26. At an auction, Ben bids on a 1957 Chevy coupe, believing that it is a rare edition, and worth more than the price asked. When the car proves to need more repairs than Ben estimated, and thus is worth less as is, Ben is

a. still liable on the bid.

b. not liable on the bid because he underestimated the cost of repairs.

c. not liable on the bid because the auctioneer misrepresented the value.

d. not liable on the bid because the need for repair is not a material fact.

39. Dana operates Energy Inc., a corporation in the fuel-supply business. Dana wants to make a plan under which the firm pays a portion of its debts, is discharged of the remainder, and is allowed to continue in business during bankruptcy. Energy should file a petition in bankruptcy for relief through

a. a liquidation.

b. a reorganization.

c. a repayment plan.

d. an adjustment of debts.

40. Norma files a petition in bankruptcy. She turns her assets over to Desmond Stroheim, who allows her to keep some assets, and sells the rest of them. Desmond then distributes the sale proceeds to Norma's creditors. Desmond is

a. a secured creditor.

b. an asset plan manager.

c. a bankruptcy trustee.

d. Norma's chauffeur.