Question 1

In a secured transaction pursuant to the Personal Property Security Act, etc., what is the purpose of a registration?

Accepted Answer

The purpose of registration is to notify

Question 2

Settlements involve the transfer of assets for nominal or no consideration.

Accepted Answer

A) True 
 B)False

Question 3

Hank sold three properties for Mr. W and had been paid his commission for the first, but not for the last two. Hank had done everything according to the contract and according to the relevant statutes, but Mr. W wouldn't pay. Hank knows that Mr. W has a bank account with the Bank of Winnipeg and has money owing to him from a Mr. Gregory. With regard to the collecting of the debt owed, which of the following is false?

Accepted Answer

A)  Hank could sue Mr. W for breach of contract. 
B)  After obtaining judgment, Hank could force the bank to pay into court an amount of money from Mr. W's account to satisfy the debt. 
C)  Hank's claim for commission is unenforceable because he failed to secure the debt by retaining title until the amounts were paid. 
D)  If Hank got judgment against Mr. W, he could get an order commanding seizure of enough of Mr. W's goods to satisfy the judgment debt. 
E)  If Mr. W goes into bankruptcy, Hank may not get paid. 
A)  Hank could sue Mr. W for breach of contract. 
B)  After obtaining judgment, Hank could force the bank to pay into court an amount of money from Mr. W's account to satisfy the debt. 
C)  Hank's claim for commission is unenforceable because he failed to secure the debt by retaining title until the amounts were paid. 
D)  If Hank got judgment against Mr. W, he could get an order commanding seizure of enough of Mr. W's goods to satisfy the judgment debt. 
E)  If Mr. W goes into bankruptcy, Hank may not get paid.

Question 4

When the transaction is registered, the creditor's rights include all of the following except

Accepted Answer

A)  contractual remedies upon default. 
B)  the right to seize the security. 
C)  the right to resell the security. 
D)  the right to sue the debtor rather than seize security. 
E)  the right to order the debtor arrested or detained. 
A)  contractual remedies upon default. 
B)  the right to seize the security. 
C)  the right to resell the security. 
D)  the right to sue the debtor rather than seize security. 
E)  the right to order the debtor arrested or detained.

Question 5

A continuing guarantee

Accepted Answer

A)  allows a creditor to advance further funds without affecting the obligation of the guarantor to pay in the event of default. 
B)  is a primary obligation of a third party to pay a debt along with a debtor. 
C)  is a written commitment not to pursue a legal claim against another. 
D)  is an equitable principle assuring that when security is repossessed, there will be a period of time during which the debtor can still make payment. 
E)  allows a breaching party to pay an amount specified in a contract, rather than facing a lawsuit for damages. 
A)  allows a creditor to advance further funds without affecting the obligation of the guarantor to pay in the event of default. 
B)  is a primary obligation of a third party to pay a debt along with a debtor. 
C)  is a written commitment not to pursue a legal claim against another. 
D)  is an equitable principle assuring that when security is repossessed, there will be a period of time during which the debtor can still make payment. 
E)  allows a breaching party to pay an amount specified in a contract, rather than facing a lawsuit for damages.

Question 6

What is the effect on a corporation when it goes bankrupt?

Accepted Answer

If it goes through the bankrup

Question 7

Which one of the following statements about bankruptcy is true?

Accepted Answer

A)  Bankruptcy law is different in every province of Canada. 
B)  Bankruptcy refers to a situation in which a debtor who cannot pay debts transfers his assets to the creditors directly. 
C)  Bankruptcy law forces a debtor to pay all his debts, regardless of his financial position. 
D)  All creditors of a bankrupt debtor are treated equally and will receive shares of the assets directly in proportion to how much is owed to each of them. 
E)  A debtor who has been discharged from bankruptcy is free from recovery proceedings from most of his unsecured creditors previous to bankruptcy. 
A)  Bankruptcy law is different in every province of Canada. 
B)  Bankruptcy refers to a situation in which a debtor who cannot pay debts transfers his assets to the creditors directly. 
C)  Bankruptcy law forces a debtor to pay all his debts, regardless of his financial position. 
D)  All creditors of a bankrupt debtor are treated equally and will receive shares of the assets directly in proportion to how much is owed to each of them. 
E)  A debtor who has been discharged from bankruptcy is free from recovery proceedings from most of his unsecured creditors previous to bankruptcy.

Question 8

What alternatives are available to the bankruptcy process?

Accepted Answer

The Bankruptcy and Insolvency Act allows

Question 9

Which of the following statements regarding the securing of debt is true?

Accepted Answer

A)  The term guarantee, otherwise known as an indemnity, refers to a primary debt obligation. 
B)  To avoid problems related to consideration, lending institutions often require that guarantees be placed under seal. 
C)  In every province, there is now a requirement that a guarantor appear before a notary public. 
D)  Because of the principle of caveat emptor, a creditor has no obligation to protect the interests of a guarantor. 
E)  As guarantees are mere formalities, there is little point in getting legal advice prior to executing one. 
A)  The term guarantee, otherwise known as an indemnity, refers to a primary debt obligation. 
B)  To avoid problems related to consideration, lending institutions often require that guarantees be placed under seal. 
C)  In every province, there is now a requirement that a guarantor appear before a notary public. 
D)  Because of the principle of caveat emptor, a creditor has no obligation to protect the interests of a guarantor. 
E)  As guarantees are mere formalities, there is little point in getting legal advice prior to executing one.

Question 10

What is the result of a settlement that takes place within a year of bankruptcy?

Accepted Answer

The answer of What is the result of a settlement...

Question 11

What are the practical consequences affecting the individual who declares personal bankruptcy?

Accepted Answer

If he becomes bankrupt, he will lose mos

In a secured transaction pursuant to the Personal Property Security Act, etc., what is the purpose of a registration?

Settlements involve the transfer of assets for nominal or no consideration.

When the transaction is registered, the creditor's rights include all of the following except

A continuing guarantee

What is the effect on a corporation when it goes bankrupt?

Which one of the following statements about bankruptcy is true?

What alternatives are available to the bankruptcy process?

Which of the following statements regarding the securing of debt is true?

What is the result of a settlement that takes place within a year of bankruptcy?

What are the practical consequences affecting the individual who declares personal bankruptcy?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Sales and Consumer Protection

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Exam 15: Priority of Creditors

In a secured transaction pursuant to the Personal Property Security Act, etc., what is the purpose of a registration?

Settlements involve the transfer of assets for nominal or no consideration.

When the transaction is registered, the creditor's rights include all of the following except

A continuing guarantee

What is the effect on a corporation when it goes bankrupt?

Which one of the following statements about bankruptcy is true?

What alternatives are available to the bankruptcy process?

Which of the following statements regarding the securing of debt is true?

What is the result of a settlement that takes place within a year of bankruptcy?

What are the practical consequences affecting the individual who declares personal bankruptcy?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Sales and Consumer Protection

Filters