From the perspective of Texas, a California corporation is considered a foreign corporation.

Group of answer choices

True

False

Flag question: Question 61

Question 61

1pts

In approximately 50% of all bankruptcies no unsecured creditors receive any payments.

Group of answer choices

True

False

Flag question: Question 62

Question 62

1pts

The theories of product liability are mutually exclusive.

Group of answer choices

True

False

Flag question: Question 63

Question 63

1pts

An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court.

Group of answer choices

True

False

Flag question: Question 64

Question 64

1pts

Certain transfers of property by the debtor to a creditor within 90 days of filing may be set aside by the bankruptcy trustee as __________ transfers, and the transferred property recovered by the trustee.

Group of answer choices

preferential

preternatural

predetermined

preordained

Flag question: Question 65

Question 65

1pts

Regardless of whether all debts were disclosed in the petition, all debts are discharged in bankruptcy.

Group of answer choices

True

False

Flag question: Question 66

Question 66

1pts

The warranty of merchantability guarantees that the:

Group of answer choices

product is fit for the ordinary purposes for which it is sold.

party in question is a merchant.

product can be resold by the buyer if the buyer does not want to keep it.

product will remain fit for its normal use for the applicable statute of limitations period.

Flag question: Question 67

Question 67

1pts

A transfer made to a relative 6 months before filing a bankruptcy petition is most likely a preferential transfer.

Group of answer choices

True

False

Flag question: Question 68

Question 68

1pts

Nonprofit corporations are exempt from involuntary bankruptcy proceedings.

Group of answer choices

True

False

Flag question: Question 69

Question 69

1pts

Under the concept of ______, only the original parties to a sales contract could sue each other.

Group of answer choices

privity of contract.

exclusivity of contract.

privacy of contract.

priority of contract.

Flag question: Question 70

Question 70

1pts

The relatives of an individual who dies without a valid will may acquire title to the decedent's property through: __________.

Group of answer choices

the right of replevin.

the right of acquisition.

intestate succession.

testate succession.