Give four examples of non-dischargeable debt in bankruptcy.
What will be an ideal response?
Non-dischargeable debts include claims for federal, state, and local taxes within two years of the filing; debts for luxury goods of more than $650 from a single creditor, incurred within 90 days of the petition, or cash advances in excess of $925 obtained by a debtor using credit cards or revolving lines of credit within 70 days of the petition; alimony, maintenance, and child support; debts related to willful or malicious injury to a person or property; debts related to court-ordered punitive damages against the debtor; and student loan debts, unless the debtor can prove undue hardship.
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In which of the following circumstances can a principal be held liable for the torts of an
independent contractor? A) In no circumstances B) In the same circumstances as the principal would be held liable for the torts of an agent C) When the principal is negligent in selecting the independent contractor D) When the independent contractor is hired to undertake a dangerous activity E) Both C and D
Herb was interviewed for a job on Wednesday. The employer orally offered Herb a job right on the spot. Herb orally agreed to start working the following Monday, to be employed from that Monday, for one year thereafter. Three weeks after starting the job
Herb was fired without cause and replaced by the employer's friend. Will Herb be successful in an action brought against the employer for breach of contract?
Which of the following refers to the rules used to guide shipping cost, risk, and responsibility assignment?
a. Trade rules b. Fair trade terms c. Incoterms d. Dublin terms
Which of the following is not a derivative instrument?
A) Contract to sell corn B) Option agreement to buy land C) Installment sales agreement D) Mortgage backed security