A Repayment-Plan Bankruptcy Case Can Be Initiated Only by the Filing

question 41

Multiple Choice

A repayment-plan bankruptcy case can be initiated only by the filing of a petition by the

• A) U.S. trustee.
• B) debtor.
• C) creditors.
• D) judge.

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Definitions:

Implied Warranty

A guarantee that is not written or spoken but is understood and legally binding, ensuring goods or services meet certain standards of quality and reliability.

Implied Warranty

A legal presumption that a product will fulfill the basic functions for which it was sold, without being explicitly stated by the seller.

Merchantability

Concerns the basic standard of quality and functionality that goods sold must meet, implying they are fit for the general purpose for which they are sold.

Fitness

A state of health and well-being, often focused on the ability to perform physical activities or meet specific physical criteria.