A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold.

QUESTION 1

1. A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold.

   		Fraud in the inducement.
   		Blue Sky transfer.
   		Sale under duress.
   		Sham sale.

QUESTION 2

1. ________ of a security interest provides protection to secured parties from third parties who may later make claims against the secured collateral.

   		Establishment.
   		Enforcement.
   		Attachment.
   		Perfection.

QUESTION 3

1. Which of the following is not a benefit of a PMSI?

   		A PMSI in consumer good is automatically perfected.
   		A PMSI creditor in consumer goods can keep the goods in strict foreclosure over the objections of the debtor.
   		A later creditor with in PMSI in inventory can get priority over an earlier creditor with a floating lien in the inventory if proper procedures are followed.
   		A later creditor with a PMSI in non-inventory can get priority over an earlier non-PMSI creditor in the same collateral if proper procedures are followed.

QUESTION 4

1. If a foreclosure sale is commercially reasonable but does not produce enough to satisfy the debtor's debts, the _______ is liable for any deficiency.

   		Debtor.
   		Creditor.
   		Bank.
   		Federal Government.

QUESTION 5

1. Whatever is received when collateral is sold, exchanged, collected or otherwise disposed of is known as the _________.

   		Proceeds.
   		Acquisition costs.
   		Purchase money.
   		Future advance.