R7&R8

Question 1

What type of oral contract for over $500 be unenforcable?

Answer 1

Contract for a sale of artwork

Question 2

What way can a debtor be petitioned into Ch.11 bankruptcy?

Answer 2

Voluntarily or Involuntary

Question 3

In what circumstance does security agreements need not to be in writing?

Answer 3

If the collateral is in the possession of the secured party

Question 4

What is similar about a shareholder in a publicly held corporation and owener in LP?

Answer 4

Both have the right to assign whole ownership interest

Question 5

What is a reason a debtor would be discharged?

Answer 5

Debtor failed to keep or preserve adequate books and records

Question 6

What is the parol evidence rule?

Answer 6

Prohibits evidence of prior oral or written agreements that seek to contradict the terms of a fully integrated contract.

Question 7

What is a partner in an LLP personally liable for and NOT liable for?

Answer 7

Liable for:

• Torts arising from his own negligence
• negligence of his direct subordinates

Not liable for: negligent actions committed by his partners