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Commercial Law Chapter II Quiz

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Questions and Answers

What is bankruptcy?

A legal process for distributing the property of a debtor to creditors (correct)
An official communication from the court to the debtor
A penalty for creditors who fail to pay their debts
A warning sent to debtors for non-payment

What are the general rules for debtor notification?

Notification is not required in commercial matters
Notification must be through an official warning or registered letter with acknowledgment of receipt (correct)
Debtors can only be notified by telegram or fax
Debtors must be notified in person by the creditor

In domestic jurisdiction, which court is generally competent to hear a dispute?

The court where the defendant's domicile is located (correct)
The court closest to the plaintiff's domicile
The court where the plaintiff resides
The court where the agreement was executed

In commercial matters, which court may be competent to hear a dispute?

The court in whose district the agreement was executed (C) Signup and view all the answers

What is the purpose of notification in legal matters?

To remind debtors of their obligations (D) Signup and view all the answers

In commercial law, what does 'solidarity' of civilians with a commercial debt mean?

The payment of one civilian discharges the rest of the debtors. (A) Signup and view all the answers

What is the interest rate for delayed payment in commercial matters according to the legal rules?

4% in civil matters and 5% in commercial matters (C) Signup and view all the answers

When may the judge grant the debtor a grace period in commercial matters?

If the creditor agrees and no harm is caused to them. (D) Signup and view all the answers

What is the consequence of delaying payment in civil matters?

The debtor must pay 4% interest for delayed payment. (B) Signup and view all the answers

How does business activity differ from civil business according to legal implications?

Solidarity of civilians is one of the legal rules for activating the credit component in business activity. (B) Signup and view all the answers

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