Match Each Statement with the Correct Term Below

question 70

Multiple Choice

Match each statement with the correct term below.
-fixtures

• A)The right in personal property that secures payment or performance of an obligation.
• B)Goods that are so related to real property that they are considered part of the real estate.
• C)A document filed to provide notice of a security interest.
• D)Property subject to a security interest.
• E)Tangible or electronic record that evidences both a debt and a security interest in specific goods.
• F)Seizure of property to bring it under the custody of the court; creation of security interest enforceable against a debtor.
• G)Delivery of personal property to a creditor as security for payment of a debt.
• H)An agreement between the debtor and creditor creating a security interest.
• I)Goods bought or used primarily for personal, family, or household purposes.
• J)Creditor's remedy involving a statutory proceeding directed at a third person who owes a debt to or has property of a debtor.
• K)A surety liable to a creditor immediately upon the default of a principal debtor.
• L)Relative or general partner of debtor, partnership in which debtor is a partner, or corporation in which debtor is an officer, director, or controlling person.
• M)The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.
• N)A surety's assumption of the creditor's rights.
• O)A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the principal debtor's failure to perform.
• P)Security interest in goods purchased; interest retained either by the seller of the goods or by a lender who advances the purchase price.
• Q)Agreement by which one party obtains a security interest in the personal property of another to secure the payment of a debt.
• R)The person responsible for collecting, liquidating, and distributing the debtor's estate.
• S)A right to payment.
• T)Enforceability of a security interest against third parties.
• U)A claim with a lien on property of a debtor; a claim tied to specific property of the debtor.
• V)Transfer made by the debtor to favored creditors before the date of bankruptcy and invalidated by the Bankruptcy Code.
• W)An agreement between the debtor and two or more of her creditors that each will take a portion of his claim as full payment.
• X)Prevents attempts by creditors to recover claims against the debtor.
• Y)A voluntary transfer by the debtor of some or all of his property to a trustee, who applies the property to the payment of all of the debtor's debts.

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Definitions:

Sales Contract

A formal agreement between a buyer and seller specifying the terms and conditions under which goods or services will be sold and purchased.

Fixed Price

A set price that does not change, regardless of variations in market conditions or costs of production.

UCC

An extensive assembly of legal norms, the Uniform Commercial Code, presides over the entirety of commercial exchanges in the United States.

Merchant

An entity that sells goods or services in exchange for money, usually within the retail or business-to-business markets.