(a)
Case summary: Person S filed a petition for chapter 13 bankruptcy. Person S’ creditor F sent payments of
To find: Whether the debt is dischargeable.
(b)
Case summary: Person S filed a petition for chapter 13 bankruptcy. Person S’ creditor F sent payments of
To find: Justification for imposition of sanction on BRM for violating discharge order.
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The Legal Environment of Business: Text and Cases (MindTap Course List)
- Mason is a CPA for a large company. Recently, he noticed that the company's accounting records significantly overstated the amount of inventory on hand, leading to an overstatement of assets the company holds. Initially, Mason brought it to the attention of his supervisor, but when nothing was done to correct the mistake, he decided to report it to the appropriate government official. Mason was counting on current law, under the __________, to protect him against company retaliation. Multiple Choice a)Sherman Act b)Cellar-Kefauver Act c)Robinson-Patman Act d)Sarbanes-Oxley Actarrow_forwardTrue or false with explanation 6) Assume now that Gill lands a job at another college, which schedules him to teach Partnership Tax, Individual Income Tax, and Wills & Trusts. Gill is now ecstatic because he can finally teach law. Two weeks into his first semester, he asks when payday is. The president of the college notifies him that since this college is a nonprofit institution, NOBODY gets paid. The college has violated its duty of compensation. 7) Myron is a bouncer for the Keg Club and must forcibly eject unruly patrons on a nightly basis. The owners of the club cannot be held liable for any civil wrongs Myron may have committed while acting as a bouncer. 8) Myron is a teller at Wells Fargo Bank. On his way to work, he is stopped at the door by his evil boss, Skinflint, the bank president, who refuses to let Myron in the building. Skinflint has violated his duty of cooperation. 9) Assume that Glen is the latest phenom to come out of college to sign a professional baseball…arrow_forwardWhich of the following is not an objective of administration? A. To rescue a company in financial difficulty to allow it to continue as a going concern B. To realise property to pay one or more secured or preferential creditors C. To wind up the company and cease its operations D. To achieve a better result for the creditorsarrow_forward
- Which of the following represents an agency relationship? 1) Horace wants to sell his farm and hires Marcie as his realtor. The two agree that if Marcie finds a buyer for the farm at Horace's price, then Horace will pay Marcie 7% of the price he receives. 2) Bob dies and leaves his assets in a trust for his minor child, Lilly. In the trust, Bob appoints Reggie as the trustee to act for Lilly's benefit. Since Reggie has a fiduciary duty to Lilly as trustee, Reggie is Lilly's agent. 3) Lucy contracts to sell her car to Tony for $5,000. Tony purchases the car only to find it not in the condition that Lucy described it. Tony is claiming that Lucy violated her fiduciary duty to him as his agent under the agreement. 4) Hunt is an attorney of questionable ethics. Roger, one of Hunt's clients, is arrested for DUI, but appears to be too intoxicated to consent to a breath test. Hunt is contacted by…arrow_forwardWhich of the following is/are true?I. An entity shall present any items of the income and expenses as extraordinary in the notes to financialstatement.II. An entity shall not present any items of the income and expenses as extraordinary in the face of incomestatement or statement of comprehensive income.III. An entity shall present any items of the income and expenses as extraordinary in the face of the incomestatement or statement of comprehensive income.IV. An entity shall not present any items of the income and expenses as extraordinary in the notes to financialstatement. a. I and IIb. II and IIIc. I and IVd. II and IVarrow_forward66) As a governance mechanism the “threat of takeover” refers to: a) The risk that the government might acquire the firm b) The danger that the firm might be acquired by others who offer the stockholders better management of the firm. c) Both A and B d) Neither A nor Barrow_forward
- If the directors of a company make a decision, which later on proves not to be a good decision and causes the company to lose money, will the directors be liable for failure to exercise their duty of care and diligence? (300 words)arrow_forwardTrevor Rowe a well known businessman saw an article in the gleaner that indicated that he was a jail bird. As a result, he lost customers. He wrote to the gleaner, seeking a retraction of the story, and found out that there was in fact another man in the community with the same name who had gone to jail. What is the position of either party? The Gleaner can prevent litigation by offering to make amends. The Gleaner doesn’t have to retract the story as it was true for one of the men. There is no action as the story was already published. The businessman can go straight to Court. There is no action at there are two persons with the same name.arrow_forwardCasey is on trial under criminal allegations that she engaged in fraudulent behavior at the company she manages. She is worried when the plaintiff alleges that it has "unambiguous proof" that Casey is guilty. Which of the following is most likely true? If the plaintiff provides proof only up to the level of "clear and convincing," Casey can still be acquitted. Casey need not worry about the plaintiff's evidence, since parties tend to boast about the level of proof they can establish anyway. If the plaintiff meets a "clear and convincing" burden of proof, Casey will be found guilty. The plaintiff will most likely prove Casey is guilty, since criminal charges only need to meet a prima facie burden of proof.arrow_forward
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