Jones Is "A Merchant" Under Article 2 Even If He

question 16

True/False

Jones is "a merchant" under Article 2 even if he knows little about textile machinery but hires Smith as his agent to sell textile machinery. Smith has 25 years' experience in the textile industry.

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Definitions:

Chapter 13

A type of bankruptcy that allows individuals earning a regular income to create a plan to repay all or part of their debts.

Payment Period

The duration of time during which a debtor is obligated to make a payment to a creditor.

Bankruptcy Code

The body of federal law that governs the process of bankruptcy in the United States, allowing individuals or entities in financial distress to discharge or reorganize their debts.

Chapter 11

A provision of the U.S. Bankruptcy Code that allows for reorganization under the bankruptcy laws of the United States.