Questions and Answers of Business Law Today

What is securitization and how did it contribute to the financial crisis?
What are liar loans and NINJA loans?
How is a security interest is created for personal property?
When is a security interest perfected?
What priorities exist when parties claim a security interest in the same property?
Sanchez bought a house for $100,000, paying $10,000 down and financing the balance through a local bank. As part of the closing costs, Sanchez was required to take out private mortgage insurance to
Robert and Sherrell Bergeron gave a first mortgage on their property to First Colonial Bank and a second mortgage to Ford Motor Credit Company. When the Bergerons were unable to pay the mortgage, the
When the Prestons took out a variable mortgage with the First Bank of Marietta, their interest rate was 9 percent. The agreement allowed First Bank to raise or lower the interest rate at any time,
The Woolseys ran a mink farm that was mortgaged to the State Bank of Lehi. The agreement included provisions that allowed acceleration and foreclosure if the Woolseys failed to pay their obligations
Bloom executed a real estate mortgage in favor of Lakeshore Commercial Finance Corporation on September 16. On October 4, Bloom executed another mortgage on the same described real e s tate in favor
Cramer’s mortgage contained a provision requiring her to pay monthly tax and insurance payments into an escrow account held by the bank in addition to principal and interest. Cramer paid the
Matthews Motors sold a Buick Riviera to Jenkins for $11,500. Matthews then borrowed money from Averysboro National Bank, using the Buick as collateral. When Matthews d e faulted on the loan, the bank
Giant Wholesale agreed to supply Hendersonville Food Center with groceries if the owner, William Page, would guarantee all debts incurred by Hendersonville. Page agreed, and a security agreement was
U.S. Electronics, a Missouri corporation with a place of business in DeKalb County, Georgia, borrowed money from a Missouri bank. The corporation gave the bank a security interest in all of its
Lallana bought a car on credit from a dealer who assigned the contract and the security agreement to Bank of America. When Lallana failed to make several payments, the bank repossessed the car.The
The Superior Savings Association, a reputable savings and loan institution with a long history of serving the Lithuanian community in Cleveland, owned a properly recorded first mortgage on a
In the Opening Case at the beginning of the chapter, Superior Savings owned a properly executed and legally recorded mortgage on the building at 6802 Superior Avenue in Cleveland. The mortgagee,
The U.S. Constitution gives state courts jurisdiction over bankruptcy proceedings. True/False
In 2005, Congress made it easier to declare bankruptcy by enacting far-reaching changes to the Bankruptcy Code. True/False
A core issue is one that clearly involves the approval or disapproval of a creditor’s claim. True/False
Congress no longer allows debtors to maintain a minimum standard of living by exempting certain necessary items of property. True/False
Under Chapter 7 Bankruptcy, debtors are forced to sell most of their property and use the cash to pay their creditors a portion of the amount owed each one. True/False
The Bankruptcy Code allows states to use a list of exemptions created by the state legislature rather than the federal exemptions. True/False
Chapter 11 of the Bankruptcy Code provides a method for businesses to reorganize their financial affairs and still remain in business. True/False
The automatic stay provision found in Chapter 7 of the Bankruptcy Code is not used in Chapter 11 proceedings. True/False
A trustee is appointed to run the firm when a business files a Chapter 11 bankruptcy petition. True/False
The Family Farmer or Fishing Business Debt Adjustment Act is designed to help farming and fishing proprietors create a plan for debt repayment while maintaining the family business. True/False
Like a filing under Chapters 7 and 11, a filing under Chapter 12 creates an automatic stay of the collection of most debts. True/False
Under a Chapter 12 bankruptcy plan, secured creditors must be paid at least the value of their collateral. True/False
A trustee oversees the Chapter 13 process. True/False
Sole proprietors can file bankruptcy under Chapter 13 of the Bankruptcy Code, but corporations and partnerships cannot. True/False
Under Chapter 13 of the Bankruptcy Code, secured creditors have approval powers of a repayment plan, but unsecured creditors do not. True/False
What is the history of bankruptcy law in the United States?
How is credit restored following bankruptcy?
What criteria are necessary to be eligible to file voluntarily for Chapter 7 bankruptcy?
What is the “means test” that is required for filing Chapter 7 bankruptcy?
What criteria are necessary for creditors to force debtors into involuntary bankruptcy?
What is the difference between an order for relief and an automatic stay ?
What are the federal exemptions debtors can exclude from the bankruptcy process?
Which debts have priority payment status under the Bankruptcy Code?
What is a Chapter 11 bankruptcy?
What are the requirements for Chapters 12 and 13 bankruptcy?
