Namesh Recently Sold His Ford Taurus to a Personal Friend

question 151

Multiple Choice

Namesh recently sold his Ford Taurus to a personal friend. Namesh's sale of his automobile illustrates the right to ______.

• A) freedom of choice
• B) private property
• C) profit
• D) set ground rules for competitive activity

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Definitions:

New Value

A concept in bankruptcy law referring to money or goods contributed to a debtor that can provide the basis for allowing a creditor to receive an otherwise avoidable transfer.

Grant Discharge

The legal process of releasing an individual from certain obligations or debts, often used in bankruptcy cases.

Concealed

Hidden or kept secret from view.

Defraud

The act of deceiving or cheating someone or a group to gain financial or personal advantage.