Please assist with these

2:34 4 II ? C} X 1 try left 0 of 1 points Smith, a secured creditor of a debtor corporation, wants to appoint a receiver because the corporation failed to make a loan payment when due. Which of the following must Smith do? 0 Attempt to resolve the matter through a restructuring under the Companies' Creditors Arrangement Act before appointing a receiver. 0 Give the corporation reasonable notice before appointing a receiver. 0 First obtain a court order allowing the appointment of a trustee in bankruptcy. 0 Petition the court to force the corporation into bankruptcy proceedings before appointing a receiver. 0 Do all he can to avoid appointing a receiver. 2:34 4 II d\"? C} X 1 try left 0 of 1 points Fran and Carol have decided to go into business manufacturing and exporting specialty gizmos. In setting up the new business, they need start-up money. After having considered and rejected the idea of a bank loan, Fran and Carol decided to seek money from other sources. Which of the following would be the preferred option? Real estate mortgage Sale of corporate bonds Consignment Conditional sales agreement OOOOO Chattel mortgage 2:34 4 II d\"? C} 1 try left 0 of 1 points A voluntary bankruptcy requires 0 00 the debtor to make an assignment for the general benefit of his creditors and to prepare a statement of affairs. the debtor's lawyer to swear the statement of affairs is accurate. the creditor to appoint a trustee. the receiver to sell all the debtor's assets and distribute the proceeds to the creditors. the court to open a bankruptcy at the request of a secured creditor. 2:34 4 II d\"? C} X 1 try left 0 of 1 points Tom has declared bankruptcy several times, and it has been argued by past creditors that Tom's proclivity for bankruptcy is simply a mechanism to avoid paying his debts. If it is determined that the past creditors' assessment of Tom is correct, which of the following is false? 0 Tom may be fined or imprisoned as a result of his conduct. 0 Tom is abusing the process. 0 Performing a credit check will minimize a future creditor's risk from losses suffered as a result of dealing with Tom. 0 Tom will likely be granted an unconditional discharge from bankruptcy. Q It is unlikely that Tom will be granted an unconditional discharge by the courts. 2:34 4 II d\"? C} 1 try left 0 of 1 points Which of the following is true regarding bankruptcy offences? O O O The trustee in bankruptcy can only reverse transactions that are determined to be fraudulent preferences. A transfer of funds to one creditor over the others may be declared void. Settlements involve transfers of assets for fair market value. A settlement may be void if it can be established on a balance of probabilities that the settlement occurred within five years of the bankruptcy. Fraudulent preferences are presumed if the transfer was made within six months of the bankruptcy. 2:34 4 II d\"? C} 1 try left 0 of 1 points Bankruptcy proceedings involving corporations differ from those involving individuals. Which of the following is false regarding bankruptcy proceedings involving a corporation? 0 O A corporation must repay all creditors before being eligible for a discharge from bankruptcy. Corporations cannot restructure using a Division II consumer proposal under the Bankruptcy and Insolvency Act. A corporation undergoing the bankruptcy process must supply relevant information and financial documents similar in scope to those required from an individual declaring bankruptcy. Although the process for filing for bankruptcy is different between individuals and corporations, the discharge process is largely the same. Corporations often restructure under the Companies' Creditors Arrangement Act. 2:34 4 II d\"? C} X 1 try left 0 of 1 points When a creditor's interest in a secured transaction is fully protected against the sale of the goods or other creditors by registering the security obligation with a government agency, it is called 0 surety. 0 security through agreement. 0 attachment. 0 perfection through possession. O perfection through registration. 2:34 4 II d\"? C} X 1 try left 0 of 1 points What is the advantage of having a floating charge? 0 There is no penalty for failure to make repayment. Q It allows the purchaser to take the goods with the risk of a creditor's claim on the item. 0 It allows a corporation to freely sell items in the normal course of business without the encumbrance of a creditor's interest. 0 It allows the creditor the freedom to stop the sale of any goods. 0 It allows an unsecured investment. 2:34 4 II d\"? C} X 1 try left 0 of 1 points What is the role of a trustee in bankruptcy? O The trustee must preserve the debtor's property to ensure as little as possible ends up benefiting the creditors. O The trustee must preserve the debtor's property and sell it for the highest possible amount to provide the most benefit to the creditors. O The trustee must meet with the creditors to determine which one gets which piece of property. 0 The trustee must serve as a mediator to help the debtor and creditors reach an equitable settlement. 0 The trustee guides the debtor through bankruptcy with her best interest in mind. 2:34 4 II d\"? C} X 1 try left 0 of 1 points Hillary has over $1 000 000 in claims against her. She has fifteen unsecured creditors (five with claims of $50 000, five with claims of $25 000, and five with claims of $10 000) and three secured creditors (each with $200 000 in claims). Hillary decides to file a Division | proposal rather than risk bankruptcy. She and the trustee properly file all the required documentation. At a vote, one of the secured creditors approves the proposal. Of the unsecured creditors, all the highest claim creditors and all of the lowest claim creditors approve. Can the proposal go forward? 