Shawn Has Filed for Bankruptcy

question 76

Multiple Choice

Shawn has filed for bankruptcy. However, he has not mentioned his farmhouse in Farmington in the bankruptcy proceedings. The farmhouse has been recovered by the mortgage firm and included in the proceedings. Which of the following is true in this case?

• A) Shawn will be held guilty for the offense of concealment.
• B) Shawn can use the recovery of the estate as a defense to his concealment.
• C) Shawn is guilty of larceny as he did not reveal his estate during bankruptcy proceedings.
• D) Shawn can be held guilty for counterfeiting.
• E) Shawn is likely to be held not guilty since the estate was recovered and included in the proceedings.

---

Definitions:

Bargaining

The process of negotiating the terms of a transaction or agreement between parties with differing interests.

Coase Theorem

An economic theory that suggests that if property rights are well-defined and transaction costs are minimal, voluntary negotiations will lead to the efficient resolution of disputes regarding resource allocation.

Cost Of Bargaining

The expenses, in terms of both time and resources, that are involved in reaching an agreement in a bargaining process.

Property Rights

Legal principles that define the ownership and use of resources, including the ability to transfer, exclude, and derive benefits from them.