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?

    <p>The court in whose district the agreement was executed</p> Signup and view all the answers

    What is the purpose of notification in legal matters?

    <p>To remind debtors of their obligations</p> Signup and view all the answers

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

    <p>The payment of one civilian discharges the rest of the debtors.</p> Signup and view all the answers

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

    <p>4% in civil matters and 5% in commercial matters</p> Signup and view all the answers

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

    <p>If the creditor agrees and no harm is caused to them.</p> Signup and view all the answers

    What is the consequence of delaying payment in civil matters?

    <p>The debtor must pay 4% interest for delayed payment.</p> Signup and view all the answers

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

    <p>Solidarity of civilians is one of the legal rules for activating the credit component in business activity.</p> Signup and view all the answers

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