MGMT455 Final Exam Purdue
A Chapter 7 debtor may redeem personal property by paying a lump sum to the secured creditor based upon the value of the property
False
A chap 13 bankruptcy proceeding is one in which a business debtor reorganizes and will pay most of their creditors some amount of money
False
A chap 13 debtor is required to turn over all of their assets and property to a bankruptcy trustee but the debtor will still be required to pay something to all of their creditors
False
A chap 7 bankruptcy debtor does receive a discharge from any liens that are being assessed against his car
False
A chap 7 bankruptcy proceeding requires the debtor to only list those debts for which he intends to receive a dishcarge
False
A chap 7 debtor may transfer his bass boat to his brother bob, within one year of filling bankruptcy and not have to be concerned with the trustee requiring his brother bob to return the bass boat
False
A chapter 7 bankruptcy debtor may redeem his automobile from a secured creditor by paying the balance of the debt that is owed to the secured creditor in a lump sum payment
False
A corporation may be treated as a subchapter s corporation and avoid individual liability to creditors
False
A debtor in a chap 7 bankruptcy proceeding is entitled to claim as exempt $3000 of tangible personal property generally described as money in the bank
False
A debtor in a chapter 7 proceeding is entitled to claim as exempt the value of tangible personal property up to $4,000
False
A debtor in bankruptcy may claim as except tangible personal property the value of which does not exceed $300
False
A garnishment order issued by a court in IN is enforceable against an Illinois resident
False
A home improvement contract by definition is one in which a home improvement supplier has entered into an unconscionable contract to perform a home improvement for which the price is greater than $4000
False
A homeowner is obligated to prepare a written contract with a home improvement supplier in order for each of the parties to understand what home improvement is to be completed upon the home openers residence
False
A landlord does not have a right to have a key in order to make inspections to the premises because the premises belong to the tenant for the duration of the lease
False
A landlord is entitled legally to come into a tenants apartment at any time day or night to make an inspection of the premises
False
A landlord is entitled to file a lawsuit known as conviction in order to remove a tenant from an apartment
False
A landlord is entitled to pursuant to the Inkeepers Lien Law, to keep personal property belonging to the tenant in the event the tenant has failed to pay their rent
False
A landlord is entitled to retain personal property belonging to the tenant if the tenant has failed to pay the rent on time
False
A landlord is not entitled to reasonable access to a tenants apartment
False
A landlord is required under the security deposit act to provide to a tenant a written itemization of damages as well as an estimated cost of repair all within 45 days after the lease has expired
False
A landlord that always paints after every tenant may deduct the cost of painting from the present tenant's security deposit
False
A non competition agreement may be enforceable if a court finds that either the area that is encompassed in the non-competition agreement is reasonable or that the time and duration of the non-competition is reasonable
False
A person who has been arrested and an arrest record has been made will have a right to have the arrest record expunged at the conclusion of a trial at which the person has been found not guilty
False
A person who has been arrested and thus is in custody is entitled to be advised by the police of his Miranda rights
False
A person who is considered to be an independent contractor is one that will be required to take a detailed instruction and be under the supervision and control of the principal
False
A person who is injured under circumstances by which the workman's compensation act may pay him or her will still have the opportunity to sue the employer for willful and intentional torts.
False
A person who organizes a corporation under the laws of the state of Indiana is known as a registered agent
False
A person who purchases a car by signing a retail installment contract generally will be required to pay the auto dealer a monthly payment inasmuch as the retail installment contract will not be assigned to a financial institution.
False
A person will be entitled to for Workman's Compensation if that person is injured at home while on vacation from his place of employment
False
A person will have the right to have their public record erased if the criminal charges against them have been dismissed by the prosecutor
False
A small business corporation is one that only has a limited number of employees and or a limited number of gross revenue each year
False
A subpoena is a court document provided to the defendant advising the defendant that they have been sued
False
A tenant is entitled to receive a written explanation of the use of the security deposit within 45 days after the lease has expired
False
A tenant is required to vacate the premises upon the request of a landlord
False
A third party may be able to hold a principal liable for the acts of the agent if the agent represents to the third party that the principal has given him the apparent authority
False
A tort of strict liability may be challenged by a defense alleging that the Plaintiff was contributorily negligent to their injury.
