What Are Fraudulent Preferences,reviewable Transactions,and Fraudulent Conveyances

question 35

Multiple Choice

What are fraudulent preferences,reviewable transactions,and fraudulent conveyances?

• A) categories of payments made prior to bankruptcy
• B) categories of payments made prior to insolvency
• C) classifications of payments made subsequent to bankruptcy
• D) classifications of payments made subsequent to insolvency

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Definitions:

FOB

Free on Board; a contractual term indicating that the seller assumes responsibility for the goods until they are loaded onto a transport vessel.

Risk of Loss

The responsibility for damage or destruction to goods, typically determining who bears the cost when property is damaged during a transaction or transportation.

Total Loss

A situation in which property is so extensively damaged that repair is not reasonable and it's considered a complete write-off.

Document of Title

Legal documentation evidencing a person's right to the control or ownership of goods, typically used in the context of shipping or storage.