Examlex
A famous journalist predicted the result of an NBA match between the LA Groves and LA Phantoms in favor of the Phantoms,based on the present form of Groves.Accordingly,Mark placed a huge bet on the Phantoms and lost heavily.This is an example of misrepresentation of a material fact of a contract.
Straight Bankruptcy
A term often used to refer to Chapter 7 bankruptcy, which involves the liquidation of a debtor's assets to repay creditors.
Chapter 7
A provision of the United States Bankruptcy Code dealing with liquidation, where a debtor's assets are sold to pay off creditors.
Liquidation
The process of closing a business and distributing its assets to claimants, often during bankruptcy.
Bankruptcy Code
The body of federal law governing the process of bankruptcy in the United States, allowing individuals or entities to eliminate or reorganize debt.
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