31

Perfect Painters submitted a bid to paint the dorm rooms at State University during the summer. State Law requires that all bidders for state contracts post a bond protecting the state against loss if the bidder fails to perform within the contract time. The kind of bond Perfect Painters will post is a _______________bond.

1. Fidelity
2. Mechanic's
3. Performance
4. Artisan's

0.5 points

QUESTION 32

If a judgment for dollar damages is not paid, the judgment creditor may apply for a ______.

1. Default judgment.
2. Writ of Execution.
3. Writ of Habeas Corpus.
4. Writ of first refusal.

0.5 points

QUESTION 33

A ________ promises to be liable to the creditor only in the event that the surety refuses to perform and thereby defaults.

1. Debtor.
2. Co-surety.
3. Subsurety.
4. obligee.

0.5 points

QUESTION 34

A ________ is a party who limits his or her promise to a single transaction or to a single creditor.

1. General guarantor.
2. Special guarantor.
3. Creditor.
4. Obligee.

0.5 points

QUESTION 35

An ______ is entered by the bankruptcy judge when he or she finds that the debtor is entitled to the protection of the bankruptcy law.

1. Order of default.
2. Notice of removal.
3. Order of relief.
4. Judgment.

0.5 points

QUESTION 36

The purpose of the automatic stay is to prevent

1. Debtors from hiding personal property.
2. Creditors from collecting on debts.
3. Creditors from filing involuntary bankruptcy petitions
4. Creditors from converting a Chapter 11 into a Chapter 7

0.5 points

QUESTION 37

To be eligible for Chapter 13, an individual must

1. Have a regular income
2. Have unsecured debts of $336,900 or less
3. Complete the mandatory consumer creditor counseling class.
4. All of the above

0.5 points

QUESTION 38

Several years ago, Kmart reorganized its business operations under bankruptcy protection. Under which chapter of the Bankruptcy Code did it file?

1. Chapter 5
2. Chapter 7
3. Chapter 11
4. Chapter 13

0.5 points

QUESTION 39

Sarah Smith has just received a negotiable bill of lading. Which of the following terms must it contain to be negotiable?

1. "deliver to bearer""
2. deliver to the order of Sarah Smith
3. ""deliver to Sarah Smith"
4. Either a or b will create negotiability.

0.5 points

QUESTION 40

Sue, a resident of Maryland, and her cousin David, a resident of Arkansas, are arguing over who has title to land located in Massachusetts. The land had belonged to their grandfather, who was a resident of Florida when he died. Under conflict of laws, the state whose laws will be used to determine ownership is

1. Maryland, where Sue lives
2. Arkansas, where David lives
3. Massachusetts, where the land is located.
4. Florida, where the decedent lived.