Airlines, Inc. has been a well-run company before filing Ch. 11 bankruptcy. Thus, the management continues operating the airline as Debtor in Possession during the bankruptcy. The airline has three years remaining on a lease for a Boeing jet. May Airlines, Inc. cancel the lease?

On Monday, Jenna offers to sell Alec her scooter for $6,000. Alec says: “Let me think about it and I’ll text you.” On Tuesday morning Jenna changes her mind and emails Alec saying: “The deal is off.” Alec doesn’t check his email but on Tuesday afternoon texts Jenna: “I’ll take it!” Right after Alec sends the text message, he sees Jenna’s email. Jenna gets the text message that night. Is there a contract?

Contracts for the sale of goods are governed by the ___________.

Joe and Teresa filed bankruptcy. The couple concealed some assets, not reporting the assets on the schedule. What may be a possible consequence for their deceit?

Joe and Teresa filed bankruptcy. The couple concealed some assets, not reporting the assets on the schedule. What may be a possible consequence for their deceit?

On Monday, Jenna offers to sell Alec her scooter for $6,000. Alec says: “Let me think about it and I’ll text you.” On Tuesday morning Jenna changes her mind and emails Alec saying: “The deal is off.” Alec doesn’t check his email but on Tuesday afternoon texts Jenna: “I’ll take it!” Right after Alec sends the text message, he sees Jenna’s email. Jenna gets the text message that night. Is there a contract?

Peyton files Ch. 13 bankruptcy. (She is married and has a good paying job as a bank manager, earning $100,000/year.) She seeks a composition in her bankruptcy. What does this mean?

In order for a court to settle a contract dispute based on the concept of equity the court must find which of the following:

Andrew files Ch. 7 bankruptcy and lists the following debts: two years of unpaid income taxes, child support, judgment for operating an airplane while intoxicated, judgment for defrauding a business partner. Was Andrew wise?

After making payments for five years, Mackay owed the bank $650,000, when he defaults.The bank forecloses upon Mackay’s house and the home is old for $400,000 at public auction. What may happen next?