iii) only D) (i), (ii), (iii), and (iv) 2.A person's tax liability refers to A) the percentage of...
Question 61 Cal plans to open a small business marketing consulting firm operating as a corporation....
Question 61 Cal plans to open a small business marketing consulting firm operating as a corporation. He signed an office lease with landlord as Marketing Priorities, Inc. prior to incorporating the business. Shortly thereafter, he gave up the consulting idea and took a job teaching. Is Cal personally liable on the lease? ? Question 62 The principal of a company co-mingled his business expenses and personal expenses. That is, he used business profits to pay his ex-wife’s alimony. When the...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
1. Summarize in a few sentences what Ayers found about pricing strategies in car markets. 2....
1. Summarize in a few sentences what Ayers found about pricing strategies in car markets. 2. Do you think that this is a profit maximizing strategy? Do you think this is an appropriate and reasonable strategy for businesses to undertake it it increases their profits? 3. Can you think of other goods or services that could be - or are - priced the same way? Check out the article on discrimination in coffee shops "Waiting for Good Joe" for some...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events that took place at Enron and how the situation could have been dealt with differently to prevent further damage? THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT