What is the purpose of priliminary ruling?
Priliminary ruling procedure means that if a national court is in any doubt about the interpretation or validity of an EU law, it may/must ask the Court of Justice for advice.
This addvice is giving in form of a preliminary ruling
(Vorabentscheidung)
This addvice is giving in form of a preliminary ruling
(Vorabentscheidung)
In the European Court there are judges and Advocats General.
What is the differnece between them?
What is the differnece between them?
8 Advocates General: draw up opinions on the cases, analyze facts and legal aspects, propose solution to the problem
27 Judges: make the judgment
opinion of the Advocates General is not binding, just a recomondation
27 Judges: make the judgment
opinion of the Advocates General is not binding, just a recomondation
As a promoter for ABC Enterprises Corporation, Bruce would not
A) buy land for corporate offices
B) issue ABC stock
C) order stationery for ABC
D) solicit subscriptions for ABC stock
A) buy land for corporate offices
B) issue ABC stock
C) order stationery for ABC
D) solicit subscriptions for ABC stock
B) issue ABC stock
Albert and Ben enter into a contract for the sale of a warehouse. Albert promises to vacate the property, and Ben promises to pay, on July 1. Later, Albert promises to take Sue out for lunch. The common law contracts assures that these parties of compliance with
A) all of the promises
B) some of the promises
C) none of the promises
D) none of the above
A) all of the promises
B) some of the promises
C) none of the promises
D) none of the above
B) some of the promises
Cathy assures Don that she will deliver his products as he directs. An assurance that one will do something in the future is part of the definition of
A) a declaration
B) a moral obligation
C) an ethical principle
D) a promise
A) a declaration
B) a moral obligation
C) an ethical principle
D) a promise
D) a promise
A-One Realtors contracts with Bright Investments, INC., to sell Brights office building for a commission on the sale. The elements of a contract do not include
A) consideration
B) contractual capacity
C) legality
D) written form
A) consideration
B) contractual capacity
C) legality
D) written form
D) written form
Michelle contracts to tutor Paul in the principles of business law. For the breach of a contractual promise, contract law entitles innoncent parties to
A) any sort of relief that a court wants to provide
B) no rielief
C) some forms of relief
D) none of the above
A) any sort of relief that a court wants to provide
B) no rielief
C) some forms of relief
D) none of the above
C) some forms of relief
Heinrich claims that Paula breached their contract. Paula asserts that they had no contract. In deciding whether a contract was formed, a court would not look at
A) the circumstances surrounding the alleged contract
B) the parties' conduct at the time of the alleged contract
C) the parties' statements at the time of the alleged contract
D) the parties' subjective beliefs at the time of the alleged contract
A) the circumstances surrounding the alleged contract
B) the parties' conduct at the time of the alleged contract
C) the parties' statements at the time of the alleged contract
D) the parties' subjective beliefs at the time of the alleged contract
D) the parties' subjective beliefs at the time of the alleged contract
Which of the following statement is false?
A) a contract requires a valid offer and a valid acceptance
B) any promises made by the parties - unless they are close relations- must be supported by legally sufficiant and bargained-for consideration.
C) both parties entering into a contract must have the legal capacity to do so
D) a contract must not be used to accomplish an objective that is illegal
A) a contract requires a valid offer and a valid acceptance
B) any promises made by the parties - unless they are close relations- must be supported by legally sufficiant and bargained-for consideration.
C) both parties entering into a contract must have the legal capacity to do so
D) a contract must not be used to accomplish an objective that is illegal
B) any promises made by the parties - unless they are close relations- must be supported by legally sufficiant and bargained-for consideration.
Barbie offers to pay Ken $500 if he joggs across the Golden Gate Bridge. Ken can accept the offer only by jogging accross the bridge. If Ken joggs across the bridge, he and Barbie will have formed
A) a bilateral contract
B) a moral obligation
C) a social contract
D) a unilateral contract
A) a bilateral contract
B) a moral obligation
C) a social contract
D) a unilateral contract
D) a unilateral contract
Kate begins to perform, intending that the completion of her performance act as an acceptance of Lyles offer. Under the modern-day view, an offer that can only be accepted by completion of a specific act can
A) be revoked any time after the offer is made
B) be revoked any time before the completion of performance
C) not be revoked once perfomance has substantially begun
D) not be revoked once the promisee indicates he or she will perform
A) be revoked any time after the offer is made
B) be revoked any time before the completion of performance
C) not be revoked once perfomance has substantially begun
D) not be revoked once the promisee indicates he or she will perform
C) not be revoked once perfomance has substantially begun
Alpha Assets Corp. and Beta Buys Inc., contract for a sale of Alpha's assets to Beta. The contract may not be enforceable if it was formed as a result of
A) a mistake
B) Alpha's intent to make profit
C) Beta's intent to make profit
D) either party's intent to make a joke
A) a mistake
B) Alpha's intent to make profit
C) Beta's intent to make profit
D) either party's intent to make a joke
A) a mistake
Jim offers to buy Karen's car for 1000$. Jim as an offeror and
A) an obligator
B) an offeree
C) a promisee
D) a promisor
A) an obligator
B) an offeree
C) a promisee
D) a promisor
D) a promisor
Fiona and Greg enter into a bilateral contract, which is created when
A) Fiona gives a promise in exchange for Greg's performance of a particular act.
B) Fiona gives a promise in exchange for Greg's promise
C) either A or B
D) none of the above
A) Fiona gives a promise in exchange for Greg's performance of a particular act.
B) Fiona gives a promise in exchange for Greg's promise
C) either A or B
D) none of the above
B) Fiona gives a promise in exchange for Greg's promise
Tommy, as an employee of Quilk Change, Inc., promises to change the oil in Jerry's car. A party who makes a promise is a
A) a promisee
B) a promiseer
C) a promisor
D) a promissory
A) a promisee
B) a promiseer
C) a promisor
D) a promissory
C) a promisor
Derrick tells Mary that he will buy her new textbook from the last semester for 80$. Mary agrees. Derrick and Mary have
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
George agrees to deliver fifty MP3 players to Holly's E-Store.
George delivers but Holly does not pay. To recover the price, George can collect from Holly on the basis of their
A) express contract
B) implied in fact contract
C) implied in law contract
D) quasi contract
George delivers but Holly does not pay. To recover the price, George can collect from Holly on the basis of their
A) express contract
B) implied in fact contract
C) implied in law contract
D) quasi contract
A) express contract
Alpha Design Company and Beta Products, INC., sign a document that states Alpha agrees to design a Web page for Beta and Beta agrees to pay Alpha for this service. Alpha and Beta have made
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
Bill and Hillary enter into an implied in fact contract. Under this cotract, the conduct of the parties is examined
A) only to define the contracts's terms
B) only to determine whether they intended to form a contract
C) to define the contract's terms and to determine whether the parties intended to form a contract
D) none of the above
A) only to define the contracts's terms
B) only to determine whether they intended to form a contract
C) to define the contract's terms and to determine whether the parties intended to form a contract
D) none of the above
C) to define the contract's terms and to determine whether the parties intended to form a contract
Arnold enters a coffee shop in which he has an open account, fills a cup of coffee, holds it so the cashier can see it, acknowledges the cashier's nod, and walks out with the coffee, knowing that he will be billed for it at the end of the month. Arnold has formed
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
B) an implied in fact contract
(diese muß ich nocheinmal checken. Meine Aufzeichung ist ein bisschen "messed up" ;) Groetjes
(diese muß ich nocheinmal checken. Meine Aufzeichung ist ein bisschen "messed up" ;) Groetjes
International Sales Corporation and National Distribution, INC., enter into a contract without an agreement concerning payment. This is
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
B) an implied in fact contract
C) an implied in law contract
D) a quasi contract
A) an express contract
Alex mistakenly pays property taxes that should have been assessed against Bart, the adjacent landowner. Alex will be able to recover the amount from Bart
A) only if Bart knew the error
B) only if Bart tried to conceal the error
C) even if Bart had no knowledge of the error
D) under no circumstances
A) only if Bart knew the error
B) only if Bart tried to conceal the error
C) even if Bart had no knowledge of the error
D) under no circumstances
C) even if Bart had no knowledge of the error
The doctrine of quasi contract
A) can only be used if there is an actual contract covering the area in controvery
B) cannot be used if there is an actual contract covering the area in controversy
C) can be used whether or not there is an actual contract covering the area in controversy
D) none of the above
A) can only be used if there is an actual contract covering the area in controvery
B) cannot be used if there is an actual contract covering the area in controversy
C) can be used whether or not there is an actual contract covering the area in controversy
D) none of the above
C) can be used whether or not there is an actual contract covering the area in controversy
Usually, quasi contracts are imposed
A) on parties who do not know how to read and write
B) to avoid the unjust enrichment of one party at the expense of another
C) by court when the amount of money at issue is less than 100$
D) none of the above
A) on parties who do not know how to read and write
B) to avoid the unjust enrichment of one party at the expense of another
C) by court when the amount of money at issue is less than 100$
D) none of the above
B) to avoid the unjust enrichment of one party at the expense of another
Which contracts do not arise from mutual agreement but are imposed by a court to avoid unjust enrichment?
