Greg told Rick that he would be willing to pay a high rate of interest for a two-month loan of $2,000. Rick agreed to lend Greg this amount at an annual rate of 20%, repayable March 1, 2011. Greg agreed to these terms. Greg did not pay on March 1. Rick learned that Greg had recently completed some work for Martinson for which Greg was owed $2,000. Now that Greg is in default, which of the following is false?
A) Rick could not place Greg into bankruptcy unless Greg had committed an "act of bankruptcy."
B) Rick could sue Greg for breach of contract.
C) Once he has obtained judgment, Rick can garnishee the money owed to Greg by Martinson.
D) Rick could execute against Greg even if Rick had not obtained judgment against him.
E) If Rick obtained a judgment against Greg, he could compel him to be examined about his income, property, and debts.
Correct Answer:
Verified
Q27: With regard to guarantees, which of the
Q28: The owner of the house had contracted
Q29: Which one of the following statements about
Q30: Nick has a consulting business with monthly
Q31: In a secured transaction, the creditor's right
Q33: A company in the delivery business bought
Q34: As the fishing season slowed down in
Q35: Identify which of the following statements is
Q36: With regard to debt collection, which of
Q37: Consider the following statements about the use
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents