Which of the Following Is NOT Considered to Be an Act

question 41

Multiple Choice

Which of the following is NOT considered to be an act of bankruptcy? A debtor

• A)admits at a meeting of his creditors that he is unable to pay his debts
• B)shows at a meeting of creditors financial statements that show he is insolvent
• C)gives notice to his creditors that he has suspended payment of his debts
• D)ceases to meet his liabilities generally as they become due.
• E)all of the above are considered to be acts of bankruptcy

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Definitions:

Consideration

In contract law, the benefit or value that each party agrees to exchange as part of a contractual agreement, which is a requirement for a valid contract.

Assignee

A person to whom an assignment is made.

Assignor

The maker of an assignment.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, intended by those parties to receive a benefit from the contract.