False
An agreement in a lease which violates the security deposit law is unenforceable by the landlord but may be enforced by the tenant.
False
An assignment of contracts means that the assignee will remain liable to the principle of the contract but the assignor will obtain a release of such liability
False
An employee is not generally entitled to be paid overtime even if that employee is an hourly employee and not a member of a management class
False
An entire bankruptcy may be denied if the debtor transfers assets within one year of the filing of the bankruptcy
False
An example of a condition subsequent is when one of the parties has an obligation to perform an act prior to the contract being enforced
False
An independent contractor is not liable for their own employment contracts but rather the principle is liable for such contracts
False
Compensatory damages are those damages that are assessed against a losing party that are typically in a large amount in order to dissuade the offending party from committing the same act at a later date.
False
Generally, in America, persons who incur attorney fees in litigation cases can recover those costs from the losing party
False
If a tenant wished to have a repair made to the apartment the tenant is entitled to hire a person to make the repair and deduct charges from the tenants rent
False
In a chap 7 bankruptcy proceeding child support and alimony debts are dischargeable
False
In chap 11 bankruptcy proceeding is one in which a wage earner will reorganize his debts and pay them over a period of time
False
In chap 7 bankruptcy proceeding the debtor is entitled to omit from thei petition property which is described generally as family heirlooms
False
In the event two parties do not have a contract but they have an agreement as to performing certain tasks if the one party fails to comply with his or her agreement then that person may be successfully sued in court for breach of the agreemtn
False
In the event, a contractor is not paid by a homeowner for work that is performed at the homeowner's place of residence the contractor may file a notice of intent to hold a mechanics lien within 180 days of the last date of doing work
False
Individual partners are always liable for partnership debts
False
Innkeeper's lien law applies to landlord/tenant relationships and will allow the landlord certain leeway in asserting rights over a tenants personal property
False
Insiders are defined in the Bankruptcy Code as non-family members of the debtor
False
Joint tenants are only liable for their specific portion or percentages of the lease agreement
False
Liens are discharged in bankruptcy but the debtor continues to owe the underlying debt
False
Minors because they are less than 18 are not liable for their own individual torts
False
One qualification for a person to serve on a jury in Indiana is for that person to be a registered voter in the county within which they intend to serve
False
Persons may not enter into third party contracts or beneficiary contracts unless the third party beneficiary signs and approves such contracts
False
Persons who are engaged in a business under an assumed business name are not required to disclose their true identity to the public
False
Persons who wish to incorporate their business must apply to the IN secretary of state in order to obtain bylawas from the state agency
False
Shareholders are required to have annual meetings of their corporation but are required to have them at the principal office where the corporation has been organized
False
The Indiana Lemon Law applies to all motor vehicles that are sold or registered for use upon the Indiana public highways.
