Homework answers / question archive / Question 1 1 / 1 pts What are the steps to create a perfected security interest?    Security agreement, co-guarantors, financing statement     Loan agreement, security agreement, financing statement (UCC-1)     Loan agreement, security agreement     Loan agreement, co-guarantors     Question 2 1 / 1 pts Generally, a court will expect a buyer to purchase replacement goods when a seller refuses to perform a contract:    Anytime after the buyer thinks that the seller won’t deliver

Question 1 1 / 1 pts What are the steps to create a perfected security interest?    Security agreement, co-guarantors, financing statement     Loan agreement, security agreement, financing statement (UCC-1)     Loan agreement, security agreement     Loan agreement, co-guarantors     Question 2 1 / 1 pts Generally, a court will expect a buyer to purchase replacement goods when a seller refuses to perform a contract:    Anytime after the buyer thinks that the seller won’t deliver

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Question 1

1 / 1 pts

What are the steps to create a perfected security interest?
  

Security agreement, co-guarantors, financing statement

   

Loan agreement, security agreement, financing statement (UCC-1)

   

Loan agreement, security agreement

   

Loan agreement, co-guarantors

 

 

Question 2

1 / 1 pts

Generally, a court will expect a buyer to purchase replacement goods when a seller refuses to perform a contract:

  

Anytime after the buyer thinks that the seller won’t deliver.

   

At the time the buyer learned of the breach, if it is commercially reasonable.

  

At the time the seller was scheduled to deliver the goods under the contract, but never before.

   

Never.

 

 

Question 3

1 / 1 pts

What is the purpose of a statute of limitations?

  

To be sure that the evidence to prove and defend a case is available, such as documents, physical items, and memory.

   

So that people are not worried about a surprise lawsuit about a situation that happened decades ago.

   

To make sure that people bring lawsuits as soon as they discover an injury without undue delay.

   

All of the answers are correct.

 

 

Question 4

1 / 1 pts

What are liquidated damages in a contract case?

  

The amount of money to resolve a breach of contract resulting from a bankruptcy.

   

All of the answers are correct.

   

A pre-determined amount of money damages specified in the contract.

   

The amount of money resulting from the sale of the goods that are the subject of the contract.

 

 

Question 5

1 / 1 pts

If you know that you are going to breach a contract for any reason, what is likely your best course of action?

  

Deliver whatever you can and hope for the best.

   

Initiate a lawsuit against the other party to the contract to try to have the contract invalidated for any reason.

   

Wait until the time of performance passes and hope that the other side does not notice or care that you did not deliver on the contract.

   

Contact the other party to the contract and negotiate a modification or payment in advance to settle any dispute.

 

 

Question 6

1 / 1 pts

A principle of law allowing for the first person to claim or use a resource/property to have the legal right to it that is superior to anyone who comes later to claim the resource/property is called:

 

First in Time, First in Right

   

Finders Keepers

   

To the Victor Goes the Spoils

   

To the Swift Goes the Race

 

 

Question 7

1 / 1 pts

Luis rented land from his neighbor, Anita, for several years, growing crops and paying rent. Anita's children did not want to farm the land, so as she got older she decided to sell the parcel to Luis before she died. Anita and Luis signed a contract for the sale of the land.

After learning of the contract, Anita's daughter objected and convinced Anita to back out of the contract. A court decided that the contract was valid and enforceable. What damages will the court award to Luis?

  

Specific performance, giving Luis the deed outright.

   

Specific performance, requiring Luis to pay the sale price and Anita to turn over the deed to the land.

   

Consequential damages, giving Luis the value of lost future profits from the land.

   

Expectations damages, giving Luis the cash value of the land.

 

 

Question 8

0 / 1 pts

Capital Bank will make a loan to Farmer Heidi for her goat milk operation, but wants to use "all accounts" as collateral. How could Heidi limit the reach of this clause in the security agreement to protect some of her assets from repossession?

  

Limit it to only include deposit accounts, not payments due to her for her milk.

   

Limit it to a specific bank account number.

   

All of the answers are correct.

 

Limit it to include only business accounts.