Quiz 4: Maintaining Good Government Relations and Business Ethics
The Uniform Commercial code got first published in the year 1952, the laws get establish in order to regulate the sales related to personal property, and other transactions. The sale of services, and the buying of real estate is not called as a Uniform Commercial code. a. The uniform commercial code means the set of model statutes which provide helps to govern the business in an easy manner, the business gets grow in different number of states, it increases the number of transactions which get adopted in all the states. The UCC laws get establishes in order to regulate the sale of personal property of the person and business transactions. b. The Uniform Commercial code contains some parts which cover the general provisions, commercial paper, sales, bank deposits, bulk transfers, and secured transactions, document of title, letters of credit, and repealer with effective date.
When any person commits wrong act, they will get punished under the civil law by court. The court may put under the imprisonment or the person should get imposed with fine. A tort may include punishment or compensation. A tort is related with civil law, it can be a harmful behavior of the person which put effect on another person. One person does physical attack on another person and do interference with his or her possessions. Then, the person who commits the wrong act will be liable for punishment. A tort is a legal term, it is related with a civil term, when the person is legally liable for any injury or loss get bear by another person. Th person who commits the tortious act will be laible for the punishment. A tort can contain the distress, financial losses, and negligence.
Bankruptcy is the legal process through which the companies, and persons are not able to pay their debts to creditors may get a relief from their debts wholly or partially. The bankruptcy get imposed through a court order, may get initiated by the debtor. ORDINARY BANKRUPTCY In the Ordinary or straight bankruptcy, the debtors don't have to pay their debts, but they have to turn over the all non-exempted properties in the Chapter 7 Trustee. Then, the trustees can sell all the assets (non- exempted). The creditors get paid from the sale proceeds. In the straight bankruptcy, the debtors surrender their property to the court, and the court divide their property between the debtor's creditors in order to clear the outstanding debts. CHAPTER 11 BANKRUPTCY It is also called as rehabilitation bankruptcy, it get start with the filing of a petition in the court, where the debtor is having his or her residence. This petition can be of two types voluntary petition, means which can filed by the debtor with free consent, and involuntary petition, it means which can be filed by the creditors in order to meet it after the specific requirements.