A) Express contracts
B) Implied contracts
C) Quasi contracts
D) Unilateral contracts
A) Express contracts
B) Implied contracts
C) Quasi contracts
D) Unilateral contracts
C) Quasi contracts
The initials "L.S." at the end of a document
A) indicate that the signatures are lawful
B) show where the seal should be placed
C) serve as a substitude for a wax seal
D) both B and C
A) indicate that the signatures are lawful
B) show where the seal should be placed
C) serve as a substitude for a wax seal
D) both B and C
B) show where the seal should be placed
Begründung:
L.S. stands for locus sigilli and means "the place for the seal."
Begründung:
L.S. stands for locus sigilli and means "the place for the seal."
Fred and Rita sign a contract in which Fred agrees to deliver heating oil in exchange for Rital's promise to pay for the oil.
Fred delivers the oil. The contract is
A) fully executed
B) executory on the Part of Fred
C) executory of the part of Rita
D) none of the above
Fred delivers the oil. The contract is
A) fully executed
B) executory on the Part of Fred
C) executory of the part of Rita
D) none of the above
C) executory of the part of Rita
Begründung:
A contract that has not been fully performed on either side is called an executory contract.
If one party has fully performed but the other has not, the contract is said to be executed on the one side and executory on the other, but the contract is still classified as executory.
Begründung:
A contract that has not been fully performed on either side is called an executory contract.
If one party has fully performed but the other has not, the contract is said to be executed on the one side and executory on the other, but the contract is still classified as executory.
Carol and Dan are preferred stockholders in Eagle Corporation. Carol and Dan have the same rights as most preferred stockholders, which means, as regards Eagle, they
a. do not have the right to an annual dividend and may not have the right to vote.
b. do not have the right to an annual dividend but do have the right to vote.
c. have the right to an annual dividend and the right to vote.
d. have the right to an annual dividend but not the right to vote.
a. do not have the right to an annual dividend and may not have the right to vote.
b. do not have the right to an annual dividend but do have the right to vote.
c. have the right to an annual dividend and the right to vote.
d. have the right to an annual dividend but not the right to vote.
d. have the right to an annual dividend but not the right to vote.
Begründung:
"Preferred stock is stock with preferences. Usally this means that holders of it have priority over holders of common stock as to dividents and tp payment of disslolution of the corporation. They may or may not have the right to vote "
Begründung:
"Preferred stock is stock with preferences. Usally this means that holders of it have priority over holders of common stock as to dividents and tp payment of disslolution of the corporation. They may or may not have the right to vote "
Tags: Preferred stocks
Quelle: p.112, 1. Absatz nach Überschrift
Quelle: p.112, 1. Absatz nach Überschrift
Adam and Betty are holders of preferred stock in Megacorp, Inc. Adam and Betty have priority over holders of Megacorp common stock as to payment
a. of dividends only.
b. on dissolution of Megacorp only.
c. of dividends and on dissolution of Megacorp.
d. none of the above.
a. of dividends only.
b. on dissolution of Megacorp only.
c. of dividends and on dissolution of Megacorp.
d. none of the above.
c. of dividends and on dissolution of Megacorp.
Begründung:
Preferred stock is stock with prferences. Usally this means that holders of it have priority over holders of common stock as to dividents and tp payment of disslolution of the corporation.
Begründung:
Preferred stock is stock with prferences. Usally this means that holders of it have priority over holders of common stock as to dividents and tp payment of disslolution of the corporation.
Tags: Preferred Stock
Quelle: p.112, 1. Absatz nach Überschrift
Quelle: p.112, 1. Absatz nach Überschrift
Mary buys 500 shares of common stock in National Company. As a shareholder of record, Mary owns a proportionate interest with regard to corporate
a. control only.
b. earnings only.
c. net assets only.
d. control, earnings, and net assets.
a. control only.
b. earnings only.
c. net assets only.
d. control, earnings, and net assets.
d. control, earnings, and net assets.
Begründung:
"Common stock represents the true ownership of a corpoaration. It provides a proportionate interest in the corpoartion with regard to:
1. CONTROL, 2. EARNINGS, 3. NET ASSETS"
Begründung:
"Common stock represents the true ownership of a corpoaration. It provides a proportionate interest in the corpoartion with regard to:
1. CONTROL, 2. EARNINGS, 3. NET ASSETS"
Tags: Stocks
Quelle: p. 111, 1. Absatz nach Überschrift
Quelle: p. 111, 1. Absatz nach Überschrift
Eve and Fred are holders of common stock in Green Grocers, Inc. (GGI). Like other holders of common stock, they may be said to have a residual position in the overall financial structure of GGI, because they
a. are entitled to a dividend not received by other classes of shareholders.
b. are the last to receive payment for their investment.
c. have first priority to any assets of the company if it becomes insolvent.
d. none of the above.
a. are entitled to a dividend not received by other classes of shareholders.
b. are the last to receive payment for their investment.
c. have first priority to any assets of the company if it becomes insolvent.
d. none of the above.
b. are the last to receive payment for their investment.
Begründung:
"In terms of receicing returns on their investments, holders of common stock are the last in line"
Begründung:
"In terms of receicing returns on their investments, holders of common stock are the last in line"
Tags: Stocks
Quelle: p.112, 2. Absatz
Quelle: p.112, 2. Absatz
Nick purchases 100 shares of common stock in Open Source Company. As a shareholder of record, Nick will own a proportionate interest with regard to corporate
a. control only.
b. earnings and net assets only.
c. control, earnings, and net assets.
d. none of the above
a. control only.
b. earnings and net assets only.
c. control, earnings, and net assets.
d. none of the above
c. control, earnings, and net assets.
Begründung:
Common stock represents the true ownership of a corporation. It provides a proportionate interest in the corporation with regard to
1. control
2. earnings and
3. net assets
Begründung:
Common stock represents the true ownership of a corporation. It provides a proportionate interest in the corporation with regard to
1. control
2. earnings and
3. net assets
Tags: Stocks
Quelle: p.111, 1. Absatstz nach Überschrift
Quelle: p.111, 1. Absatstz nach Überschrift
Telecom, Inc., issues bonds, which are also known as
a. coupons.
b. debt securities.
c. equity securities.
d. indentures.
a. coupons.
b. debt securities.
c. equity securities.
d. indentures.
b. debt securities.
Begründung:
Bonds, OR: DEBT SECURITYS, represent the borrowing of funds by firms and governments
Begründung:
Bonds, OR: DEBT SECURITYS, represent the borrowing of funds by firms and governments
Tags: Coporate Financing
Quelle: p. 110 unten
Quelle: p. 110 unten
Alpha Corporation substantially complies with all conditions precedent to incorporation. Alpha has
a. de facto existence.
b. de jure existence.
c. ultra vires existence.
d. none of the above.
a. de facto existence.
b. de jure existence.
c. ultra vires existence.
d. none of the above.
a. de facto existence.
Begründung:
All condition for incorporation are satisfied. It is a fact.
Begründung:
All condition for incorporation are satisfied. It is a fact.
Ira tricks Janet into believing that Ace Distributing Corporation is an existing corporation. Janet signs a contract that is not performed by Ace. In Janet’s suit against Ace, a court will likely recognize Ace as
a. a corporation by estoppel.
b. a de facto corporation.
c. a de jure corporation.
d. none of the above.
a. a corporation by estoppel.
b. a de facto corporation.
c. a de jure corporation.
d. none of the above.
a. a corporation by estoppel.
corpoartion by estoppel= Scheingesellschaft
corpoartion by estoppel= Scheingesellschaft
Tags: also see partnership by estopel
Quelle:
Quelle:
Pete and Rob hold the first organizational meeting of Coastal Resorts Corporation (CRC). Probably the most important function of this meeting is
a. adopting CRC’s by laws.
b. chartering CRC.
c. drafting CRC’s articles of incorporation.
d. specifying CRC nature and purpose in the articles of incorporation.
a. adopting CRC’s by laws.
b. chartering CRC.
c. drafting CRC’s articles of incorporation.
d. specifying CRC nature and purpose in the articles of incorporation.
a. adopting CRC’s by laws.
Begründung:
At the first meeting, the incorporators elect first boad of directors and complete routine business of incorporation (pass bylaws, issue stock..)
Begründung:
At the first meeting, the incorporators elect first boad of directors and complete routine business of incorporation (pass bylaws, issue stock..)
Tags: First Orginazational Meeting
Quelle: p.108, 2. Absatz nach Überschrift
Quelle: p.108, 2. Absatz nach Überschrift
Tom is a registered agent for Telecorp, Inc., which incorporated in Delaware. As a registered agent, Tom
a. agreed to buy stock in Telecorp before it existed.
b. applied to Delaware on behalf of Telecorp to obtain its corporate charter.
c. receives legal documents on behalf of Telecorp.
d. took the preliminary steps in organizing Telecorp.
a. agreed to buy stock in Telecorp before it existed.
b. applied to Delaware on behalf of Telecorp to obtain its corporate charter.
c. receives legal documents on behalf of Telecorp.
d. took the preliminary steps in organizing Telecorp.
c. receives legal documents on behalf of Telecorp.
Begründung:
The primary document needed to begin incorpoartion process is called "articles of incorporation"- include basic information about corporation like name etc.
Begründung:
The primary document needed to begin incorpoartion process is called "articles of incorporation"- include basic information about corporation like name etc.
Tags: Incorporation procedure
Quelle: p.105, ganz unten
Quelle: p.105, ganz unten
Jean and Nathan want to incorporate to market DVD products. The first step in the incorporation procedure is to
a. file the articles of incorporation.
b. hold the first organizational meeting.
c. obtain a corporate charter.
d. select a state in which to incorporate.
a. file the articles of incorporation.
b. hold the first organizational meeting.
c. obtain a corporate charter.
d. select a state in which to incorporate.
d. select a state in which to incorporate.
