Which of the Following Is a Correct Legal Conclusion Regarding

question 28

Multiple Choice

Which of the following is a correct legal conclusion regarding reorganization bankruptcy?

• A) Individuals,partnerships,and corporations in business may be reorganized.
• B) A plan for reorganization may be filed only by a committee of creditors.
• C) When a reorganization plan is confirmed by the court,the creditors can revert back to their original position if they are not satisfied with the plan.
• D) Individuals within a particular class of creditors can be treated differently if they object to the reorganization plan.

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Definitions:

Legally Enforceable

Capable of being imposed or upheld by law, typically referring to contracts or agreements.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a set of rules governing the sale of goods between parties in different countries.

Commercial Parties

Entities involved in the exchange of goods or services within a commercial or business setting, typically companies or professionals.

Merchant

Under the Uniform Commercial Code, one who regularly deals in goods of the kind sold in the contract at issue, or holds himself out as having special knowledge or skill relevant to such goods, or who makes the sale through an agent who regularly deals in such goods or claims such knowledge or skill.