Greg Told Rick That He Would Be Willing to Pay

question 68

Multiple Choice

Greg told Rick that he would be willing to pay a high rate of interest for a two-month loan of $2000. Rick agreed to lend Greg this amount at an annual rate of 20%, repayable March 1, 2016. Greg agreed to these terms. Greg did not pay on March 1. Rick learned that Greg had recently completed some work for Martinson for which Greg was owed $2000. Now that Greg is in default, which of the following is false?

• A) Rick could sue Greg for breach of contract.
• B) Rick could execute against Greg even if Rick had not obtained judgment against him.
• C) Rick could not place Greg into bankruptcy unless Greg had committed an act of bankruptcy.
• D) If Rick obtained a judgment against Greg, he could compel him to be examined about his income, property, and debts.
• E) Once he has obtained judgment, Rick can garnishee the money owed to Greg by Martinson.

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Definitions:

Mitochondria

Membrane-bound organelles found in the cytoplasm of eukaryotic cells, involved in cellular respiration and energy production.

Messenger RNA

A type of RNA that conveys genetic information from DNA to the ribosome, where it serves as a template for protein synthesis.

Cytoplasm

A jelly-like substance within a cell that contains the organelles, enclosed by the cell membrane.

Ribosomes

Cell organelles responsible for protein synthesis.