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Quiz for AHRM 4314 - Debtor-Creditor Relationships with Glynn at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 1
Professor:Glynn
Class:AHRM 4314 - Debtor-Creditor Relationships
Subject:Apparel, Housing, & Resour Mgt
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Meeting of the Minds
  • Legal Capacity
  • Social Sanctions
  • Either...or
  • Relationship
  • Perspective
  • Consequences
  • Essential Elements
  • Consideration
  • Presumption
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Sample Document Text

QUI Z #l-with answers Name ______________________ ~----~ 1. What is the essence of credit? [201 The transfer of value (money, goods, and/or services) from the creditor (or lender) to the debtor (or borrower) in the present (i.e. present value or PV), with the creditor (or lender) receiving in exchange a claim against the future incomelcash flow and assets of the debtor (or borrower). 2. What Me the three facets or characteristics of credit? [24] a. A promise by the debtor (or borrower) to pay. b. The presumption by the creditor (or lender) that payment can and will be made. c. If payment is not made, there exist social sanctions (i) to enforce paym~nt-either in cash or the equivalenJ valu!: in property_ (usually occurring through the court system) and (ii) providing for other legal consequences (such as derogatory information being reported to a credit bureau). 3. What is the cornerstone (i.e. that from which all is measured) of the debtor-creditor relationship? [10] A legal ...

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