In Which of the Following Is a Chattel Given as Security

question 39

Multiple Choice

In which of the following is a chattel given as security by a debtor to a creditor?

• A) A business person assigns his business inventory to the bank where he borrowed $25,000
• B) A musician takes his guitar to a consignment shop
• C) A business person borrows $25,000 from the bank and signs a personal guarantee
• D) A musician pawns his electric guitar

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Definitions:

Absolute Standards

Measures or criteria that are fixed and universally applied, regardless of context or situation.

Market Value Ethics

The ethical considerations involved in determining the fairness of prices and valuations in the marketplace.

Ethical Rules Of Conduct

Guidelines that govern the ethical and moral behavior of individuals and organizations in various professions.

Legal Persons

Entities (such as individuals, companies, and organizations) that have legal rights and obligations, including the capacity to enter into contracts, sue, and be sued.