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The Legal Environment of Business
Quiz 13: Bankruptcy
A Composition Is an Agreement by Creditors to Accept Less
Question 15
True False
A composition is an agreement by creditors to accept less than the full amount of the debt and to discharge the debtor from further liability.
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Q 16
The current bankruptcy law,which was adopted by the U.S.Congress in 2005,is the: A)Bankruptcy Reform Act. B)Chandler Act. C)Bankruptcy Act. D)Bankruptcy Abuse Prevention and Consumer Protection Act. E)Bankruptcy and Insolvency Act.
Q 17
Bankruptcy trustees are government lawyers appointed by the: A)US Courts of Appeal. B)US Solicitor General. C)US House Committee on the Judiciary. D)US Circuit Courts. E)US Attorney General.
Q 18
Which of the following chapters of the BAPCPA applies to all debtors except railroads,insurance companies,most banks and credit unions,and homestead associations? A)Chapter 7 B)Chapter 9 C)Chapter 15 D)Chapter 12 E)Chapter 13
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