Asked by
Sebastian Gonzales
on Nov 10, 2024Verified
The bulk sales acts in place in some provinces are designed to do which of the following?
A) To set minimum statutory standards for goods sold by description in large, unpackaged quantities
B) To provide relief to commercial purchasers when a ship's cargo is destroyed
C) To enable commercial debtors to sell their products at a reduced price in order to pay back their creditors in a more timely way
D) To give priority to creditors who are owed money in respect of inventory sold to the debtor within the last 30 days
E) To prevent merchants from selling all or almost all of their business's assets before a creditor can take action to stop them
Bulk Sales Acts
Laws designed to protect creditors by regulating the bulk transfer of business assets outside the regular course of business.
- Analyze the consequences of failing to adhere to legal obligations in secured transactions.
Verified Answer
SK
Learning Objectives
- Analyze the consequences of failing to adhere to legal obligations in secured transactions.