Robert Marrama filed for Chapter 7 bankruptcy. In his petition, he did not disclose a vacation home that he had placed in trust. When Marrama discovered that the case trustee was going to take the
Soon after the birth of their second child, misfortune fell on the lives of Kurt and Leah Lyons. Kurt got laid off, the landlord raised their rent, they received notice that their car was about to be
Lisa and William Leeper filed a Chapter 13 bankruptcy petition. One of the unsecured debts they listed on their bankruptcy petition was an amount owed to the Pennsylvania Higher Education Assistance
When a Florida court dismissed Nellie Cortez’s voluntary bankruptcy petition, it ordered her not to file another petition “under any chapter of the Bankruptcy Code for a period of twelve
Dyana Landrin was convicted of grand larceny after she admitted she took nearly $19,000 from the Community Mutual Savings Bank while she was employed as a teller. The county court ordered her to pay
Three creditors filed an involuntary bankruptcy petition against the Manchester Lakes Association, alleging that the association was not paying its bills when they came due. Manchester fought the
Finding itself in great financial difficulty, Fidelity Mortgage Investors filed a voluntary bankruptcy petition in a New York bankruptcy court. When the petition was filed, the automatic suspension
When the Rahls filed for bankruptcy, they attempted to exclude their entire silverware set from the bankruptcy sale by listing each piece at a value far under the $200 maximum allowed for each item
Dubuque stole more than $4,000 from his employer, U-Haul. He later pled guilty to “theft by unauthorized taking or transfer.” The court sentenced him to pay back the stolen money. When Dubuque
U.S. Truck Company, Inc., filed for a reorganization under Chapter 11 of the Bankruptcy Code. When the reorganization plan was presented for confirmation, one creditor objected to the plan. The
In the case of Stern v. Marshall , Anna Nicole Smith and her stepson, Pierce Marshall, found themselves at odds with one another over the estate of Smith’s late husband.The case, or series of
The financial crisis that hit the United States and the international community in the early 21st century disrupted lives, ended careers, and depleted personal fortunes. It also led to a
Lisa A. Bloch filed for bankruptcy relief, seeking a discharge of her student loan obligations. A 41-year-old woman with no dependents, Bloch attended a number of prestigious universities and
Carol and Michael Rothko created a limited liability company partnership named Rosewood Acres,LLC to buy, renovate, and flip second and third generation homes in Sarasota, Florida. For the first
An agency relationship is always consensual because the agent must agree to act for the principal. True/False
All fiduciary relationships are agency relationships but not all agency relationships are fiduciary relationships. True/False
Agency law is said to be sui generis , that is, a law unto itself. True/False
A disclosed principal is one whose identity is known by third parties dealing with that principal’s agent. True/False
A special agent is a person who is given broad authority to act on behalf of the principal in conducting the bulk of the principal’s business activity on a daily basis. True/False
A factor, or common merchant, is a special agent who is employed to sell merchandise consigned for that purpose. True/False
In obeying the instructions of the principal, the agent is duty-bound to remain within the scope of authority. True/False
When the agency agreement is silent, there are no implied obligations owed to the agent. True/False
If an agency relationship does not result from a contract, it is a gratuitous agency and the agent is a gratuitous agent. True/False
Most agency relationships are terminated when the parties have satisfied their contractual obligations. True/False
The termination of the agency agreement can never happen solely by operation of law. True/False
The principal has the duty to notify third parties with whom the agent has done business when the agency relationship has been terminated by the act of the parties. True/False
What are the different types of principals?
What are the different types of agents?
What is express authority? Implied authority? Apparent authority?
What are the duties of an agent to the principal?
What are the duties that a principal has in relation to an agent?
Who is entitled to a notice that an agency has ended?
What are the major electronic agency laws?
Kathy Tonkin and her six children were members of an organization known as the Life Tabernacle Church (Tabernacle). After 12 months within the Tabernacle, Tonkin left the church because she was
Many states have special statutes that list the defenses that can be used by the state to reassert its sovereign immunity. Because a state government can only act through its employees, some of these
Lou Sinclair, the owner, operator, and CEO of the Sinclair Security Firm, Inc., has over the last few years become increasingly concerned about the amount of workers’ compensation that he must pay
Employment-at-will has virtually disappeared as a legal doctrine in most states thanks to the development of wrongful discharge. True/False
Generally, collective bargaining agreements have eliminated grievance procedures as cumbersome and outdated because of the development of wrongful discharge. True/False
Fraud is no longer considered grounds for a lawsuit in any kind of wrongful discharge case. True/False
The Occupational Safety and Health Act is a model law created by the American Law Institute. True/False
The minimum wage is set by OSHA. True/False
The Immigration Reform Act of 1986 does not affect the job application process. True/False
Most states have eliminated workers’ compensation laws because they are too expensive to maintain. True/False
Under the Federal Unemployment Tax Act, all state unemployment compensation systems were dismantled. True/False
The Family Medical Leave Act provides for 12 weeks of paid leave for all employees in any 12-month period. True/False
The term affirmative action refers to a practice by which an employer actively pursues a policy that will reduce the effects of past discrimination in the workplace. True/False
American businesses working in other countries need not give U.S. citizens the same protection against discrimination under the Civil Rights Act as those afforded workers in the United States itself.
The Uniformed Services Employment and Reemployment Rights Act (USERA) is administered by the EEOC. True/False
Metadata is data about data. True/False
A social media policy must be given to the employees with the understanding that they will read and comprehend the details of the policy. True/False
The employer should reserve the right to make alterations in the social media policy as experience reveals situations and events that were not predicted by the original policy. True/False
What is the doctrine of employment-at-will?
What contractual situations fall outside employment-at-will?
What statutory situations fall outside employment-at-will?
What are the wrongful discharge exceptions to employment-at-will?
What is the after-acquired evidence rule?
What laws regulate employee working conditions?
What laws provide worker benefits?

Showing 300 - 400 of 1332