Management 455 Final
A Chapter 11 Bankruptcy proceeding is one in which a wage earner will reorganize his debts and pay them over a period of time.
False
A Chapter 13 bankruptcy proceeding is one in which a business debtor reorganizes and will pay most of their creditors some amount of money.
False
A Chapter 7 Bankruptcy proceeding requires the debtor to only list those debts for which he intends to receive a discharge.
False
A chapter 7 Bankruptcy debtor does receive a discharge from any liens that are against his car
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 creditor in a lump sum
False
A chapter 7 bankruptcy debtor may transfer his bass boat to his brother within one year of filing bankruptcy and not have to be concerned with the Trustee requiring his brother to return the boat
False
A debtor in a Chapter 7 bankruptcy proceeding is entitles to claim as exempt $3,000 of intangible 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 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 retain personal property belonging to the tenant if the tenant has failed to pay the rent on time.
False
A landlord is required under the Security Deposit Act to provide 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 my deduct the cost of painting from the present tenant's security deposit.
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 organized 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 Rental Installment Contract generally will be required to pay the auto dealer a monthly payment inasmuch as the Rental Installment Contract will not be assigned to a financial institution.
False
A small business corporation is one that only has a limited number of employees and a limited number of gross revenue each year
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
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 principal of the contract, but the Assignor will obtain a Release of such liability.
False
An employee is not generally entitled to be paid over overtime, even if that employee is an hourly employee
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
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 doing it again
False
Generally, in America, persons who incur attorney fees in litigation cases can recover those costs from the losing party
False
In a Chapter 7 Bankruptcy proceeding, child support and alimony debts are dischargeable.
False
In a Chapter 7 Bankruptcy proceeding, the debtor is entitled to emit from their petition property which is described generally as family heirlooms.
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 Mechanic's Lien within 180 days of the last date of doing work.
False
Individual partners are always liable for partnership debts.
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 percentage of the lease agreement
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 Indiana Secretary of State in order to obtain by-laws from the State agency.
False
Shareholders are required have annual meetings and have them where it was organized
False
The Innkeeper's Lien Law applies to landlord/tenant relationships and will allow the landlord a certain leeway in asserting rights over a tenant's personal property.
False
The debtor in a chapter 7 bankruptcy proceeding may petition to only discharge medical debts
False
A Chapter 7 bankruptcy debtor may not discharge a fine or costs owed to the Court.
True
A Chapter 7 bankruptcy debtor may reaffirm his debt with the individual creditor by entering into a new agreement.
True
A Third Party is one in which the persons signing the contract are executing the same to benefit as a non-signing person.
True
A chapter 7 bankruptcy debtor may have his entire bankruptcy thrown out if he violates an Order of Bankruptcy Court
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 debtor in a chapter 7 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 include clauses that take into consideration the death, disability, or disagreement among the partners.
True
A homeowner may avoid a supplier from filing a Mexhanics lien against the homeowners property by paying the bill directly to the supplier and not to the general contractor
True
A homeowner may avoid the filing of a Mexhanics lien by a subcontractor if the homeowner obtains a waiver of lien from the subcontractor
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 leade
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 principal, by ratification, authorize the acts of their agent and, thus, a third party may hold the principal liable
True
A third party may hold a principal 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 principal liable for the acts of the agent, providing the third party is able to show that the agent had some type of authority on behalf of the principal.
True
Any payments and/or transfers of property that are made within 90 days to non-insiders in a Chapter 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
If a contractor or supplier who has provided goods and services and labor to a person's residence is not paid under certain circumstances, that contractor or supplier would be entitled to file a Mechanic's Lien notice.
True
If a general partnership agreement provides 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 files a lawsuit for possession of an apartment the tenant is entitled to receive notice of the hearing of that lawsuit.
True
If a person is successful in a conversion claim, that person may recover three times the value of the item converted plus attorney fees.
True
In a Chapter 7 Bankruptcy proceeding, a debtor may be able to cancel contracts that had been entered into prior to filing bankruptcy.
True
In a Chapter 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 may be discharged if the debtor has filed tax returns, but generally income taxes are not dischargeable.
True
In order for a person to actually be coveted by their automobiles insurance policy, it is necessary for that person, once an accident occurs, to notify the insurance agent of the collision.
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 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
Liquidated damage clause in 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 of the requirements for a subchapter S corporation is that there cannot be more than 100 shareholders
True
One requirement 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
Only small business corporations are entitled to make an election to be treated as a Subchapter S corporation.
True
Shareholders may avoid the piercing of the corporate veil by conducting 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
Student loans, while are generally nondischargeable in a Chapter 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 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 filing of a foreclosure of a Mexhanics lien must occur within one year of the filing date; otherwise, the lien is erased from the court records
True
Upon the foreclosure of a Mechanic's Lien, a contractor or supplier may be entitled to recover not only the amount that is owed to them, but also attorney fees.
True
