A third party who promises a creditor to be liable for a principal\'s payment is
ID: 337427 • Letter: A
Question
A third party who promises a creditor to be liable for a principal's payment is either a surety or a(n) _____________.
a. Obligor.
b. Obligee.
c. Principal debtor.
d. Guarantor.
After a debtor is discharged on a debt in a Chapter 7 proceeding, the creditor may try to collect the debt by calling the debtor, and may file suit against the debtor on the claim.
a. True
b. False
26. The trustee is the person who handles the assets and obligations of the debtor during the bankruptcy proceeding.
a. True
b. False
27. The debts of partnerships, limited liability companies, and corporations that go through liquidation proceedings are not usually discharged.
a. True
b. False
29. Under Chapter 11, holders of claims or interests in the debtor's property are permitted to participate in the approval process of a proposed plan of reorganization.
a. True
b. False
30. A debtor's plan of reorganization must provide a means for its execution under Chapter 11
a. True
b. False
31. Creditors must receive as much in a Chapter 13 reorganization plan as they would receive in Chapter 11 liquidation.
a. True
b. False
32. In a Chapter 13 proceeding, the rights of a bank which holds a home mortgage may be modified.
a. True
b. False
33. Administrative agencies are sometimes called the first branch of government.
a. True
b. False
34. Administrative agencies exist at federal levels of government only.
a. True
b. False
35. One way for administrative agencies to keep the businesses they regulate informed about agency rule is opinion letters.
a. True
b. False
36. An administrative agency's authority to engage is rulemaking is a legislative function.
a. True
b. False
37. If there is a question about the reach of an administrative agency's power, the issue is decided by the judiciary branch of government.
a. True
b. False
38. The Agency Procedure Act controls all aspects of agency activity.
a. True
b. False
39. The first major administrative agency created at the federal level was the Interstate Commerce Commission.
a. True
b. False
Explanation / Answer
A third party who promises a creditor to be liable for a principal's payment is either a surety or a(n) _____________.
a. Obligor.
b. Obligee.
c. Principal debtor.
d. Guarantor.
After a debtor is discharged on a debt in a Chapter 7 proceeding, the creditor may try to collect the debt by calling the debtor, and may file suit against the debtor on the claim.
a. True
b. False
26. The trustee is the person who handles the assets and obligations of the debtor during the bankruptcy proceeding.
a. True
b. False
27. The debts of partnerships, limited liability companies, and corporations that go through liquidation proceedings are not usually discharged.
a. True
b. False
29. Under Chapter 11, holders of claims or interests in the debtor's property are permitted to participate in the approval process of a proposed plan of reorganization.
a. True
b. False
30. A debtor's plan of reorganization must provide a means for its execution under Chapter 11
a. True
b. False
31. Creditors must receive as much in a Chapter 13 reorganization plan as they would receive in Chapter 11 liquidation.
a. True
b. False
32. In a Chapter 13 proceeding, the rights of a bank which holds a home mortgage may be modified.
a. True
b. False
33. Administrative agencies are sometimes called the first branch of government.
a. True
b. False
34. Administrative agencies exist at federal levels of government only.
a. True
b. False
35. One way for administrative agencies to keep the businesses they regulate informed about agency rule is opinion letters.
a. True
b. False
36. An administrative agency's authority to engage is rulemaking is a legislative function.
a. True
b. False
37. If there is a question about the reach of an administrative agency's power, the issue is decided by the judiciary branch of government.
a. True
b. False
38. The Agency Procedure Act controls all aspects of agency activity.
a. True
b. False
39. The first major administrative agency created at the federal level was the Interstate Commerce Commission.
a. True
b. False
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