Donald Tramp declares bankruptcy. He has significant arrears of spousal and child support. He also owes $500 in parking tickets. It is his first bankruptcy. After nine months, he applies for a discharge. Which of the following is TRUE?
A) A discharge is not available to a natural person.
B) If a discharge is granted, it will not release his spousal and child support obligations
C) A discharge is usually automatic for first time bankrupts
D) The discharge will not release him from amounts owed for parking tickets
E) B, C and D
E
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Abigail agrees to clear Adam's debt with the bank if he is unable to pay it. Which of the following is true of this scenario?
A) This agreement is not within the statute of frauds. B) Abigail has primary liability to the bank. C) Under the statute of frauds, this contract must be in writing. D) Adam is not liable to the bank in any way.
A chronological history of the chain of title and encumbrances affecting a parcel of real property
is known as: A) An abstract of title. B) A certificate of title. C) A Torrens certificate. D) Title insurance.