Questions from Business Law

Q: Place the following in order for a bankruptcy proceeding: a

Place the following in order for a bankruptcy proceeding: a. Order of relief b. Collection of bankrupt’s estate c. List of creditors d. Petition e. Evaluation of claims f. Voidable preferences g. Disc...

Q: Dozier and his wife, daughter, and grandson lived in the

Dozier and his wife, daughter, and grandson lived in the house Dozier owned. At the request of the daughter and grandson, Paschall made some improvements to the house. Dozier did not authorize these,...

Q: Hall-Mark regularly supplied electronic parts to Peter Lee. On

Hall-Mark regularly supplied electronic parts to Peter Lee. On September 11, 1992, Lee gave Hall-Mark a $100,000 check for parts it had received. Hall-Mark continued to ship parts to Lee. On September...

Q: Orso, who had declared bankruptcy, received a structured tort settlement

Orso, who had declared bankruptcy, received a structured tort settlement in a personal injury claim he had pending. The settlement would pay him an annuity each year for 30 years because the claim was...

Q: Harold McClellan sold ice-making machinery to Bobbie Cantrell ’ s

Harold McClellan sold ice-making machinery to Bobbie Cantrell ’ s brother for $200,000 to be paid in installment payments. McClellan took a security interest in the ice machine but did not perfect it...

Q: George S. Avery signed a letter regarding the unpaid balance on

George S. Avery signed a letter regarding the unpaid balance on a $20,000 promissory note owed to Jim Whitworth in the form of a letter addressed to Whitworth stating: “ This is your note for $45,000....

Q: Jane Leeves declared voluntary Chapter 7 bankruptcy. The trustee included the

Jane Leeves declared voluntary Chapter 7 bankruptcy. The trustee included the following property in her bankruptcy estate: • Jane ’ s wedding ring • Jane ’ s computer for her consulting business tha...

Q: Kentile sold goods over an extended period of time to Winham.

Kentile sold goods over an extended period of time to Winham. The credit relationship began without Winham ’ s being required to furnish a financial statement. After a time, payments were not made reg...

Q: D. Erik Von Kiel obtained loans from the U.S

D. Erik Von Kiel obtained loans from the U.S. Department of Health & Human Services so that he could complete his education as an osteopathic physician. He works at the International Academy of Life (...

Q: Sonia, a retailer, has the following assets: a factory

Sonia, a retailer, has the following assets: a factory worth $1 million; accounts receivable amounting to $750,000, which fall due in four to six months; and $20,000 cash in the bank. Sonia ’ s sole l...