When All Players in a Game Choose the Best Strategy

question 123

Multiple Choice

When all players in a game choose the best strategy they can, given the choices of all other players, there is always a:

• A)Nash equilibrium.
• B)positive-positive outcome.
• C)cooperative equilibrium.
• D)negative-negative outcome.

Distinguish between different classifications of collateral, including inventory, equipment, and consumer goods, based on the UCC.

Explain the methods for perfecting a security interest, including possession and public filing, and their implications.

Describe the rights of a buyer in the ordinary course of business under the UCC.

Understand the prioritization rules for conflicting security interests, including purchase money security interests (PMSI) and their exceptions.

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Definitions:

Ultra Vires Rule

A legal doctrine that acts performed beyond the scope of a corporation's or entity's powers are invalid.

Business Judgment Rule

A legal principle that protects the decisions made by a corporation's board of directors from being challenged in court, provided they were made in good faith and with reasonable care.

Oppression

The exercise of authority or power in a burdensome, cruel, or unjust manner.

Novation

is the process of substituting a new obligation or contract for an old one, with consent from all parties involved.