Logan purchased a small business from Charles Xavier for $300,000. To pay for the purchase he borrowed $250,000 from the Magneto Bank. He expected the business to do very well and made various purchases by charging them to his credit card. Very quickly, he built a $24,000 credit card debt. He soon maxed out his credit card, but still wanted to purchase a few more additional items for his home, so used his Line of Credit to do so. Very quickly, the debt on his Line of Credit grew to $15,000. His 2003 Honda Civic started to give him problems, so rather than repair the car he decided to purchase a new Tesla. He financed this purchase with a $60,000 loan from X-Men Auto Financing. Before the end of the year, business started to go badly and he was earning very little revenue. He had trouble making payments to his creditors. To deal with this cash flow issue, he paid his mortgage regularly, but only made sporadic payments to the auto financing company and on his Line of Credit and credit card debt. This did not solve his money problems and feared that he would soon go bankrupt. To minimize his losses, he sold his car for cash and put half of the money in a bank which is located in another province and the other half he transferred to his wife. A few days later, he bought 2 one way tickets to Wakanda and made plans to move there. His creditors immediately attempt to petition him into Bankruptcy. Which of the following is true? a. As he has not voluntary assigned himself into bankruptcy, his creditors will have to wait for him to voluntarily pay his debts. b. He is legally married. As such, he can transfer whatever he wants to his wife without issue. c. He has committed some Acts of Bankruptcy, but not enough to be petitioned into Bankruptcy. d. As he owes more than $1000 and has committed an Act of Bankruptcy within the last 6 months, he may be petitioned into Bankruptcy. e. Both A&C None of the above Question 3 (1 point) Saved Listen Claire required a reference for a new job. She asked for a letter from her former employer, Alice. Alice wrote that Claire was honest, hard-working, intelligent and pleasant, and would do best in a job with considerable direction and supervision. Since Claire had applied for work in outside sales, she was turned down as the job needed an independent self-starter. Claire sued Alice for libel. Alice could successfully argue that she had written the letter in good faith and only said what she honestly believed to be true. Unless Alice can prove the truth of what she wrote. Claire will win. Even if what Alice said was true, Claire will win since, if she was not willing to write only positive things, Alice should have declined to write at all. Alice could successfully raise the defence of absolute privilege Question 9 (1 point) ) Listen Rick has agreed to sell a shipment of cowboy hats to Walker Inc. He deliver the hats to Walker's warehouse on April 1st and the company promises to pay Rick later that month. Rick noticed that the warehouse was completely empty except for his shipment. Walker Inc. is petitioned into bankruptcy on April 15th and does not pay Rick for the goods. Which of the following is true? As an unpaid supplier, Rick may reclaim identifiable goods that were delivered within 30 days of the bankruptcy proceedings. As an unpaid supplier, Rick should immediately sue for payment As an unpaid supplier, Rick has no rights and should write off his losses immediately None of the above All of the above