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With regard to a prior perfected security


With regard to a prior perfected security With regard to a prior perfected security interest in goods for which a financing statement has been filed, which of the following parties is most likely to have a superior interest in the same collateral? a. The trustee in bankruptcy of the debtor. b. Lien creditors of the debtor. c. A buyer of goods in the ordinary course of business. d. A subsequent buyer of consumer goods who purchased the goods from another consumer Fact Pattern for Question 33 Jeff and Kris sign a written contract for the sale of Jeff’s Koffee Kiosk to Kris. The parties intend their written contract to be a final statement of the terms of their agreement. 33. Refer to Fact Pattern for question 33. Kris later disputes some of the provisions of the deal with Jeff. The dispute results in litigation, and the court finds the terms of the agreement are ambiguous. The court will most likely a. exclude evidence that buttresses the written terms. b. exclude evidence that contradicts the written terms. c. allow evidence that explains the terms. d. dismiss the action because there was a lack of mutual asset and no contract was formed. 48. Which is not allowed as a federal exemption under the Federal Bankruptcy Code? A. A specified amount of equity in one motor vehicle. B. Unemployment compensation. C. A specified amount of value in books and tools of one’s trade. D. All of the above are allowed. 49. Under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code, a debtor will be denied a discharge in bankruptcy if the debtor a. Fails to list a creditor. b. Owes alimony or child support. c. Cannot pay administration expenses. d. Refuses to satisfactorily explain a loss of assets. Pat, a world famous musician, agrees to give ten piano lessons to Quinn in exchange for $1,000. Pat’s attempt to transfer his contract duties to Ruth, an inexperienced pianist, will probably be a. permitted because contracts may be freely delegated. b. prohibited in this case unless the contract expressly permits delegation. c. permitted if the contract is silent on the issue. d. prohibited in any case. Ida signs a check payable to Jane and gives it to her. Jane indorses the back, and transfers the check to Kyle. To negotiate the check to Leo, Kyle must a. indorse “Kyle” on the back and deliver the check to Leo. b. indorse “pay to the order of Leo [signed] Kyle” on the back and deliver the check to Leo. c. only deliver the check to Leo. d. transfer the check through the drawee bank.


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