Practice Quiz

DSST Business Law II Exam Prep - Question List

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31. Brian filed for bankruptcy. He owed 3 different creditors: BigBox Co., MediumBox Co., and SmallBox Co. Immediately after filing for bankruptcy, Brian sold his car for $5,000. He used the money to pay the entire debt that he owed to BigBox Co. MediumBox Co. accused Brian of making a fraudulent conveyance when he sold his car. How will the court rule?
  1. The sale was not fraudulent conveyance, as cars are exempt.
  2. The sale was a fraudulent conveyance since Brian could have received more money from the sale of his car.
  3. The sale was not a fraudulent conveyance since Brian used the proceeds to pay off a debt owed.
  4. The sale was a fraudulent conveyance because Brian should have first sought the court's permission to sell the car.
  5. The sale was a fraudulent conveyance because Brian should have split the proceeds among all three creditors.
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32. Which of the following events are properly covered by a force majeure contract clause?
  1. Hurricane and tsunami
  2. War and terrorist attack
  3. Union strike and union work slowdown
  4. A and B.
  5. A, B, and C.
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33. Danny grows produce that he sells to local grocers and at farmer's markets. There was a drought over the past 2 years, causing many of Danny's crops to fail. Finally Danny decided that he had to file for bankruptcy. Under which chapter of the Bankruptcy Code should Danny file?
  1. Chapter 7
  2. Chapter 2
  3. Chapter 12
  4. Chapter 11
  5. Chapter 15
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34. What is a requirements contract?
  1. A contract in which a seller agrees to sell all of the goods that it can produce to the buyer.
  2. A contract that does not involve the sale of goods.
  3. A contract in which the seller agrees to supply as much of a good or service that the buyer needs.
  4. A contract that involves the performance of a service.
  5. A contract in which a seller only buys once a year.
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35. Which of the following contract clauses is often written using boilerplate language?
  1. Arbitration
  2. Choice of law
  3. Notice
  4. All of the above
  5. None of the above
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