REG Study Group Q4 2014 - Page 281

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  • November 28, 2014 at 11:02 pm #633417
    REGTaker
    Member

    I assume Scienter and reckless disregard are the main ones.

    November 28, 2014 at 11:02 pm #633418
    REGTaker
    Member

    I'm not doing too well on the flashcards.

    November 28, 2014 at 11:03 pm #633419
    Anonymous
    Inactive

    Me either. Want to take a break? I'm at the point where I'm overwhelmed with everything. I think I might need to take a breather.

    November 28, 2014 at 11:04 pm #633420
    REGTaker
    Member

    An attorney representing a debtor under Chapter 7 has the following (non-inclusive) obligations under the Bankruptcy Code:

    The attorney must reasonably attempt to guide the debtor to a reorganization style of bankruptcy (Chapter 11 or 13).

    The attorney must file an affidavit noting the attorney has informed the debtor/client of the different forms of bankruptcy relief available under the Bankruptcy Code.

    The attorney must agree to reduced legal rates for Chapter 7 versus Chapter 11 bankruptcy filings.

    The attorney must attempt to reasonably verify the accuracy of an individual debtor's supporting schedules (including debts and resources) and bankruptcy petition.

    A.

    I and III

    B.

    II, III, and IV

    C.

    I, II, and IV

    D.

    II and IV

    November 28, 2014 at 11:05 pm #633421
    REGTaker
    Member

    A break sounds good. I think I'm going to watch a show and then get back to it, but I need to read over my notes again for blaw. Trying to answer questions is killing my confidence.

    November 28, 2014 at 11:05 pm #633422
    REGTaker
    Member

    The answer to that last question was D

    The attorney is required to file an affidavit noting that he or she has informed the client of the various forms of bankruptcy and their relief. This is a new requirement under the 2005 Bankruptcy Reform Act.

    Under another new requirement, the attorney must reasonably review the filings for errors and omissions. While the attorney is not required to be a CPA and audit the materials, sufficient review to avoid abuse and misrepresentation is the guiding tenant of this requirement.

    There is no obligation of an attorney to “guide” the debtor to use Chapter 11 or 13; however, the attorney must advise the debtor of the choices available. Nor is there a responsibility or obligation for an attorney to have different legal rates for different forms of bankruptcy filings.

    November 28, 2014 at 11:06 pm #633423
    Anonymous
    Inactive

    Oh my gosh, that one is so hard – D?

    November 28, 2014 at 11:06 pm #633424
    REGTaker
    Member

    Correct!!

    November 28, 2014 at 11:06 pm #633425
    Anonymous
    Inactive
    November 29, 2014 at 12:02 am #633426
    Anonymous
    Inactive

    I'm back if you want to quiz some more, REGTaker.

    November 29, 2014 at 12:16 am #633427
    Anonymous
    Inactive

    Oh my gosh – I think I found an answer on that Options question that confused us before – If an offer is not supported by any consideration being received it is therefore not an option contract. Thus, the offer may be withdrawn at any time prior to acceptance regardless of the mention of the time limit. The offer would also be terminated if the offeror died prior to acceptance. Likewise, a counteroffer terminates the offer, so any subsequent “acceptance” would in effect be a new offer, which could then be accepted (or not).

    November 29, 2014 at 1:31 am #633428
    REGTaker
    Member

    Good job Bucky!! That makes me feel better about those little details between the two problems. Lack of consideration means it can be withdrawn at any time. Noted!

    November 29, 2014 at 1:42 am #633429
    Anonymous
    Inactive

    Uggghhh! I just took a Simulated exam and I got another 75. Boo. I thought I was understanding this stuff!!

    November 29, 2014 at 1:43 am #633430
    REGTaker
    Member

    I thought I understood that guarantee payments did reduce a partner's basis and they DO NOT! The more I study, the dumber I get.

    November 29, 2014 at 1:44 am #633431
    Anonymous
    Inactive

    Parc hired Glaze to remodel and furnish an office suite. Glaze submitted plans that Parc approved. After completing all the necessary construction and painting, Glaze purchased minor accessories that Parc rejected because they did not conform to the plans. Parc refused to allow Glaze to complete the project and refused to pay Glaze any part of the contract price. Glaze sued for the value of the work performed. Which of the following statements is correct?

    A. Glaze will lose because Glaze breached the contract by not completing performance.

    B. Glaze will win because Glaze substantially performed, and Parc prevented complete performance.

    C. Glaze will lose because Glaze materially breached the contract by buying the accessories.

    D. Glaze will win because Parc committed anticipatory breach.

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