Which One of the Following Statements About the Personal Property

question 21

Multiple Choice

Which one of the following statements about the Personal Property Security Act is true?

• A) This legislation applies only to all present transactions where personal property is given as security interest to enforce an obligation.
• B) Unless a creditor in a secured transaction covered by this act takes steps to attach and perfect his security interest, he could lose that interest to someone outside the contract.
• C) In a situation where a debtor fraudulently attempts to transfer property that he has given as security, the Act is designed to protect both the debtor and the secured creditor.
• D) If a secured creditor fails to register his security interest in the Personal Property Registry, he loses his rights against the debtor.
• E) If someone suspects that an item of personal property has been given as security by a particular person, he can sue on the breach of a condition.

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Definitions:

Variable Cost

Expenses that change in proportion to the activity or volume of business, such as materials and labor.

Right Price

The optimal price point for a product or service, taking into account factors such as value to the customer, demand, and competition.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at various price points.

Your Gut

Colloquial term referring to an individual's instinctive reaction or initial feelings about a decision or situation, often sans empirical evidence.