False
The debtor in a chap 7 bankruptcy proceeding may petition to only discharge medical debts
False
The difference between an independent contractor and an employee is that the principal exerts much more control and influence over an independent contractor than an employer would exert over an employee
False
The home improvement statute may be satisfied by a contractor by engaging in lengthy conversations with the home owner to be certain that the home owner understands the extent duration and price of the home improvement
False
The law concerning Miranda rights only applies in serious criminal cases commonly known as felonies
False
The parties to a contract may agree that the terms and conditions of a contract are, in fact, not unconscionable and thus avoid a court making a contrary decision pertaining the enforceability or lack therof of the contract
False
The security deposit act only allows a landlord to use a security deposit for actual damages casued by the tenant not occasioned by ordinary wear and tear rent that is in arrears or utilities that have not been paid by the tenant
False
There are various elements of a tort however a plaintiff only needs to prove a majority of the elements in order to successfully prosecute the civil claim for damages
False
There are various requirements for a valid contract In any event it is only permissible for a plaintiff to only prove a majority of the elements of the contract in order to establish a legally binding contract
False
There are various stages to a civil lawsuit. However at the trial and appeal stage the law requires that an attorney represent all parties who are involved in the lawsuit
False
Upon the death of a partner the partnership may still continue to exist
False
a tenant is required to mitigate their loss in failing to pay the rent due to the landlord
False
in order for a revocation to be effective, such revocation must first be mailed to the offeree with proof of mailing certificate
False
A Garnishment Order may not be effective against a person's wages if that person has a prior child support order that is deducting money from their wages
True
A chap 7 bankruptcy debtor may have his entire bankruptcy thrown out and be required to pay all his debts if he were to violate an order of the bankruptcy court
True
A chap 7 bankruptcy debtor may not discharge a fine or costs owed to the court
True
A chap 7 bankruptcy debtor may reaffirm his debt with the individual creditor by entering into a new agreement
True
A contract is defined as the total legal obligation which results from the parties' agreement
True
A contract may be binding between two parties but yet a court may later find a clause or find the entire contract to be unconscionable and refuse to enforce the contract
True
A contractor who violates the Home Improvement Fraud Statute commits a deceptive act and the home owner may sue the contractor for damages as well as for attorney fees incurred by the home owner in pursuing their case.
True
A court may decide that a liquidated damage clause in a contract is unconscionable and refuse to enforce the same
True
A covenant not to sue is an agreement that is generally reached prior to litigation and that relieves one party from any liability to another's claim.
True
A criminal defendant will be deemed to be in custody and thus entitled to be advised of his miranda rights if the defendant has had is freedom of movement restricted
True
A debtor in a Chapter 7 bankruptcy proceeding may claim as exempt the equity in the family residence not to exceed $15,000
True
A distribution of profits by a corporation are generally called dividends
True
A general partnership agreement may very well incldue clasues that take into consideration the death disability or disagreement among the partners
True
A general partnership should be set forth in a written agreement
True
A homeowner may avoid a supplier from filing a mechanic's lien against the homeowner's property by paying the bill directly to the supplier and not to the general contractor
True
A homeowner may avoid the filing of a Mechanic's lien by a subcontractor if the homeowner obtains a waiver of lien from the subcontractor
True
A landlord is entitled to deduct from a security deposit the cost of cleaning the apartment carpet, even if the cleaning of the carpet is done after every new tenant
True
A landlord is required to attempt to rent the premises even if the tenant has defaulted on the lease and has abandoned the property
True
A landlord who refuses to make repairs that go to the habitability of an apartment has in effect constructively removed and or evicted the tenant
True
A life insurance policy is an example of a Third Party Beneficiary Contract
True
A officer of a corporation who signs a corporate lease in their individual capacity may very well be individually liable for such lease
True
A partnership is an association of two or more persons to carry on as coowners of a business for profit
True
A party may avoid responsibility and liability under a contract if they can prove that the other side breached the contract first
True
A person involved in an unemployment claim has various rights one of which is to have an administrative procedure conducted by an impartial hearing officer
True
A person who has been arrested will have a right to have their arrest record expunged if criminal charges have never been filed against that person
True
A person who has been placed in custody but yet has not been advised of his Miranda rights may make a voluntary statement to the police and such voluntary statement may be used against the defendant in court.
True
A person who is not paid their wage when the same is due may give a written notice to the employer and if the wages are not paid the employee may sue for double the wages plus attorney fees
True
A principle by ratification authorize the acts of their agent and thus a third party may hold the principal liable
True
A security deposit may only be used for three specific itemized reasons set forth in the IN code
True
A tenant is required under the security deposit act at the end of a lease to provide the landlord with a written notification of a forwarding address as well as an obligation to surrender their key in order for the tenant to later make a claim under the act
True
A third party contract is one in which the persons signing the contract are executing the same to benefit a non-signing person
True
A third party may hold a principle liable for the acts of the agent as long as the third party can show the agent had express authority
True
A third party may hold a principle liable for the acts of the agent providing the third party is bale to show that the agent had some type of authority on behalf of the principle
True
A tort is known generally as a civil wrong for which the Plaintiff may recover money from the defendant.
True
Actual damages to a rental unit may include an accumulation of dust and dirt
True
An agreement that would prevent a person from competing with their former employer is a restraint of trade and is generally not favored by the courts
True
An entire bankruptcy may be denied in the event a debtor has filed bankruptcy in the past 8 years.
True
An individuals wages may be garnished in order to pay a judgment however the amount of such wages to be taken from the judgment defendants earnings is limited
True
Any payments and or transfers of property that are made within 90 days to non-insiders in a chap 7 bankruptcy proceeding are deemed to be preferences and the bankruptcy court may recover those payments or transfers
True
Conversion is a claim that may be asserted by a tenant against a landlord if the landlord is unlawfully withholding property of the tenant
True
Damages that may be recovered by a Defendant who has committed a tort include punitive damages as well as compensatory damages.
True
If a contractor or supplier who has provided goods and services and labor to a persons residence is not paid under certain circumstances than contractor or supplier would be entitled to file a mechanics lien notice
True
If a general partnership agreement provides for the death of one of the partners such agreement should also provide for an arrangement by which the deceased partner's deceased is paid
True
If a landlord fails to comply with the security deposit act the law presumes that there is no physical damage due and the landlord is not entitled to deduct any such physical damages from the tenants security deposit
True
If a landlord files a lawsuit for possession of an apartment the tenant is entitled to receive notice of the hearing of that lawsuit
True
If a landlord tries to keep personal property belonging to a tenant because of the non payment of rent, a tenant may sue the landlord for conversion and ask the Court for an award three times the value of the item plus attorney fees
True
If a person has motor vehicle subject to the Indiana lemon law that person may demand that the dealer provide theme either a refund of their money or a replacement vehicle of comparable value
True
If a person is successful in a conversion claim that person may recover 3 times the value of the item converted plus attorney fees
True
If a tenant refuses to pay their share of the rent it is possible for the other tenants to sue for contribution and require the one specific tenant to in fact pay his share
True
In a chap 7 bankruptcy a debtor may be able to cancel contracts that has been entered into prior to filing bankruptcy
True
In a chap 7 bankruptcy proceeding intentional and malicious injury and damage to property is not dischargeable
True
In a chapter 7 bankruptcy proceeding old income taxes that are older than 3 years my be dishcarged if he debtor has filed tax returns but generally income taxes are not dischargeable
True
In order for a person to actually be covered by their automobile insurance policy, it is necessary for that person, once an accident occurs, to notify the insurance agent of the collision.
True
In order for a person to file a claim and a subsequent lawsuit against a governmental entity, the person must first comply with the tor claims act
True
In order for an offer to become effective it must be accepted by the offeree
True
In the event a Garnishment Order does not collect a sufficient sum of money in order to pay a judgement, the Plaintiff may require the Sheriff to a seize assets belonging to the Judgement Defendant
True
In the event a landlord fails to comply with the Security Deposit Act, the landlord may still take from the security deposit any past due rent that is owed by the tenant
True
In the event a landlord locks out a tenant from their apartment, the tenant has a right to go to Court and obtain an expedited hearing in order to gain access to the apartment
True
In the event a person is the owner of a motor vehicle subject to the Indiana Lemon Law, that person may recover from the dealer the cost of a rental car as well as towing charges.
True
In the event a tenant is not complying with the terms of their lease a landlord may file a lawsuit to remove the tenant from the apartment and such lawsuit is known as a suit for eviction
True
In the event a tenant moves out of the premises and is unable to pay the balance of the rent that is owed under the contract, the landlord must mitigate his loss by trying to rent the premises.
