Business Law Chapter 29 Flashcards
36 Questions
100 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What document does Urbana need to file to place a lien on Virgil's property?

  • Notice of Lien (correct)
  • Assecurity Agreement
  • Contract Agreement
  • Promissory Note

    • What type of lien does Nile have on Loni's Mazda?

    Artisan's lien

    What prejudgment remedy could Countryside use to collect the debt from Bartleby?

    Attachment

    What must Elin do to use attachment as a remedy against Dolf?

    <p>File a suit against Dolf</p> Signup and view all the answers

    What is Trixie's request to the court to seize and sell Suchin's property called?

    <p>Writ of execution</p> Signup and view all the answers

    What request does Lew submit to the court regarding Khali's paycheck?

    <p>Order of garnishment</p> Signup and view all the answers

    What type of agreement do Mike's creditors enter into with him?

    <p>Composition agreement</p> Signup and view all the answers

    What will Dayna be if she signs the loan application making her personally liable?

    <p>Surety</p> Signup and view all the answers

    To be enforceable, what must a guarantor's contract generally be?

    <p>In writing</p> Signup and view all the answers

    What is Dayna's status if she signs the loan application but is liable only if Chocolate!Chocolate! defaults?

    <p>Guarantor</p> Signup and view all the answers

    If Rico signed a document titled 'GUARANTY', who will be liable for unpaid rent?

    <p>Rico and Start-Up</p> Signup and view all the answers

    What right allows Jay to be reimbursed by Katelyn after paying her debt?

    <p>Reimbursement</p> Signup and view all the answers

    What right allows Evan to seek contribution from Dillon after paying Fiona's debt?

    <p>Contribution</p> Signup and view all the answers

    What will Nina be able to recover after the sale of Mary's home at auction?

    <p>50,000</p> Signup and view all the answers

    What will Mary receive after her home is sold at auction?

    <p>30,000</p> Signup and view all the answers

    What can Nina realize the difference from if she recovers less than owed?

    <p>Only nonexempt property that Mary owns</p> Signup and view all the answers

    What is typically exempt from a legal action to collect debt?

    <p>Equipment that Brick uses in a business up to a specified amount</p> Signup and view all the answers

    What is it called when Residence Painting Company has a claim against Stuart's property?

    <p>Lien</p> Signup and view all the answers

    What type of lien does Pruit have against Quint's property?

    <p>Mechanic's lien</p> Signup and view all the answers

    Within what time frame must Diego file a lien after performing his contract?

    <p>60 to 120 days</p> Signup and view all the answers

    What type of writ does Gage ask for to collect the debt from Francie?

    <p>Writ of attachment</p> Signup and view all the answers

    When will Ewing's lien on the theater sets terminate?

    <p>If Ewing voluntarily surrenders possession</p> Signup and view all the answers

    What type of writ does Oak request regarding Ping's property?

    <p>Writ of execution</p> Signup and view all the answers

    What must Sydney do for Rite Now to obtain a writ of execution?

    <p>Be unable or refuse to pay the amount of a judgment</p> Signup and view all the answers

    What does George ask the court regarding Flip's funds in the bank?

    <p>Order of garnishment</p> Signup and view all the answers

    What limits the amount that can be taken from Kyla's paycheck?

    <p>Law</p> Signup and view all the answers

    What type of agreement do Liu and Midge enter into with Nero?

    <p>Composition agreement</p> Signup and view all the answers

    What is Ulysses's role when he signs a guaranty for Speedy Delivery Company?

    <p>Guarantor</p> Signup and view all the answers

    According to the Statute of Frauds, when must Flair's guaranty be in writing?

    <p>When Flair is a guarantor</p> Signup and view all the answers

    What happens when Harper signs the application after requiring Dollar Value to pursue remedies against Gina first?

    <p>Guarantor</p> Signup and view all the answers

    What occurs if Gina agrees to a higher interest rate without informing Harper after signing?

    <p>Harper is discharged from the agreement</p> Signup and view all the answers

    After paying Serena's loan, what right does Rita have against Title Lenders, Inc.?

    <p>Subrogation</p> Signup and view all the answers

    What right allows Doral to seek payment from Eduard and Francesca after paying Glenda's debt?

    <p>Contribution</p> Signup and view all the answers

    What amount can Rosa recover from Sally after paying Timon's debt?

    <p>$8,000</p> Signup and view all the answers

    What property is typically exempt from seizure actions against Ronda?

    <p>Ronda's family home in its entirety or up to a specified amount</p> Signup and view all the answers

    What property is Maverick Bank limited from placing liens on?

    <p>Motor vehicles used to commute to work</p> Signup and view all the answers

    Study Notes

    Liens and Property Claims

    • Notice of Lien: Urbana may file a written notice of lien on Virgil's property for unpaid contract work.
    • Artisan's Lien: Nile's Body Shop can retain Loni's car until payment for repairs is made, classified as an artisan's lien.
    • Mechanic's Lien: Pruit can notify Quint of intentions to sell property if payment for roof reshingle is not fulfilled.
    • Attachment: Countryside Credit Union can use attachment against Bartleby for his unpaid debt.
    • Writ of Execution: Trixie seeks a writ of execution to have Suchin’s property seized and sold for a past-due debt.
    • Garnishment: Lew may request an order of garnishment to reclaim debts directly from Khali’s paycheck.

    Debt Composition and Guarantees

    • Composition Agreement: Mike's creditors agree to accept a total repayment of $12,000, known as a composition agreement.
    • Surety and Guarantor: Dayna becomes a surety when personally liable for Chocolate!Chocolate!'s loan; as a guarantor, a written contract is needed.
    • Guaranty Performance: Rico's absolute guaranty makes him liable for Start-Up Games, Inc.'s rental obligation if the company defaults.

    Rights and Remedies

    • Right of Reimbursement: After paying Katelyn's loan, Jay has the right to pursue reimbursement from her.
    • Right of Contribution: Evan may seek payment from Dillon after covering their jointly guaranteed loan.
    • Subrogation Rights: After fulfilling a loan obligation, Evan can exercise subrogation to recover from Fiona.

    Exemptions and Seizures

    • Homestead Exemption: In Mary’s case, her exempt home value limits the recoverable amount for Nina after property sale due to debt.
    • Property Seizure Exemptions: Equipment used in business is generally exempt from judgment seizure, protecting basic operational assets.

    Co-Surety and Debt Payments

    • Co-Surety Contributions: Doral can claim contribution from Eduard and Francesca after paying Glenda's total debt.
    • Maximum Liability: Rosa can reclaim a proportionate share of payments from Sally after paying Timon's debt in full.
    • Writ of Attachment: Gage’s request for a writ of attachment seeks to seize Francie's property for debt recovery.
    • Court Limitations: Legal actions may exclude certain personal properties like family homes from seizure by creditors.
    • Limitations on Garnishment: Legal provisions restrict garnishment amounts from salaries to protect debtors' living expenses.
    • Discharge from Agreements: Failure to disclose important changes to agreements can result in discharge from legal obligations.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of Business Law with these flashcards covering Chapter 29. This chapter focuses on contracts, liens, and payment disputes in legal agreements. Review key concepts and improve your understanding through engaging flashcard scenarios.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser