Mark operates an auto parts shop. The shop has gone out of business, and all assets have been
sold. The following debts remain:
1. $10,000 owed to suppliers for merchandise that was sold to customers
2. $20,000 owed to suppliers for merchandise that was ruined in an unexpected flood
3. $35,000 owed to a customer who has a final judgment in a product liability suit against
the auto parts shop
For which of these debts can Mark be held personally liable?
A) 1 and 3 only
B) 1 only
C) 1 and 2 only
D) None, they were all business debts
E) 1, 2, and 3
E
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