Project #33665 - Business Law

Gary owns and operates a farm and a farm machinery dealership. Under the Code, a new tractor that Gary has for sale at his dealership is classified as:

 
Question 1 options:

farm products.

equipment.

consumer goods.

inventory.

 

"Attachment" occurs when a secured party has given value, the debtor acquires rights in the collateral, and:

 
Question 2 options:

the debtor has completed his obligation to pay.

the collateral is delivered to the borrower.

the debtor and secured party have an agreement.

Both (a) and (c) above are correct.

 

In which of the following situations would the buyer not qualify as "buyer in the ordinary course of business"?

 
Question 3 options:

Susie buys her classmate Jill's car from her.

Caroline buys a refrigerator from Sears.

James buys eggs from the supermarket.

Todd buys a bicycle at his friend Joe's shop.

 

If a security interest has been attached, it is enforceable against the debtor.

 
Question 4 options:

 

Under most circumstances, a creditor who files a completed financing statement can be assured that the security interest is perfected.

 
Question 5 options:

 

A buyer in the ordinary course of business takes collateral free of a perfected security interest created by the buyer’s seller.

 
Question 6 options:

 

If Sharpe Finance Co. has a secured interest in Jeff's car and Jeff is in default, in most states Sharpe may take the car from in front of Jeff's house without getting a court order.

 
Question 7 options:

 

Need help answering these questions for five dolllars?

Subject Business
Due By (Pacific Time) 06/20/2014 04:00 pm
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