In a Bulk Sales Transaction Where the Sale Proceeds Will

question 43

Multiple Choice

In a bulk sales transaction where the sale proceeds will be less than the amount owing to the creditors, the proper procedure for a buyer is to

• A) obtain consent to the terms of the transaction from the minimum proportion of creditors as set out in the Bulk Sales Act.
• B) pay the sale proceeds to a trustee appointed by the seller.
• C) distribute the sale proceeds pro rata to the creditors.
• D) pay the sale proceeds to the seller.
• E) pay the sale proceeds to a trustee appointed by the buyer(s).

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Definitions:

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Client's Culture

The set of beliefs, values, customs, and practices that belong to the cultural background of a client, influencing their perceptions and behaviors.

Cultural Competence Skill Areas

The ability to interact effectively and respectfully with people of different cultures, particularly in contexts where cultural differences might influence the interaction.

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Organizations or individuals who offer services to others, often professionally.