Patios R Us Contracts with Karl's Concrete to Have 35

question 48

True/False

Patios R Us contracts with Karl's Concrete to have 35 yards of concrete delivered to a job site they are working on.Payment is to be made 30 days after delivery.Five days after the concrete is delivered,Patios R Us files for bankruptcy and the filing is accepted by the court.Karl's cannot sue to enforce the contract and receive payment.

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Definitions:

Debtor's Assets

The property or funds owned by a debtor that may be used or taken to repay debts.

Repayment-plan Bankruptcy

A bankruptcy procedure that involves restructuring a debtor's payment obligations to pay off debts over time, under court supervision.

U.S. Trustee

A government official who performs administrative tasks that a bankruptcy judge would otherwise have to perform.

Petition

A formal written request, often signed by several individuals, appealing to authority with respect to a particular cause.