Texas A&M University, Corpus Christi GB 433.120 Quiz 9: 1)Al is trying to buy a car, but the dealer is concerned about Al's credit. Al calls his uncle Sam to describe his problem. Sam says, "Get that dealer on the line!" and he proceeds to tell the dealer that he will stand behind Al on the loan. "I'll personally guaranty Al's payment of every cent!" Sam declares. The dealer makes the loan, but Al fails to pay. Will the dealer be successful in his suit against Sam? The type of bankruptcy proceeding used most commonly by corporations is a reorganization under: Georgio’s Fashions defaults on a payment to the House of Dior, a supplier. The House of Dior sues Georgio’s and each of the owners individually for payment of the debt. The court rules that each of the owners is personally liable. What kind of entity is Georgio’s? Mary is a member of the board of directors of XYZ, Inc. which operates a popular restaurant in the city. In February, the directors meet to discuss the possibility of

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Texas A&M University, Corpus Christi GB 433

Business Jun 22, 2021

Texas A&M University, Corpus Christi

GB 433.120

Quiz 9:

1)Al is trying to buy a car, but the dealer is concerned about Al's credit. Al calls his uncle Sam to describe his problem. Sam says, "Get that dealer on the line!" and he proceeds to tell the dealer that he will stand behind Al on the loan. "I'll personally guaranty Al's payment of every cent!" Sam declares. The dealer makes the loan, but Al fails to pay. Will the dealer be successful in his suit against Sam?

The type of bankruptcy proceeding used most commonly by corporations is a reorganization under:
Georgio’s Fashions defaults on a payment to the House of Dior, a supplier. The House of Dior sues Georgio’s and each of the owners individually for payment of the debt. The court rules that each of the owners is personally liable. What kind of entity is Georgio’s?
Mary is a member of the board of directors of XYZ, Inc. which operates a popular restaurant in the city. In February, the directors meet to discuss the possibility of expanding by purchasing the property next door, but it deferred

taking any action. In March the owner of the property approached Mary with an offer to sell the property and finance it at a below market rate. Mary immediately agreed because she could use the land for another business venture she was planning. Has Mary violated any laws?

Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 to capital. No papers were ever filed with the state; however, and after six months the business failed with liabilities exceeding assets by $30,000. The creditors want to hold both Madison and Tilson personally liable. Decide.

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