14) On January 5, Gringotts Bank took a security interest in Dumbledore's entire inventory & after-acquired inventory, and perfects immediately. On February 5, Dumbledore purchases New Inventory on credit from Voldemort, who immediately perfects his security interest and notifies Gringotts before Dumbledore receives the New Inventory. If Dumbledore defaults on both loans, who has the best claim to the New Inventory?

Select one:

a. Gringotts Bank because its security interests include an after-acquired property clause.

b.Gringotts Bank because its interest was first to perfect.

c. Voldemort because he hasPMSI which he perfected. & notified Gringotts before Dumbledore took possession.

17) Leora files a suit against Moira, a medical doctor, alleging negligence because her baby is born with a birth defect. Leora may recover

Select one:

a. actual damages, punitive damages, and damages for pain and suffering.

b. only actual damages but not damages for pain and suffering.

c. both actual and punitive damages but not damages for pain and suffering.

21) Acme, Inc. has 5,000 outstanding shares of voting stock. Its Bylaws set the quorum at 50% of outstanding shares. If the Board of Acme, Inc. is considering merging with Lekme, Inc., a quorum of shareholders owning ________ shares must be present to vote.

Select one:

a.5000

b.1,250

c.2500

22) Ivanka, Jared, and Donny are partners but do not get along. They do not have a written Partnership Agreement. If a dispute arises

Select one:

a.The Uniform Partnership Act will apply.

b.The Partnership will be dissolved as a matter of law for violating the UPA which requires written Partnership Agreements.