Which of the Following Is True of Statutes

question 7

Multiple Choice

Which of the following is true of statutes?

• A) They are worded to apply to every situation that may arise.
• B) They are unwritten ratifications of legislative authority.
• C) They are less general than constitutions.
• D) They are a source of law that is considered as secondary authority.

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Definitions:

Federal Exemptions

Protections and privileges granted under federal law, often in bankruptcy, that allow individuals to retain certain assets from creditors.

Residence

A place where an individual lives or has their home.

Home Equity

The portion of a homeowner's property value that exceeds the outstanding balance of all liens on the property.

Preferential Payment

A payment made by a debtor to a creditor before a bankruptcy filing that gives the creditor more than it would receive in the debtor's bankruptcy.