In the Event of Liquidation, A(n) _____ Has a Claim

question 10

Multiple Choice

In the event of liquidation, a(n) _____ has a claim on assets only after the senior debt has been paid off. 

• A)debenture
• B)income bond
• C)indenture
• D)subordinated debenture
• E)mortgage bond

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Definitions:

Express Warranty

A guarantee made by a seller that a product will meet certain quality and reliability standards.

Product-Identification Label

Labels on products providing information about the manufacturer, brand, and specific details about the product, often used for tracking and identification purposes.

Description of Goods

A detailed account or specification of the physical and sometimes functional characteristics of goods in a contract for sale.

Implied Warranty

A warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties.