Answered: QUESTION 20 Which of the following… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 4DQ

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Question

Regardless of whether the buyer is aware of the security interest, so long as the buyer purchases the good for his or her personal use, the secu
terminates if the sale to the new buyer is made before the original secured party files a financial statement.
O As long as the buyer is not aware of the security, interest, purchases the good for personal use or resale, and purchases good before the secure
financial statement, the buyer obtains the good free of the security interest.
O The security interest immediately terminates.
O The security interest passes to the new buyer.
QUESTION 20
Which of the following methods of perfection should a bank use if it wishes to ensure it will not have to expend efforts in repossession?
O A bank cannot ensure it will not have to repossess the collateral.
O Perfection by filing.
O Perfection by collateral in interest.
O Perfection by possession..
O Perfection by implication.
QUESTION 21
By which of the following is a mechanic's lien created?
O Consent
O Foreclosure
O Statute
O Mortgage
O Acknowledgement
QUESTION 22
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Which of the following is most likely to result in the recognition of a liability? a. Customers become entitled to rebates for their past purchases. b. Intention to acquire inventories in a future period. c. Entering into a purchase contract for future delivery. d. Agreeing on an irrevocable future commitment that is not burdensome at present.
It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemption
A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.
92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slander
Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default? a. Mortgage foreclosure by "action and sale" b. "Strict foreclosure" of mortgage c. Debtors have a right to redeem property under all of these security instruments. d. Deed of trust e. Mortgage foreclosure by "power of sale"
2. Mr. Ahmed sold an item, which is damaged prior to delivery for an intention from seller's control, and then the buyer can: a) Pay the invoice amount and accept the goods b) Accept the goods and pay later c) Accept the goods, but sue for damages d) Rescind the contract
The sale with right to repurchase the property will be presumed equitable mortgage, when? a. When the price of a sale with right to repurchase is unusually inadequate b. When the vendee binds himself to pay the taxes on the thing sold c. When the vendee took over the property d. When the vendor does not want to deliver the property.
23.A merchant makes an implied warranty of merchantability every time he or she sells goods(unless the warranty is excluded). To be merchantable, a good must be: -reasonably fit for its intended purpose -conforming to the buyer’s expectations -accepted by the buyer -all of the above
When should a transfer of receivables be recorded as a sale? A) The buyer surrenders controlof the receivables to the seller. B) The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeeem them prior to their maturity. C) The transferee cannot pledge or exchange the transferred assets. D) The transferred asstes are isolated from the transferor.
Which of the following is not a criterion that must be met for an item to be classified as a liability? A certain cash payment will occur in the future. A sacrifice will require the entity’s assets or services. There is a probable future sacrifice. There is a present obligation that results from a past transaction.
When assets are purchased under an installment sales contract, the seller becomes the creditor. True or False?

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