True
In the event of a disagreement between partners one suggestion to assist in resolving the disagreement is for the partners to submit the facts to a third party.
True
In the event partnership assets are not sufficient with which to pay partnership debts the individual partners may be liable for such debts
True
Individuals involved in a corporation should always execute any and all documents in their representative capacity on behalf of the corporation and not in their individual capacity
True
Individuals who are operating a corporation are required by law to have annual meetings and to prepare minutes of such annual meetings.
True
Liquidated damage clause is a contract means that the parties have anticipated in advance of what their specific damages will be and include those amounts in the contract
True
Litigants involved in a court proceeding may recover attorney fees from the other side if there is a statute that allows for such recovery
True
One advantage of hiring a person as an independent contractor is that the principal may not be required to provide health benefits nor will the principal be required to withhold taxes
True
One defense to a negligent claim is for the Defendant to allege and prove that the Plaintiff was 50% or more at fault and thus through a comparative default defense, defeat the Plaintiff's claim.
True
One of the requirements for a subchapter S corporation election is that the corporation must be organized under the laws of the United States and not in a foreign country
True
One of the requirements for a subchapter S corporation is that there cannot be in excess of 100 shareholders
True
One of the requirements of a valid contract is for the contract to be supported by some form of consideration
True
One qualification for a person to serve on a jury in Indiana is that the person must be a US citizen
True
Only small business corporations are entitled to make an election to be treated as a subchapter S corporation
True
Parents of minors may be liable for actual damages for intentional torts committed by their children providing the parents have custody of the children and providing further that the children are living with the parents.
True
Principals are generally not liable for independent contractors torts
True
Repairs that go to the habitability of the premises may result in a constructive eviction by the landlord if the landlord fails to make such needed repairs
True
Shareholders may avoid individual liability in a corporation by executing all corporate documents in their corporate name filling biannual reports with the secretary of state and also attending annual meetings of the shareholders and board of directors and maintaining minutes of the annual meetings
True
Shareholders may avoid the piercing of the corporate veil by conduction themselves in a manner in which they have behaved as a corporation
True
Shareholders may enter into Buy/Sell agreements by which an orderly transfer of the shares of stock may be effectuated between the shareholder who is leaving and the shareholders who are remaining
True
Shareholders of a corporation may insulate themselves from individual liability providing the corporation acts as a corporation
True
Shareholders of a corporation may obtain a distribution of dividend but unless the corporation in a subcategory s corporation the individual board members will have to pay income tax on the distribution of dividends and the corporation will also pay income tax
True
Student loans while are generally nonchargeable in a chap 7 bankruptcy proceeding nevertheless if the debtor can demonstrate an undue hardship would be created by having to repay the loan then such loan may be discharged.
True
The Indiana Lemon Law requires, in part, that the owner of a vehicle subject to the Lemon Law is required to allow the car dealership a reasonable number of opportunities to repair the condition and/or fix the defect.
True
The Indiana tort claims act requires the person who has been injured to give written notice to the governmental agency involved within 180 days of the date of the incident.
True
The engagement of an arrest record may take place if criminal charges have been filed against the person but the charges have been dismissed due to the fact that no crime in fact was committed.
True
The filing of a foreclosure of a mechanics lien must occur within one year of the filng date; otherwise the lien is erased from the court records
True
The key concepts pertaining to when and under what condition a person is entitled to be advised of their Miranda rights has to do with whether or not that person is in custody or whether or not that person is being interrogated by the police
True
The violent crime compensation act may allow victims of violent crimes to receive some form of compensation from the state of IN
True
Upon the foreclosure of a mechanics lien a contractor or supplier may be entitled to recover not only the amount that is owed to them but also attorney fees
True
if a person violates the criminal law, the action of that person will be declared upon being found guilty of the violation.
True