Begründung:
First step on incorporation procedure is Location Chartering.
Begründung:
First step on incorporation procedure is Location Chartering.
Tags: INncorporation Precedure, Location Chartering
Quelle: p.105, 1. Absatz
Quelle: p.105, 1. Absatz
As a promoter for New Market Corporation, Pat is personally liable for any preincorporation contract until New Market
a. assumes the preincorporation contract by novation.
b. ratifies the contracts.
c. rejects the contract.
d. releases Pat from liability.
a. assumes the preincorporation contract by novation.
b. ratifies the contracts.
c. rejects the contract.
d. releases Pat from liability.
a. assumes the preincorporation contract by novation.
Begründung:
Once the coporation is formes, the premoter remains personally reliable until preincorpration by novation
Begründung:
Once the coporation is formes, the premoter remains personally reliable until preincorpration by novation
Tags: Promoter Liability (Promoter Activities)
Quelle: p.104, 1. Absatz nach Überschrift
Quelle: p.104, 1. Absatz nach Überschrift
To qualify as a professional corporation, Smith & Jones,
P.C.,
a. must be a corporation formed by professionals.
b. must grant all shareholders voting rights.
c. must have at least thirty-five shareholders.
d. all of the above.
P.C.,
a. must be a corporation formed by professionals.
b. must grant all shareholders voting rights.
c. must have at least thirty-five shareholders.
d. all of the above.
a. must be a corporation formed by professionals.
Begründung:
see Conditions for P.C
Begründung:
see Conditions for P.C
Tags: Profesional Corporation (P.C)
Quelle: p.103, 1. Absatz nach Überschrift
Quelle: p.103, 1. Absatz nach Überschrift
Jack and Kyle are accountants and members of Jack & Kyle, P.C., a professional corporation. As a member, Jay
a. is personally liable for any tort committed by Kyle.
b. may be personally liable for malpractice committed by an employee under his supervision.
c. may not serve as a director and a shareholder of Jack & Kyle, P.C.
d. retains limited liability for any of Kyle’s acts of malpractice.
a. is personally liable for any tort committed by Kyle.
b. may be personally liable for malpractice committed by an employee under his supervision.
c. may not serve as a director and a shareholder of Jack & Kyle, P.C.
d. retains limited liability for any of Kyle’s acts of malpractice.
b. may be personally liable for malpractice committed by an employee under his supervision.
Begründung:
Professional Corporation impose personal liablity not only for their own, but also for professional acts performed under their supervision.
Begründung:
Professional Corporation impose personal liablity not only for their own, but also for professional acts performed under their supervision.
Tags: Professional Corporation
Quelle: p.103, 4. Absatz nach Überschrift
Quelle: p.103, 4. Absatz nach Überschrift
Web Design, Inc., is a close corporation. Web Design is
a. eligible to make public offerings of securities.
b. exempt from corporate duties such as filing a certificate of incorporation.
c. generally allowed to restrict transfer of stock.
d. taxed in the same manner as a partnership.
a. eligible to make public offerings of securities.
b. exempt from corporate duties such as filing a certificate of incorporation.
c. generally allowed to restrict transfer of stock.
d. taxed in the same manner as a partnership.
c. generally allowed to restrict transfer of stock.
Begründung:
To avoid Managment problems (if shareholders transfer shares to a unknown person, the other partner could feel "unhappy" about sharing control with him/her) the transfer can be restricted by the articles of oncorporation
Begründung:
To avoid Managment problems (if shareholders transfer shares to a unknown person, the other partner could feel "unhappy" about sharing control with him/her) the transfer can be restricted by the articles of oncorporation
Tags: Restriction in the Articles of Incorpration
Quelle: p.101, 1. Absatz des Kapitels
Quelle: p.101, 1. Absatz des Kapitels
ustDoIt, Inc., is incorporated in the state of California and is doing business in the state of Nevada. In Nevada, it is properly referred to as
a. an alien corporation.
b. a foreign corporation.
c. a close corporation.
d. a national corporation.
a. an alien corporation.
b. a foreign corporation.
c. a close corporation.
d. a national corporation.
b. a foreign corporation.
Begründung: A coporation, formed in one state, but doing business in another state is referres as a foreign coperation
Begründung: A coporation, formed in one state, but doing business in another state is referres as a foreign coperation
Tags: Domestic, Foreign and Alien Coporation
Quelle: p.95, 2. Absatz nach Überschrift
Quelle: p.95, 2. Absatz nach Überschrift
American Goods, Inc., is a corporation. Responsibility for the overall management of American Goods is entrusted to
a. the board of directors.
b. the corporate officers and managers.
c. the owners of the corporation.
d. the shareholders.
a. the board of directors.
b. the corporate officers and managers.
c. the owners of the corporation.
d. the shareholders.
a. the board of directors.
Begründung:
See Definition of Cooperation-> "Responsibility for the overall managment.... is entrusted to a board of directors..."
Begründung:
See Definition of Cooperation-> "Responsibility for the overall managment.... is entrusted to a board of directors..."
Tags: Coporate Personnel
Quelle: p.97, 1. Absatz nach Überschrift
Quelle: p.97, 1. Absatz nach Überschrift
Marie is considering forms of business organization for her law firm. One advantage of the limited liability partnership form is that it allows partners to avoid personal liability for
a. their acts of malpractice.
b. the malpractice of other partners.
c. the obligations of the firm beyond the partners’ capital contributions.
d. the obligations of the firm within the limit of partners’ capital contributions.
a. their acts of malpractice.
b. the malpractice of other partners.
c. the obligations of the firm beyond the partners’ capital contributions.
d. the obligations of the firm within the limit of partners’ capital contributions.
b. the malpractice of other partners.
Begründung:
The liability in a LLP is limited to acts of managment among each partner
Begründung:
The liability in a LLP is limited to acts of managment among each partner
Tags: ?
Quelle: ?
Quelle: ?
5. Adam is a member of Software Games, LLC, a limited liability company. Adam can participate in the firm’s management
a. only after agreeing to assume full liability for the firm’s obligations.
b. subject to liability for the firm’s obligations to the extent of a general partner.
c. subject to liability for the firm’s obligations to the extent of his participation.
d. without full liability for the firm’s obligations.
a. only after agreeing to assume full liability for the firm’s obligations.
b. subject to liability for the firm’s obligations to the extent of a general partner.
c. subject to liability for the firm’s obligations to the extent of his participation.
d. without full liability for the firm’s obligations.
d. without full liability for the firm’s obligations.
Begründung: ?
Begründung: ?
Computer Networks, LLC, is a limited liability company. Unless indicated otherwise on Computer Networks’ federal tax form, the firm will be taxed as
a. a corporation.
b. a partnership.
c. a sole proprietorship.
d. none of the above.
a. a corporation.
b. a partnership.
c. a sole proprietorship.
d. none of the above.
b. a partnership.
Begründung:
LLC is offerinf limited liability and tax advantage of partnership
Begründung:
LLC is offerinf limited liability and tax advantage of partnership
Tags: LLC
Quelle: p. 121, 5. Absatz
Quelle: p. 121, 5. Absatz
Mark intentionally pushes Don. Don falls to the ground and breaks his arm. Mark is liable for the injury
a. only if Mark did not intend to break Don’s arm.
b. only if Mark had a bad motive for pushing Don.
c. only if Mark intended to break Don’s arm.
d. if Mark intended to push Don.
a. only if Mark did not intend to break Don’s arm.
b. only if Mark had a bad motive for pushing Don.
c. only if Mark intended to break Don’s arm.
d. if Mark intended to push Don.
d. if Mark intended to push Don.
Begründung:
The completion of the act that caused the apprehension is a battery, which is defined as an unexcused and harmful or offensive physical contact intentionally performed.
Begründung:
The completion of the act that caused the apprehension is a battery, which is defined as an unexcused and harmful or offensive physical contact intentionally performed.
Tags: 2nd Absatz, Assault and Battery
Quelle: p. 20
Quelle: p. 20
Kate believes that George is about to hit her. To prevent harmful contact in dangerous situations, a person may use
a. any force.
b. any force, except force that is likely to cause death.
c. whatever force is reasonably necessary.
d. no force.
a. any force.
b. any force, except force that is likely to cause death.
c. whatever force is reasonably necessary.
d. no force.
c. whatever force is reasonably necessary.
Begründung:
In a situation of either real or apparent danger, a person may normally use whatever force is reasonably necessary to prevent harmful contact.
Begründung:
In a situation of either real or apparent danger, a person may normally use whatever force is reasonably necessary to prevent harmful contact.
Tags: Self-defense
Quelle: p. 20
Quelle: p. 20
Jill accuses of Ken of committing an assault. A person commits an assault if he or she creates in another an apprehension or fear of
a. future harm.
b. immediate harm.
c. past harm.
d. past, present, or future harm.
a. future harm.
b. immediate harm.
c. past harm.
d. past, present, or future harm.
b. immediate harm.
Begründung:
Any intentional, unexcused act that creates in another person a reasonable apprehension or fear of immediate harmful or offensive contact is an assault.
Begründung:
Any intentional, unexcused act that creates in another person a reasonable apprehension or fear of immediate harmful or offensive contact is an assault.
