Question 19 (1 point)

Preferred shareholders:

Question 19 options:

	rank ahead of unsecured bondholders on a liquidation
	rank ahead of secured bondholders on a liquidation
	aren't entitled to dividends
	rank ahead of common shareholders on a liquidation

Question 20 (1 point)

A gratuitous reduction of debt:

Question 20 options:

	amounts to a breach of a major term of a contract
	should be supported by fresh consideration to be enforceable
	is a form of corporate borrowing
	must be in writing

Question 21 (1 point)

XYZ Ltd. is insolvent. It has $300,000.00 in assets to be distributed to the creditors. What is the order of payment of its creditors:

Question 21 options:

	secured creditors, then general creditors, then any surplus to the corporation
	preferred shareholders, then general creditors, then secured creditors
	common shareholder, then secured creditors,

Question 22 (1 point)

Brandon owns a large lot in a rural area. He wishes to subdivide it into 3 smaller lots. Brandon must:

Question 22 options:

	sign a deed or transfer
	obtain approval from the municipality the land is in
	obtain federal approval
	none of the above

ion 16 (1 point)

A Inc. contracts to build an office building for land developer B. A Inc. runs into unexpected difficulties and informs B that it is thinking of abandoning the project. However, B has already leased out large parts of the building. If A Inc. abandons the job, B will lose valuable time finding another builder to complete the project and will be in breach of leases he had made. To avoid these difficulties, B offers to pay A Inc. an extra $500,000.00 in order to complete construction on time. A Inc. accepts and completes on the agreed date. B may:

Question 16 options:

not refuse to pay the extra $500,000.00

ask for recession

claim breach of contract and seek damages

refuse to pay the additional sum because he received no consideration for his promise to pay

Question 55 (1 point)

The greatest interest one can have in land is the:

Question 55 options:

	Life Estate
	Adverse Possession
	Fee Simple
	Charge

Question 56 (1 point)

A leasehold estate is:

Question 56 options:

	an interest less than estate
	an estate in time
	obtained by Adverse Possession
	a form of life estate

Question 57 (1 point)

Saved

Zoning bylaws:

Question 57 options:

	regulate the use of land by owners
	subdivide property
	create rights of way
	create easements