. 12. In a contract situation, when a principal is partially disclosed: The agent and principal are jointly liable on the contract b. The agent and principal are jointly and severally liable on the contract c. Only the agent is liable on the contract d. Only the Principal is liable on the contract 13. Piercing the corporate veil results in which of the following? The loss of limited liability b A criminal charge c. A dissolution of the partnership d. All of the above 1. 14. A principal/agent relationship is a type of fiduciary relationship. In its most basic terms, a fiduciary relationship is one of; a. Disclosure b. Competition c. Control d. Trust 15. What chapter of the Bankruptcy code contemplates a complete liquidation of all non- exempt property as opposed to reorganization and repayment? a. Chapter 7 b. Chapter 11 Chapter 12 d. Chapter 13 c. 16. What chapter of the Bankruptcy code contemplates a reorganization of a business pursuant to a plan approved by the Court? a. Chapter 7 b. Chapter11 c. Chapter 12 d. Chapter 13 17. A business owner who continues to operate a business during a bankruptcy reorganization is known as a a. Trustee b. Secured creditor c. Debtor in possession aleccion d. Owner at will