Tags: Assault and Battery
Quelle: p. 20
Quelle: p. 20
Jake is accused of libel. Libel includes
a. oral defamatory statements only.
b. written defamatory statements only.
c. oral and written defamatory statements.
d. none of the above.
a. oral defamatory statements only.
b. written defamatory statements only.
c. oral and written defamatory statements.
d. none of the above.
b. written defamatory statements only.
Begründung:
Wrongfully hurting a person's good reputation in written form involves the tort of libel.
Begründung:
Wrongfully hurting a person's good reputation in written form involves the tort of libel.
Tags: Defamation
Quelle: p. 23
Quelle: p. 23
Steve, the manager of A-1 Hardware Store, detains Joan, whom Steve suspects of shoplifting. Joan sues Steve, alleging that the detention was false imprisonment. Steve is liable if Joan
a. did not actually shoplift.
b. had not shoplifted in the past.
c. had probable cause to leave the premises.
d. was detained for an unreasonably long time.
a. did not actually shoplift.
b. had not shoplifted in the past.
c. had probable cause to leave the premises.
d. was detained for an unreasonably long time.
d. was detained for an unreasonably long time.
Begründung:
The detention must be conducted in a reasonable manner and for only a reasonable length of time.
Begründung:
The detention must be conducted in a reasonable manner and for only a reasonable length of time.
Tags: False imprisonment
Quelle: p. 22
Quelle: p. 22
Alan writes Beth a private letter falsely accusing her of stealing office supplies from their employer, Consolidated Industries, Inc. This is
a. defamation, but not libel or slander.
b. libel.
c. slander.
d. none of the above.
a. defamation, but not libel or slander.
b. libel.
c. slander.
d. none of the above.
d. none of the above.
Begründung:
No third party is involved.
Begründung:
No third party is involved.
Mona falsely accuses Nick of stealing from their employer. The statement is defamatory only if
a. a third party hears it.
b. Nick suffers emotional distress.
c. the statement is made in an annoying manner.
d. the statement is published in the media.
a. a third party hears it.
b. Nick suffers emotional distress.
c. the statement is made in an annoying manner.
d. the statement is published in the media.
a. a third party hears it.
Begründung:
Defamatory statement is communicated to persons other than the defamed party.
Begründung:
Defamatory statement is communicated to persons other than the defamed party.
Tags: The publication requirement
Quelle: p. 23
Quelle: p. 23
Kay files a suit against Larry based on one of Larry’s statements that Kay alleges is fraudulent. To give rise to fraud, the statement must be one of
a. delusion.
b. fact.
c. opinion.
d. truth.
a. delusion.
b. fact.
c. opinion.
d. truth.
b. fact.
Begründung:
Fraud exists only when a person represents as a fact something he or she knows is untrue.
Begründung:
Fraud exists only when a person represents as a fact something he or she knows is untrue.
Tags: Fact versus Opinion
Quelle: p. 28
Quelle: p. 28
Auto Maker, Inc., uses, in its television ads, a recording by Ned. For this use, Auto pays a fee to the owner of the rights to the recording. Over time, the song comes to be associated with Auto’s products. Ned resents this association and sues Auto. Auto has committed
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
d. none of the above.
Begründung:
Because Auto pays a fee to the owner of the rights to the recording.
Begründung:
Because Auto pays a fee to the owner of the rights to the recording.
Barb, a shoe salesperson, follows Ken, another shoe salesperson, as he makes his rounds. Barb solicits the business of every customer approached by Ken. Barb would probably be liable for wrongful interference with
a. a business relationship.
b. a contractual relationship.
c. a customer relationship.
d. none of the above.
a. a business relationship.
b. a contractual relationship.
c. a customer relationship.
d. none of the above.
a. a business relationship.
Begründung:
1. There was a established business relationship.
2. The tortfeasor, by use of predatory methods, intentionally caused this business relationship to end.
3. The plaintiff suffered damages as a result of the tortfeasor's actions.
Begründung:
1. There was a established business relationship.
2. The tortfeasor, by use of predatory methods, intentionally caused this business relationship to end.
3. The plaintiff suffered damages as a result of the tortfeasor's actions.
Tags: Wrongful interference with a business relationship
Quelle: p. 31
Quelle: p. 31
Acme Computers, a computer store, takes unethical steps to divert the customers of Cyber Goods, an adjacent competing store. Acme may be liable for
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
b. wrongful interference with a business relationship.
Begründung:
1. There was an established business relationship.
2. The tortfeasor, by use of predatory methods, intentionally caused this business relationship to end.
3. The plaintiff suffered damages as a result of the tortfeasor's actions.
Begründung:
1. There was an established business relationship.
2. The tortfeasor, by use of predatory methods, intentionally caused this business relationship to end.
3. The plaintiff suffered damages as a result of the tortfeasor's actions.
Tags: Wrongful interference with a business relationship
Quelle: p. 31
Quelle: p. 31
Excel Dry-Cleaning advertises so effectively that Next Day Cleaners’s regular customers patronize Excel instead of Next Day. Excel has committed
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
d. none of the above.
Begründung:
They only advertised too effectively, it wasn't their fault.
Begründung:
They only advertised too effectively, it wasn't their fault.
Doug, a wholesale hardware salesperson, follows Erin, another wholesale hardware salesperson, as she contacts her customers. Doug solicits each of Erin’s customers. Doug is likely liable for
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
a. appropriation.
b. wrongful interference with a business relationship.
c. wrongful interference with a contractual relationship.
d. none of the above.
c. wrongful interference with a contractual relationship.
Begründung:
Doug knew of the contact between Erin and her customers but he still solicits each of them.
Begründung:
Doug knew of the contact between Erin and her customers but he still solicits each of them.
Tags: Wrongful interfence with a contractual relationship
Quelle: p. 28
Quelle: p. 28
Gil owns a large ranch in Texas. Frank drives his sport utility vehicle off a highway and across Gil’s property. Frank commits trespass only if he
a. does not have Gil’s permission to drive on the property.
b. drives onto the property for recreational purposes.
c. harms the property in a material way.
d. harms the property in any way.
a. does not have Gil’s permission to drive on the property.
b. drives onto the property for recreational purposes.
c. harms the property in a material way.
d. harms the property in any way.
a. does not have Gil’s permission to drive on the property.
Begründung:
The tort of trespass to land occurs anytime a person, without permission, enters onto, above, or below the surface of land that is owned by another; causes anything to enter onto the land; or remains on the land or permits anything to remain on it.
Begründung:
The tort of trespass to land occurs anytime a person, without permission, enters onto, above, or below the surface of land that is owned by another; causes anything to enter onto the land; or remains on the land or permits anything to remain on it.
Tags: Trespass to Land
Quelle: p. 32
Quelle: p. 32
Jane enters onto Sam’s property to help someone in danger. If Sam charges Jane with trespass to land, Jane has
a. no defense.
b. a possible defense.
c. a partial defense.
d. a complete defense.
a. no defense.
b. a possible defense.
c. a partial defense.
d. a complete defense.
d. a complete defense.
Begründung:
Jane has a complete defense because she tried to protect somebody else - Necessity.
Begründung:
Jane has a complete defense because she tried to protect somebody else - Necessity.
Tags: Conversion - letzter Absatz
Quelle: p. 33
Quelle: p. 33
Bill, a store clerk at Techno Computers, takes a computer from the store without Techno’s permission. Bill is liable for conversion (if he)
a. damages the computer in his home.
b. fails to prevent the theft of the computer from his home.
c. under any circumstances.
d. none of the above.
a. damages the computer in his home.
b. fails to prevent the theft of the computer from his home.
c. under any circumstances.
d. none of the above.
c. under any circumstances.
Begründung:
Conversion is defined as any act that deprives an owner of personal property without that owner's permission and without just cause.
Begründung:
Conversion is defined as any act that deprives an owner of personal property without that owner's permission and without just cause.
Tags: Conversion
Quelle: p. 33
Quelle: p. 33
As a joke, Adam takes Beth’s business law book and hides it so that Beth cannot find it during the week before the exam. Adam may have committed
a. conversion.
b. infliction of emotional distress.
c. placing a person in a false light.
d. trespass to personal property.
a. conversion.
b. infliction of emotional distress.
c. placing a person in a false light.
d. trespass to personal property.
d. trespass to personal property.
Begründung:
Trespass to personal property involves intentional meddling.
Im Syllabus auf page 33 steht das auch noch einmal als Beispiel dabei!
Begründung:
Trespass to personal property involves intentional meddling.
Im Syllabus auf page 33 steht das auch noch einmal als Beispiel dabei!
Tags: Trespass to personal property
Quelle: p. 33
Quelle: p. 33
Beth claims that her contract with Carl is voidable. If the contract is avoided
a) both parties are released from it.
b) neither party is released from it.
c) only Beth is released from it.
d) only Carl is released from it.
a) both parties are released from it.
b) neither party is released from it.
c) only Beth is released from it.
d) only Carl is released from it.
a) both parties are released from it.
Begründung:
If the contract is avoided, both parties are released from it.
page 158
Begründung:
If the contract is avoided, both parties are released from it.
page 158
Direct Marketing, Inc., floods the e-mail boxes of the employees of Eagle Products Corporation with unsolicited ads to the extent that the employees cannot e-mail each other.
Direct has committed
a. assault.
b. conversion.
c. trespass to personal property.
d. none of the above.
Direct has committed
a. assault.
b. conversion.
c. trespass to personal property.
d. none of the above.
c. trespass to personal property.
Begründung:
Whenever any individual, without consent, harms the personal property of another or otherwise interferes with the personal property owner's right to exclusive possession and enjoyment of that property, trespass to personal property.
Begründung:
Whenever any individual, without consent, harms the personal property of another or otherwise interferes with the personal property owner's right to exclusive possession and enjoyment of that property, trespass to personal property.
Tags: Trespass to personal property
Quelle: p. 33
Quelle: p. 33
Fred files a suit against Gail for conversion of property that Fred asserts he owns. Gail will not be liable if she can show that
a. Fred does not intend to use the property.
b. Fred has no interest in the property.
c Gail has no interest in the property.
d. Gail intended to return the property.
a. Fred does not intend to use the property.
b. Fred has no interest in the property.
c Gail has no interest in the property.
d. Gail intended to return the property.
b. Fred has no interest in the property.
Begründung:
?
Begründung:
?
Steve, a television news reporter, knowingly broadcasts an untrue story claiming that Medi-Drugs, Inc., markets, for children, a medicine that contains highly addictive drugs. Steve is liable for
a. slander of quality.
b. slander of title.
c. wrongful interference with a business relationship.
d. none of the above.
a. slander of quality.
b. slander of title.
c. wrongful interference with a business relationship.
d. none of the above.
a. slander of quality.
Begründung:
Publishing false information about another's product, alleging it is not what its seller claims, constitutes the tort of slander of quality.
Begründung:
Publishing false information about another's product, alleging it is not what its seller claims, constitutes the tort of slander of quality.
Tags: Slander of Quality
Quelle: p. 34
Quelle: p. 34
City Times, a newspaper, knowingly publishes an article falsely stating that the inventory of Walco, a discount store, consists of stolen goods. City Times is liable for
a. defamatory mischief.
b. malicious mischief.
c. slander of quality.
d. slander of title.
a. defamatory mischief.
b. malicious mischief.
c. slander of quality.
d. slander of title.
d. slander of title.
Begründung:
When a publication falsely denies or casts doubt on another's legal ownership of property, and when this results in financial loss to the property's owner, the tort of slander of title may exist.
Begründung:
When a publication falsely denies or casts doubt on another's legal ownership of property, and when this results in financial loss to the property's owner, the tort of slander of title may exist.
Tags: Slander of Title
Quelle: p. 34
Quelle: p. 34
Sam, an engineer, supervises the construction of a new bridge. When the bridge collapses due to faulty construction, Sam is sued by those injured in the collapse. As a professional, Sam is held to the same standard of care as
a. ordinary persons.
b. other engineers.
c. other professionals, including doctors, dentists, and lawyers.
d. those injured in the collapse of the bridge.
a. ordinary persons.
b. other engineers.
c. other professionals, including doctors, dentists, and lawyers.
d. those injured in the collapse of the bridge.
b. other engineers.
Begründung:
?
Begründung:
?
John carelessly bumps into Sally, knocking her to the ground. John has committed the tort of negligence
a. only if Sally is injured.
b. only if Sally is not injured.
c. whether or not Sally is injured.
d. under no circumstances.
a. only if Sally is injured.
b. only if Sally is not injured.
c. whether or not Sally is injured.
d. under no circumstances.
a. only if Sally is injured.
Begründung:
The risk must be foreseeable, but he couldn't know that he would hurt her.
Begründung:
The risk must be foreseeable, but he couldn't know that he would hurt her.
Tags: Negligence
Quelle: p. 34
Quelle: p. 34
Ron, a driver for American Trucking Company, causes a five-car accident on an interstate highway. Ron and American Trucking are liable to
a. all those who are injured.
b. only those whose injuries could reasonably have been foreseen.
c. only those whose cars were immediately ahead and behind Ron’s vehicle.
d. no one.
a. all those who are injured.
b. only those whose injuries could reasonably have been foreseen.
c. only those whose cars were immediately ahead and behind Ron’s vehicle.
d. no one.
a. all those who are injured.
Begründung:
The purpose of tort law is not to punish people for tortious acts but to compensate the injured parties for damages suffered.
Begründung:
The purpose of tort law is not to punish people for tortious acts but to compensate the injured parties for damages suffered.
Tags: last sentence
Quelle: p. 38
Quelle: p. 38
Paula enters the Powerball Triathlon, an athletic competition. Regarding the risk of injury, Paula assumes those risks
a. normally associated with this event.
b. different from the risks normally associated with this event.
c. greater than the risks normally associated with this event.
d. all of the above.
a. normally associated with this event.
b. different from the risks normally associated with this event.
c. greater than the risks normally associated with this event.
d. all of the above.
a. normally associated with this event.
Begründung:
Paula has notice about the condition of a triathlon and typical risks.
Begründung:
Paula has notice about the condition of a triathlon and typical risks.
Tags: 2nd Absatz
Quelle: p. 37
Quelle: p. 37
Bob is injured in a car accident and files a suit against Mary, whom Bob alleges was driving negligently. Mary claims that Bob was driving more carelessly than she was. Comparative negligence in tort cases may reduce a plaintiff’s recovery
a. only if the plaintiff was more at fault than the defendant.
b. only if the plaintiff and defendant were equally at fault.
c. only if the plaintiff was less at fault than the defendant.
d. even if the plaintiff was only a small fraction at fault.
a. only if the plaintiff was more at fault than the defendant.
b. only if the plaintiff and defendant were equally at fault.
c. only if the plaintiff was less at fault than the defendant.
d. even if the plaintiff was only a small fraction at fault.
d. even if the plaintiff was only a small fraction at fault.
Begründung:
?
Begründung:
?
Tina owns United Enterprises, a sole proprietorship. In a sole proprietorship, the liability of the owner is
a. limited to the extent of his or her original investment.
b. limited to the extent of his or her original investment plus any subsequent capital expenditures.
c. limited by state statute and varies from state to state.
d. unlimited.
a. limited to the extent of his or her original investment.
b. limited to the extent of his or her original investment plus any subsequent capital expenditures.
c. limited by state statute and varies from state to state.
d. unlimited.
d. unlimited.
Begründung:
The sole proprietor has unlimited liability, or legal responsibility, for all obligations that arise in doing business.
Begründung:
The sole proprietor has unlimited liability, or legal responsibility, for all obligations that arise in doing business.
Tags: Disadvantages ot the sole proprietorship
Quelle: p. 55
Quelle: p. 55
Bob, the owner of Best Bookkeeping, a sole proprietorship, wishes to increase his business capital while maintaining control. This objective can best be accomplished by
a. borrowing funds.
b. bringing in partners.
c. issuing stock.
d. selling the business.
a. borrowing funds.
b. bringing in partners.
c. issuing stock.
d. selling the business.
a. borrowing funds.
Begründung:
?
Begründung:
?
Tasty Pastry, a retail bakery, is a partnership. In terms of the firm’s income taxes on its profits, each partner is liable for
a. a pro rata share only if the profits are distributed.
b. a pro rata share whether or not the profits are distributed.
c. the entire amount.
d. none of the above.
a. a pro rata share only if the profits are distributed.
b. a pro rata share whether or not the profits are distributed.
c. the entire amount.
d. none of the above.
a. a pro rata share only if the profits are distributed.
Begründung:
?
Begründung:
?
Jack and Kyle are the only general partners of Foreign Auto Repair, a limited partnership. Jack dies in a sudden accident. Kyle wishes to continue the business of the firm and to continue as a general partner. Jack’s death results in
a. continuation of the firm, after a distribution of the assets.
b. continuation of the firm, as a general partnership.
c. continuation of the firm, if all the partners consent.
d. none of the above.
a. continuation of the firm, after a distribution of the assets.
b. continuation of the firm, as a general partnership.
c. continuation of the firm, if all the partners consent.
d. none of the above.
c. continuation of the firm, if all the partners consent.
Begründung:
Death, retirement etc. CAN dissolve partnership, BUT not if business can be continued by one/more general partner IN ACCORDANCE with their Certificate of LP OR by consent of all members,
Begründung:
Death, retirement etc. CAN dissolve partnership, BUT not if business can be continued by one/more general partner IN ACCORDANCE with their Certificate of LP OR by consent of all members,
Tags: Dissolution of LP
Quelle: p. 130, 1. Absatz nach Überschrift
Quelle: p. 130, 1. Absatz nach Überschrift
Ted and Wally are limited partners in T&W Enterprises, a limited partnership. To avoid personal liability for partnership obligations, they must not
a. acquire an interest in the firm.
b. contribute cash or other property to the firm.
c. undertake any managerial responsibilities.
d. all of the above.
a. acquire an interest in the firm.
b. contribute cash or other property to the firm.
c. undertake any managerial responsibilities.
d. all of the above.
c. undertake any managerial responsibilities.
Begründung:
Limited partners enjoy limited liability so long as they don't participate in managment
Begründung:
Limited partners enjoy limited liability so long as they don't participate in managment
Tags: Limited partners and Managment
Quelle: p. 130, 1. Satz nach Überschrift
Quelle: p. 130, 1. Satz nach Überschrift
Larry is a limited partner in Associated Contractors, a limited partnership. Debts incurred by the firm come due, and the firm cannot pay them. Larry is liable
a. in proportion to the total number of partners in the firm.
b. to no extent.
c. to the extent of his capital contribution.
d. to the full extent of the debts.
a. in proportion to the total number of partners in the firm.
b. to no extent.
c. to the extent of his capital contribution.
d. to the full extent of the debts.
c. to the extent of his capital contribution.
Begründung:
liability of a limited partner is limited to the capital contributed -> contrast to the personal liablility of general partners
Begründung:
liability of a limited partner is limited to the capital contributed -> contrast to the personal liablility of general partners
Tags: Liabilities of limited partners
Quelle: p.129 1. Absatz nach Überschrift
Quelle: p.129 1. Absatz nach Überschrift
Frank and Gail are limited partners in Travel Tours, a limited partnership. On the dissolution of Travel Tours, Frank and Gail are entitled to a return of their capital contributions in accordance with
a. their liability to the firm’s creditors.
b. the extent to which they participated in the firm’s management.
c. the partnership certificate.
d. none of the above.
a. their liability to the firm’s creditors.
b. the extent to which they participated in the firm’s management.
c. the partnership certificate.
d. none of the above.
b. the extent to which they participated in the firm’s management.
See regulations for dissolution of a LP
See regulations for dissolution of a LP
Tags: Dissolution LP
Quelle: p.131, oben
Quelle: p.131, oben
Don and Elaine are limited partners in Great Stores, a limited partnership. In terms of the firm’s books, Don and Elaine are entitled to
a. access in proportion to their participation in the management of the firm.
b. access to those parts that directly relate to their capital contributions.
c. no access.
d. total access.
a. access in proportion to their participation in the management of the firm.
b. access to those parts that directly relate to their capital contributions.
c. no access.
d. total access.
d. total access.
Begründung:
Limited partners have essentially the same rights as general partners, incl. the right of acces---> total acces
Begründung:
Limited partners have essentially the same rights as general partners, incl. the right of acces---> total acces
Tags: Right of limited partners
Quelle: p.129
Quelle: p.129
Alice, Bob, and Carol want to form a limited partnership to manage two restaurants: Alice’s Restaurant and Bob’s Deli. In most states, a limited partnership will be created when
a. a certificate of limited partnership is filed.
b. a partnership agreement is executed.
c. the partners make their capital contributions.
d. none of the above.
a. a certificate of limited partnership is filed.
b. a partnership agreement is executed.
c. the partners make their capital contributions.
d. none of the above.
a. a certificate of limited partnership is filed.
Begründung:
The partners must sign a Certificate of limited partnership- (condition for a LP)
Begründung:
The partners must sign a Certificate of limited partnership- (condition for a LP)
Tags: Formation of a LP
Quelle: p.129, 2. Absatz nach Überschrift
Quelle: p.129, 2. Absatz nach Überschrift
Roy, Sam, and Tina agree to form a computer peripherals mail-order business. Roy agrees to manage the business and to assume full personal liability. Sam and Tina agree to invest in the firm but to be liable only to that extent. These three have formed
a. a limited liability company.
b. a limited liability partnership.
c. a limited partnership.
d. none of the above.
a. a limited liability company.
b. a limited liability partnership.
c. a limited partnership.
d. none of the above.
c. a limited partnership.
Begründung:
?
Begründung:
?
Biotech Investments, LP, is a limited partnership. The partners sign an agreement purporting to state how the firm’s profits and losses are to be divided. The profits and losses of the firm will be divided
a. according to the agreement.
b. equally, despite the agreement.
c. in proportion to each partner’s capital contribution, despite the agreement.
d. in proportion to each partner’s participation in the firm’s management, despite the agreement.
a. according to the agreement.
b. equally, despite the agreement.
c. in proportion to each partner’s capital contribution, despite the agreement.
d. in proportion to each partner’s participation in the firm’s management, despite the agreement.
a. according to the agreement.
Begründung:
The agreement certificates the conditions for the partnership... ?
Begründung:
The agreement certificates the conditions for the partnership... ?
Mary, Nick, and Owen want to form a limited partnership to manage MN&O Services. A limited partnership must have at least
a. one general partner and one limited partner.
b. one general partner and two limited partners.
c. two limited partners.
d. none of the above.
a. one general partner and one limited partner.
b. one general partner and two limited partners.
c. two limited partners.
d. none of the above.
a. one general partner and one limited partner.
Begründung:
It's conditions of formation of a limited partnership.
Begründung:
It's conditions of formation of a limited partnership.
Tags: Formation of a Limited Partnership
Quelle: p.129, 2. Absatz nach Überschrift
Quelle: p.129, 2. Absatz nach Überschrift
Orchard Farms is a family limited liability partnership (FLLP). In an FLLP, all of the partners must be
a. natural persons only.
b. persons acting as fiduciaries for natural persons only.
c. natural persons or persons acting as fiduciaries for natural persons.
d. none of the above.
a. natural persons only.
b. persons acting as fiduciaries for natural persons only.
c. natural persons or persons acting as fiduciaries for natural persons.
d. none of the above.
c. natural persons or persons acting as fiduciaries for natural persons.
Begründung:
fiduciary- Treuehänder, Vermögensverwalter
(see Definition- it's the condition for FLLP)
Begründung:
fiduciary- Treuehänder, Vermögensverwalter
(see Definition- it's the condition for FLLP)
Tags: Family Limited Liability Partnerships (FLLP)
Quelle: P 128 oben. 1. Absatz des Kapitels
Quelle: P 128 oben. 1. Absatz des Kapitels
Donna and Earl are partners in The Law Firm, LLP, a limited liability partnership. Donna supervises Earl. Earl negligently fails to appear in court on behalf of Frank, a client. Frank sues Donna and Earl. If the principle of proportionate liability is applied, Donna will likely be held liable for
a. her portion of responsibility for Earl’s negligence.
b. the amount of the loss that Earl is unable to pay.
c. the entire loss.
d. none of the above.
a. her portion of responsibility for Earl’s negligence.
b. the amount of the loss that Earl is unable to pay.
c. the entire loss.
d. none of the above.
a. her portion of responsibility for Earl’s negligence.
Begründung:
The partner who commits negligence is reliable, as well as the partner who supervises this party.
If principle of proportionate liability is apllied, it means that each of them is liable for no more than his portion.
Begründung:
The partner who commits negligence is reliable, as well as the partner who supervises this party.
If principle of proportionate liability is apllied, it means that each of them is liable for no more than his portion.
Tags: Limited Liability Partnership (LLC) Liability
Quelle: p.127 unten, siehe auch Example dazu
Quelle: p.127 unten, siehe auch Example dazu
Great Sports Corporation licenses its trademark to Personality Products, Inc., to use in selling caps, sweatshirts, and similar goods. This is
a. a franchise.
b. an entrepreneur.
c. a sole proprietorship.
d. none of the above.
a. a franchise.
b. an entrepreneur.
c. a sole proprietorship.
d. none of the above.
a. a franchise.
Begründung:
A franchise is defined as any arrangement in which the owner of a trademark, a trade name, or a copyright licenses others to use the trademark, trade name, or copyright in the selling of goods or services.
Begründung:
A franchise is defined as any arrangement in which the owner of a trademark, a trade name, or a copyright licenses others to use the trademark, trade name, or copyright in the selling of goods or services.
Tags: Franchise
Quelle: p. 55
Quelle: p. 55
Instead of setting up a business to market her own products, Ann considers entering into a distributorship franchise with Best Goods Corporation. This involves the transfer of
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
a. a license.
Begründung:
A distributorship arises when a manufacturing concern (franchisor) licenses a dealer (franchisee) to sell its product.
Begründung:
A distributorship arises when a manufacturing concern (franchisor) licenses a dealer (franchisee) to sell its product.
Tags: Distributorship
Quelle: p. 56
Quelle: p. 56
Consumer Products Company conducts a chain-style business operation type of franchise. This involves the transfer to Dan, one of its franchisees, of
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
b. a trade name.
Begründung:
In a chain-style business operation, a franchise operates under a franchisor's trade name and is identified as a member of a select group of dealers that engage in the franchisor's business.
Begründung:
In a chain-style business operation, a franchise operates under a franchisor's trade name and is identified as a member of a select group of dealers that engage in the franchisor's business.
Tags: Chain-Style business operation
Quelle: p. 56
Quelle: p. 56
Eagle, Inc., and Fred have a processing-plant type of franchise arrangement. This involves the transfer of
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
a. a license.
b. a trade name.
c. the ingredients or formula to make a particular product.
d. the ownership of the business.
c. the ingredients or formula to make a particular product.
Begründung:
With a manufacturing or processing-plant arrangement, the franchisor transmits to the franchisee the essential ingredients or formula to make a particular product.
Begründung:
With a manufacturing or processing-plant arrangement, the franchisor transmits to the franchisee the essential ingredients or formula to make a particular product.
Tags: Processing-Plant arrangement
Quelle: p. 56
Quelle: p. 56
European Autos & Trucks, Inc., licenses Fine Vehicles Corporation, an automobile dealership, to sell its products. This is
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
b. a distributorship franchise.
Begründung:
A distributorship arises when a manufacturing concern (franchisor) licenses a dealer (franchisee) to sell its product.
Begründung:
A distributorship arises when a manufacturing concern (franchisor) licenses a dealer (franchisee) to sell its product.
Tags: Distributorship
Quelle: p. 56
Quelle: p. 56
Fast Food, Inc., licenses Greg to operate a restaurant under the Fast Food name. This is
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
a. a chain-style business operation franchise.
Begründung:
In a chain-style business operation, a franchise operates under a franchisor's trade name and is identified as a member of a select group of dealers that engage in the franchisor's business.
Begründung:
In a chain-style business operation, a franchise operates under a franchisor's trade name and is identified as a member of a select group of dealers that engage in the franchisor's business.
Tags: Chain-Style business operation
Quelle: p. 56
Quelle: p. 56
National Realtors, Inc. (NRI), grants a franchise to County Property Sales Company. NRI is
a. a franchisee.
b. a franchisor.
c. an agent.
d. a principal.
a. a franchisee.
b. a franchisor.
c. an agent.
d. a principal.
b. a franchisor.
Begründung:
Franchisor: The seller of the franchise
Begründung:
Franchisor: The seller of the franchise
Tags: First sentence
Quelle: p. 56
Quelle: p. 56
Mellow Coffee Shops, Inc., grants a franchise to Nora’s Cafe. Nora’s Cafe is
a. a franchisee.
b. a franchisor.
c. an agent.
d. a principal.
a. a franchisee.
b. a franchisor.
c. an agent.
d. a principal.
a. a franchisee.
Begründung:
Franchisee: A purchaser of a franchise
Begründung:
Franchisee: A purchaser of a franchise
Tags: First sentence
Quelle: p. 56
Quelle: p. 56
Ira buys an exclusive territory in which he is authorized to set up a plant to manufacture Smooth Yogurt Company products. After receiving the essential formula, Ira begins manufacturing. This is
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
a. a chain-style business operation franchise.
b. a distributorship franchise.
c. a manufacturing or processing-plant franchise.
d. none of the above.
c. a manufacturing or processing-plant franchise.
Begründung:
With a manufacturing or processing-plant arrangement, the franchisor transmits to the franchisee the essential ingredients or formula to make a particular product.
Begründung:
With a manufacturing or processing-plant arrangement, the franchisor transmits to the franchisee the essential ingredients or formula to make a particular product.
Tags: Processing-Plant arrangement
Quelle: p. 56
Quelle: p. 56
Excelsior Bowling Company (EBC) grants a franchise to Flo to operate an Excelsior Bowling Center. EBC may require Flo to pay it a percentage of her
a. annual sales only.
b. annual volume of business only.
c. annual sales or annual volume of business.
d. none of the above.
a. annual sales only.
b. annual volume of business only.
c. annual sales or annual volume of business.
d. none of the above.
c. annual sales or annual volume of business.
Begründung:
In most situations, the franchisor will receive a stated percentage of the annual sales or annual volume of business done by the franchisee.
Begründung:
In most situations, the franchisor will receive a stated percentage of the annual sales or annual volume of business done by the franchisee.
Tags: Payment for the franchise
Quelle: p. 57
Quelle: p. 57
Ralph wants the exclusive right to sell Superb Corporation appliances in a certain area. If Superb agrees, it may require Ralph to pay
a. a license fee only.
b. a percentage of the sales only.
c. a license fee and a percentage of the sales.
d. none of the above.
a. a license fee only.
b. a percentage of the sales only.
c. a license fee and a percentage of the sales.
d. none of the above.
c. a license fee and a percentage of the sales.
Begründung:
?
Begründung:
?
Roberta invests in a franchise with Standard Sales, Inc. The franchise agreement may require Roberta to pay a percentage of Standard’s
a. administrative expenses only.
b. advertising expenses only.
c. administrative and advertising expenses.
d. none of the above.
a. administrative expenses only.
b. advertising expenses only.
c. administrative and advertising expenses.
d. none of the above.
c. administrative and advertising expenses.
Begründung:
The franchise agreement may also require the franchisee to pay a percentage of the franchisor's advertising costs and certain administrative expenses.
Begründung:
The franchise agreement may also require the franchisee to pay a percentage of the franchisor's advertising costs and certain administrative expenses.
Tags: Payment of the franchise
Quelle: p. 57
Quelle: p. 57
United Sales Company is a franchisor. Victor operates a United franchise. Wendy is one of Victor’s employees. As a franchisor, United may be liable for intentional acts of discrimination by
a. United only.
b. Victor, but not Wendy.
c. Wendy, but not Victor.
d. Wendy or Victor.
a. United only.
b. Victor, but not Wendy.
c. Wendy, but not Victor.
d. Wendy or Victor.
b. Victor, but not Wendy.
Begründung:
Victor is the direct employee from United Sales Company.
Begründung:
Victor is the direct employee from United Sales Company.
Sam buys a franchise from Total Goods & Services, Inc. In their agreement, Total may specify
a. requirements for the business form of the organization only.
b. standards of operation only.
c. requirements for the form of business and standards of operation.
d. none of the above.
a. requirements for the business form of the organization only.
b. standards of operation only.
c. requirements for the form of business and standards of operation.
d. none of the above.
c. requirements for the form of business and standards of operation.
Begründung:
The franchisor may specify particular requirements for the form and capital structure of the business.
Begründung:
The franchisor may specify particular requirements for the form and capital structure of the business.
Tags: Business Organization
Quelle: p. 58
Quelle: p. 58
Pete’s Pizza, Inc., grants a franchise to Randy to operate a Pete’s Pizza restaurant. Pete’s Pizza may charge Randy
a. a license fee only.
b. a price for supplies only.
c. a license fee and a price for supplies.
d. none of the above.
a. a license fee only.
b. a price for supplies only.
c. a license fee and a price for supplies.
d. none of the above.
c. a license fee and a price for supplies.
Begründung:
The franchisee ordinarily pays an initial fee or lump-sum price for the franchise license (the privilege of being granted a franchise).
This fee is separate from the various products that the franchisee purchases from or through the franchisor.
Begründung:
The franchisee ordinarily pays an initial fee or lump-sum price for the franchise license (the privilege of being granted a franchise).
This fee is separate from the various products that the franchisee purchases from or through the franchisor.
Tags: Payment for the franchise
Quelle: p. 57
Quelle: p. 57
Comfort Wear, Inc., a franchisor of shoe stores, wishes to standardize the pricing practices of its franchisees that have engaged in price-cutting to increase their respective shares of the market. The most prudent remedy might be for Comfort to
a. reduce the quantity of the products that it sells to its franchisees.
b. suggest the prices at which its franchisees sell their products.
c. terminate the franchisees who cut prices.
d. undercut the business of those franchisees who cut prices by opening competing stores in the franchisees’ territory.
a. reduce the quantity of the products that it sells to its franchisees.
b. suggest the prices at which its franchisees sell their products.
c. terminate the franchisees who cut prices.
d. undercut the business of those franchisees who cut prices by opening competing stores in the franchisees’ territory.
b. suggest the prices at which its franchisees sell their products.
Begründung:
Franchisor cannot set the price at which the franchisee will resell the goods, can only suggest retail price.
Begründung:
Franchisor cannot set the price at which the franchisee will resell the goods, can only suggest retail price.
Tags: Pricing agreement
Quelle: p. 59
Quelle: p. 59
A franchise agreement between C+ Software Company and Digital Games, Inc., is silent on a time for termination of the franchise. C+ may
a. never terminate.
b. terminate at any time.
c. terminate on reasonable notice.
d. terminate on three days notice.
a. never terminate.
b. terminate at any time.
c. terminate on reasonable notice.
d. terminate on three days notice.
c. terminate on reasonable notice.
Begründung:
If no set time for termination is specified, then a reasonable time, with notice, is implied.
Begründung:
If no set time for termination is specified, then a reasonable time, with notice, is implied.
Tags: Termination of the franchise
Quelle: p. 59
Quelle: p. 59
Rick buys a franchise from Sports Club Corporation. If their agreement is like most franchise agreements, it will specify that Sports Club can terminate the franchise
a. for any reason only with notice.
b. for any reason without notice.
c. for cause only.
d. under no circumstances.
a. for any reason only with notice.
b. for any reason without notice.
c. for cause only.
d. under no circumstances.
c. for cause only.
Begründung:
The franchise agreement specifies that termination must be "for cause".
Begründung:
The franchise agreement specifies that termination must be "for cause".
Tags: Termination of the franchise
Quelle: p. 59
Quelle: p. 59
Dick holds himself out as the managing partner of E-Investments Group, a partnership, even though Dick has no actual connection to the firm. Dick obtains a personal loan based on this misrepresentation. Dick’s default on the loan will result in
a. Dick being held solely liable for the amount.
b. E-Investments being held solely liable for the amount.
c. Dick and E-Investments being held jointly liable for the amount.
d. none of the above.
a. Dick being held solely liable for the amount.
b. E-Investments being held solely liable for the amount.
c. Dick and E-Investments being held jointly liable for the amount.
d. none of the above.
a. Dick being held solely liable for the amount.
Kim, Lynn, and Mike agree to be partners in Northwest Tours, a travel agency. Kim contributes 75 percent of the capital. The partners agree to split the profits equally. When Northwest is dissolved, its liabilities are greater than its assets. The losses are paid by
a. Kim because he contributed most of the capital.
b. Lynn and Mike because they contributed the least of the capital.
c. all of the partners in proportion to their capital contributions.
d. all of the partners in proportion to their shares of the profits.
a. Kim because he contributed most of the capital.
b. Lynn and Mike because they contributed the least of the capital.
c. all of the partners in proportion to their capital contributions.
d. all of the partners in proportion to their shares of the profits.
d. all of the partners in proportion to their shares of the profits.
Doug and Erin are partners in Ace Athletic Supplies, which sells sports equipment. In general, a partner who devotes his time and energy to partnership business will
a. be entitled to compensation if he or she is an equity partner.
b. be entitled to compensation if the partnership agreement is silent.
c. not be entitled to compensation if the partnership agreement is silent.
d. none of the above.
a. be entitled to compensation if he or she is an equity partner.
b. be entitled to compensation if the partnership agreement is silent.
c. not be entitled to compensation if the partnership agreement is silent.
d. none of the above.
c. not be entitled to compensation if the partnership agreement is silent.
Alvin and Cleo form a partnership to operate the Four Seasons Hotel. When Alvin suspects Cleo of failing to account for all of the receipts, Alvin sues Cleo for an accounting and a dissolution. The court will likely order
a. an accounting only.
b. a dissolution only.
c. an accounting and a dissolution.
d. none of the above.
a. an accounting only.
b. a dissolution only.
c. an accounting and a dissolution.
d. none of the above.
c. an accounting and a dissolution.
Carol is a junior partner in an accounting firm. As a partner, she has a right of inspection that permits her to review
a. all client files.
b. partnership books and records.
c. the tax returns filed by other partners.
d. none of the above.
a. all client files.
b. partnership books and records.
c. the tax returns filed by other partners.
d. none of the above.
b. partnership books and records.
Tim, a partner in a construction firm, owes $10,000 personally to several creditors. To satisfy these debts, the creditors may obtain a charging order entitling them to
a. only Tim’s profits as a partner.
b. only Tim’s interest in partnership assets if the firm dissolves.
c. Tim’s profits as a partner and his interest in partnership assets.
d. none of the above.
a. only Tim’s profits as a partner.
b. only Tim’s interest in partnership assets if the firm dissolves.
c. Tim’s profits as a partner and his interest in partnership assets.
d. none of the above.
a. only Tim’s profits as a partner.
Emma is a partner in a dental firm and applies for a loan with First State Bank on behalf of the firm without the authorization of the other partners. If First State knows that Emma is not authorized to take out loans on behalf of the firm, then
a. Emma alone will be liable for repayment.
b. the partnership alone will be liable for repayment.
c. the partnership and Emma will be jointly liable for repayment .
d. the partnership and Emma will be jointly and severally liable for repayment.
a. Emma alone will be liable for repayment.
b. the partnership alone will be liable for repayment.
c. the partnership and Emma will be jointly liable for repayment .
d. the partnership and Emma will be jointly and severally liable for repayment.
a. Emma alone will be liable for repayment.
Begründung:
?
Begründung:
?
Tom is one of the partners in a new partnership. If debts of the firm become due, and the firm cannot pay them, Tom will be
a. personally liable for those debts and obligations.
b. liable for those debts and obligations only up to the amount of his capital contribution.
c. not required to contribute any money to the satisfaction of these debts and obligations.
d. none of the above.
a. personally liable for those debts and obligations.
b. liable for those debts and obligations only up to the amount of his capital contribution.
c. not required to contribute any money to the satisfaction of these debts and obligations.
d. none of the above.
a.
Tags: Partnerships
Quelle:
Quelle:
Hans, Werner, and Erwin are partners in a computer peripherals company. Refer to Fact Pattern 36-4. Hans signed a contract with the same supplier prior to Werner’s decision. That contract is binding on
a. Hans and Erwin.
b. the partnership.
c. Hans only.
d. none of the above.
a. Hans and Erwin.
b. the partnership.
c. Hans only.
d. none of the above.
b. the partnership.
Begründung:
In an ordinary partnership, firm members can exercise all implied powers reasonably necessary and customary to carry on that particular business.
Begründung:
In an ordinary partnership, firm members can exercise all implied powers reasonably necessary and customary to carry on that particular business.
Tags: The scope of implied powers
Quelle: p. 82
Quelle: p. 82
Omega Corporation and Peak Code, Inc., two software firms, wish to combine their research and development capabilities to make a special, limited edition computer game. The most appropriate legal entity for this project might be
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
c. a joint venture.
Begründung:
A joint venture is a relationship in which two or more persons or business entities combine their efforts or their property for a single transaction or project.
Begründung:
A joint venture is a relationship in which two or more persons or business entities combine their efforts or their property for a single transaction or project.
Tags: Joint venture
Quelle: p. 85
Quelle: p. 85
Best Construction, Inc., and General Real Estate Corporation form a joint venture. A joint venture is usually formed for
a. an implied duration of not more than six months.
b. a single activity or transaction.
c. a stated duration of not more than one year.
d. perpetual existence.
a. an implied duration of not more than six months.
b. a single activity or transaction.
c. a stated duration of not more than one year.
d. perpetual existence.
b. a single activity or transaction.
Begründung:
A joint venture is a relationship in which two or more persons or business entities combine their efforts or their property for a single transaction or project or a related series of transactions or projects.
Begründung:
A joint venture is a relationship in which two or more persons or business entities combine their efforts or their property for a single transaction or project or a related series of transactions or projects.
Tags: Joint venture
Quelle: p. 85
Quelle: p. 85
Exotic Products Company and First Pier, Inc., form a business organization to engage in importing and exporting. Its property is held in the names of the members and its shareholders have personal liability. This business organization is
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
b. a joint stock company.
Begründung:
Property is usually held in the name of the members; shareholders have personal liability;
Begründung:
Property is usually held in the name of the members; shareholders have personal liability;
Tags: Joint stock company
Quelle: p. 87
Quelle: p. 87
Downwind Properties Corporation and Eastern Investments Company transfer their property to Financial Management, Inc., which manages the property and distributes the profits to Downwind and Eastern. This form of a business organization is
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
a. a business trust.
Begründung:
With a business trust, legal ownership and management of the property of the business stay with one or more of the trustees, and the profits are distributed to the beneficiaries.
Begründung:
With a business trust, legal ownership and management of the property of the business stay with one or more of the trustees, and the profits are distributed to the beneficiaries.
Tags: Business Trust
Quelle: p. 88
Quelle: p. 88
Ron, Sue, and Tom form a syndicate to buy a professional football team. This syndicate could be set up as
a. a corporation only.
b. a partnership only.
c. a corporation or a partnership.
d. none of the above.
a. a corporation only.
b. a partnership only.
c. a corporation or a partnership.
d. none of the above.
c. a corporation or a partnership.
Begründung:
A syndicate may exist as a corporation or as a general or limited partnership.
Begründung:
A syndicate may exist as a corporation or as a general or limited partnership.
Tags: Syndicate
Quelle: p. 87
Quelle: p. 87
Resource Development Company and Western Mining Corporation form a joint stock company. Like most joint stock companies, it is managed by
a. directors and officers.
b. general partners.
c. managing members.
d. trustees.
a. directors and officers.
b. general partners.
c. managing members.
d. trustees.
a. directors and officers.
Begründung:
A joint stock company is usually managed by directors and officers of the company or association.
Begründung:
A joint stock company is usually managed by directors and officers of the company or association.
Tags: Joint stock company, point 2
Quelle: p. 87
Quelle: p. 87
Larry, Michel, and Nancy are investors in Oceanic Exploration, a business trust. A business trust is managed by
a. directors and officers.
b. general partners.
c. managing members.
d. trustees.
a. directors and officers.
b. general partners.
c. managing members.
d. trustees.
d. trustees.
Begründung:
see p. 88
Begründung:
see p. 88
Tags: Business Trust
Quelle: p. 88
Quelle: p. 88
The abbreviation “P.A.” in the name “Eastside Medical Clinic, P.A.” means that this organization is
a. a private association.
b. a professional association.
c. a public administration.
d. a public association.
a. a private association.
b. a professional association.
c. a public administration.
d. a public association.
b. a professional association.
Begründung:
See Definition of P.C.
Begründung:
See Definition of P.C.
Tags: Professional Corporation (P.C)
Quelle: p.103, 1. Absatz nach Überschrift
Quelle: p.103, 1. Absatz nach Überschrift
Owen, Paula, Quinn, and Sara get together to finance the building of a shopping mall. Their selected form of business organization is an investment group, or
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
a. a business trust.
b. a joint stock company.
c. a joint venture.
d. a syndicate.
d. a syndicate.
Begründung:
A group of individuals getting together to finance a particular project.
Begründung:
A group of individuals getting together to finance a particular project.
Tags: Syndicate
Quelle: p. 87
Quelle: p. 87
Don starts up E-Designs, a Web site design service, in a building owned by Earl. Their lease agreement provides that Don will pay Earl a base monthly rental of $250, plus 30 percent of the month’s profits. The term of the lease is two years. Don hires Fran to work at the reception desk in E-Designs’ office. Don agrees to pay her an hourly wage of $8.00 plus a commission equal to 10 percent of the profits. Fran is to be paid twice a month. Don and Fran are
a. partners in a partnership for the term of the employment.
b. not partners, because Don must pay an hourly wage in addition to a share of the profits.
c. not partners, because Fran does not have an ownership interest or management rights in E-Designs.
d. not partners, because Fran receives a “base wage” of $8.00 per hour.
a. partners in a partnership for the term of the employment.
b. not partners, because Don must pay an hourly wage in addition to a share of the profits.
c. not partners, because Fran does not have an ownership interest or management rights in E-Designs.
d. not partners, because Fran receives a “base wage” of $8.00 per hour.
c. not partners, because Fran does not have an ownership interest or management rights in E-Designs.
Kartensatzinfo:
Autor: Elisa
Oberthema: Law
Thema: International Law
Schule / Uni: Hanze Hogeschool
Ort: Groningen
Veröffentlicht: 14.02.2010
Tags: Exam Year 1
Schlagwörter Karten:
Alle Karten (125)
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Conversion (1)
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Distributorship (2)
Domestic (1)
First sentence (2)
Franchise (1)
Joint venture (2)
last sentence (1)
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