1) The 5th Amendment to the US Constitution was written to protect the people from:

a) the power of the government

b) the power of rich people

c) the power of large corporations

2) Chapter 11 of the US Bankruptcy Code was designed to

a) allow a company to completely liquidate its assets and payoff creditors with the proceeds.

b) allow individual debtors to pay a portion of their debt over an extended period - usually 3 or 4 years.

c) allow businesses to "reorganize" their debt obligations by getting creditors to forgive a portion of debt owed, so the company can stay in business.

3In the State of Washington, a person can create a valid Will by writing it out in her own handwriting, then signing it and dating it.

True False

4 In 2015, Sensa inherited a house in Seattle from her mother, completely paid for, and a stock-brokerage account with $100,000 in it. The investment earnings from the brokerage account are enough to pay for the property taxes and maintenance on the house. In 2020, Sensa marries Antonio, and they both live in the house together. Antonio now has a "Community Property" claim to half the ownership of the house.

True False

5

Mark wrote a Will in 2010 at his lawyer's office, signed by two witnesses, in which he named his sister Judy to inherit Mark's house on Alki Beach, which is worth almost $ 1 Million. In February, 2020, Mark caught the "Covid-19 coronovirus" and had to be treated at Swedish Hospital for three weeks. Mark told his favorite nurse Georgina that he was so thankful for her wonderful care that he was going to give her his Alki Beach house if he died. Unfortunately, Mark did die that same week! Who gets the house?

a) Mark's sister Judy, because Mark mentioned her first.

b) Georgina, because that was Mark's last wish.

c) Mark's sister Judy, because the Will was valid.

BUS 201