Deficiency judgments can only be granted when:
a. a property has been judicially foreclosed.
b. the value of the property equals or exceeds the underlying balance due on the loan.
c. the mortgage is classified as a purchase-money mortgage.
d. a property has been foreclosed under a trustee's sale.
Answer: a. a property has been judicially foreclosed.
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The acquisition of treasury stock by a corporation
a. increases its total assets and total stockholders' equity. b. decreases its total assets and total stockholders' equity. c. has no effect on total assets and total stockholders' equity. d. requires that a gain or loss be recognized on the income statement.
To use an accord and satisfaction to discharge the obligations due under a contract
a. The performance due under the contract must be in dispute b. A court of equity must approve the proposed accord c. The performance called for in the accord must be completed d. A and C e. B and C