Test yourself

You will read a contract clause with missing words. You must choose the correct words from a list to complete the contract clause. Questions in this section are worth two points each. TH S10

"In the event of a dissolution of this company, the assets of the company shall be liquidated and distributed among the shareholders (1 p.) ownership interests. The process of liquidation shall be managed by (designated party or parties), who shall have the authority to sell or dispose of the assets (1 p.) subject to any applicable laws and regulations.

All outstanding debts and obligations of the company shall be paid (1 p.) any remaining assets to the shareholders. In the event of insufficient assets to cover the debts and obligations, the shareholders shall contribute to the extent of their respective ownership interests to satisfy the outstanding obligations.

Upon completion of the liquidation process, the company shall be dissolved and (1 p.)

The parties agree to execute any additional documents or (1 p.) necessary to effectuate the liquidation and dissolution of the company."