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The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.


A) employees
B) customers
C) bankruptcy lawyers
D) stockholders

E) A) and B)
F) None of the above

Correct Answer

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The number of Americans filing for bankruptcy has increased tremendously since the late 1980s.

A) True
B) False

Correct Answer

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Generally a warranty is an important part of a product.

A) True
B) False

Correct Answer

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Which of the following would cause a contract to be void?


A) consideration
B) mutual acceptance
C) competent parties
D) duress

E) None of the above
F) B) and C)

Correct Answer

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Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted.

A) True
B) False

Correct Answer

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