0 No, because no creditor can be forced to accept a proposal he did not personally approve. Yes, because a majority of all creditors approved the proposal No, because twothirds of the secured creditors did not approve the proposal Yes, but only for the unsecured creditors 0000 Yes, but only for the secured creditors 2:34 4 II d\"? C} X 1 try left 0 of 1 points Which of the following transactions is covered by the Sale of Goods Act? 0 A musician composing song 0 A restaurant serving food off the menu 0 An accountant filing taxes 0 A lawyer drafting a will 0 A painter painting a portrait 2:34 4 II d\"? C} X 1 try left 0 of 1 points Which of the following is false with regard to goods transferred under an agreement to sell? Sale of goods legislation does not apply to the future transfer of goods. 0 Title to the goods does not transfer immediately on the agreement being concluded. 0 Determining who has title is important, as risks are assigned based on who has title. 0 Parties to an agreement may assign risk contrary to the manner in which risk is assigned under sale of goods legislation. 0 A cost, insurance, and freight contract can override provisions of sale of goods legislation. 2:35 4 II d\"? C} X 1 try left 0 of 1 points In which of the following situations does the implied warranty of fitness not apply? 0 A buyer wants a longlasting light bulb and the salesperson suggests a brand. 0 A buyer is looking for a kayak that can double as a floatation device and mentions that desire to the salesperson. O A buyer wants a wood stain and makes a purchase based on the trade name. 0 A buyer is looking for a sharp knife and asks for a recommendation. 0 A buyer wants a sheer curtain and asks for a recommendation. 2:35 4 II d\"? C} X 1 try left 0 of 1 points If the purchaser of goods becomes bankrupt or a receiver of the purchaser has been appointed within 30 days of delivery of the goods, the seller 0 may recover and resell those goods. 0 must notify the buyer in all circumstances where he or she intends to resell the recovered goods. 0 will not have priority over the buyer's other secured creditors. will not be able to recover the goods. can only recover goods not yet delivered. 00 2:35 4 _. g X 1 try left 0 of 1 points Consumer protection legislation does not 0 concern the use of personal information. impose standards and responsibilities. deal with advertising. affect business practices. OOOO regulate goods purchased for resale. 2:35 4 II d\"? C} X 1 try left 0 of 1 points Which of the following is not a reason that consumer protection legislation exists? 0 Because consumers have less knowledge and understanding of the products they purchase than the seller 0 Because consumers had little recourse under the common law principle of caveat emptor 0 Because consumers have less bargaining power when dealing with large corporations 0 Because some corporations attempt to take advantage of consumers 0 Because consumers, as a small portion of the population, must be protected 2:35 4 II d\"? C} X 1 try left 0 of 1 points Back to Nature Inc. is marketing a new product as an all-natural cure for back pain. When a consumer advocacy lab tests the product, it finds three manufactured chemicals as part of the ingredients. Can the lab do anything about the product? No, because manufactured chemicals can still be considered natural 0 Yes, because the product is not all natural so it is not labelled accurately, as required by the Food and Drugs Act 0 Yes, because no medicine can cure most types of back pain 0 No, because natural products are not regulated by the government 0 Yes, because the product guarantees its effectiveness, which is contrary to the Competition Act 2:35 4 II d\"? C} X 1 try left 0 of 1 points Wanda owns a hardware store. She wants to sell various brands of hammers. Hammer Inc. refuses to allow her to purchase its hammers for resale unless she promises to sell only its hammers. Wanda wants to bring an action against Hammer Inc. for this requirement under the Competition Act. Assuming she can show that Hammer Inc.'s actions lessen competition, can she do this? 0 Yes, because the Act allows individuals to act against anticompetitive behaviour 0 No, because Wanda has the option to not buy Hammer Inc. hammers. O No, because Wanda's only recourse is to file a complaint with the commissioner of competition O No. because Hammer Inc. has the right to limit what products appear in the same store as its hammers 0 Yes, because consumers have the common law right to sue for anticompetitive behaviour 2:35 4 II d\"? C} X 1 try left 0 of 1 points Some useful products are hazardous. What is not required of a manufacturer or seller to preventing liability if a consumer is injured? 0 Detail improper uses to avoid 0 Place a warning label indicating the dangers of the product Make the product completely safe Make the product as safe as reasonably possible List proper use instructions OOO 2:35 4 II d\"? C} X 1 try left 0 of 1 points Which of the following is correct with respect to common restrictions on payday loans among regulating Canadian provinces? O Lenders need not be licensed. Q There is a requirement of allowing 90 days for a coolingoff period during which the consumer can cancel the transaction. 0 There is no requirement for the disclosure of all costs of borrowing. Q There is a maximum interest rate on the permitted cost of borrowing. Q There is a restriction on the advertising permitted by payday loan companies