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Course Number: BE 325, Summer 2012

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Question 1 2 out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. The least expensive method to resolve the disbetween Java and Kaffe may be Answer Selected Answer: Question 2 2 out of 2 points Following the federal approach (i.e.Federal Arbitration Act), most states enforce agreements to arbitrate disputes between private parties. Answer Selected Answer: True....

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1 2 Question out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. The least expensive method to resolve the disbetween Java and Kaffe may be Answer Selected Answer: Question 2 2 out of 2 points Following the federal approach (i.e.Federal Arbitration Act), most states enforce agreements to arbitrate disputes between private parties. Answer Selected Register to View Answer Question 3 2 out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. If Java and Kaffe have a longstanding business relationship that they would like to continue, a preferred method of settling their dispute may be mediation because Answer Selected Answer: Question 4 2 out of 2 points Global Enterprises, Inc., uses the services of the Internet Corporation for Assigned Names and Numbers (ICANN). ICANN's purpose is to Answer Selected Answer: Question 5 2 out of 2 points Consumer Products, Inc., and Delta Distribution Corporation agree in writing to submit their dispute to arbitration. The Federal Arbitration Act Answer Selected Answer: Question 6 2 out of 2 points Vacation Village enacts an ordinance to allow only a few street vendors to opate in certain areas for the purpose of reducing traffic. A court would likely subject this ordinance to Answer Selected Answer: Question 7 2 out of 2 points The First Amendment does not protect commercial speech as extensively as noncommercial speech. Answer Selected Register to View Answer Question 8 2 out of 2 points Mike, an advocate of a certain religion, publishes an article in New Times magazine insisting that Congress base all federal law on his religion's principles. The First Amendment guarantees Mike's freedom of Answer Selected Answer: Question 9 2 out of 2 points Eli, a citizen of Florida, wants to obtain a business license in Georgia. The Georgia state legislature enacts a law that imposes a $2,000 license fee on nonresidents. Georgia residents pay $0. This most likely violates Answer Selected Answer: Question 10 2 out of 2 points The Bill of Rights confers absolute rights, not subject to interpretation by the United States Supreme Court. Answer Selected Register to View Answer Question 11 2 out of 2 points Starting a sole proprietorship is easier and less costly than starting any other form of business. Answer Selected Register to View Answer Question 12 2 out of 2 points Riley is interested in buying a franchise from Soft Shoe Corporation. Soft Shoe must disclose material facts that Riley needs to make an informed decision concerning this purchase, according to Answer Selected Answer: Question 13 2 out of 2 points Fay is admitted to Global Associates, an existing partnership. A partnership debt incurred before the date of her admission comes due. Fay is Answer Selected Answer: Question 14 2 out of 2 points One of the advantages of a sole proprietorship is that the owner is not liable for the actions of the business. Answer Selected Register to View Answer Question 15 2 out of 2 points Clive sells Direct Marketing Enterprises, a sole proprietorship, to Edwina. This is a transfer of Answer Selected Answer: Question 16 2 out of 2 points Jack and Kyra are partners in Law Firm, LLP, a limited liability partnership. Jack supervises Kyra, who negligently fails to appear in court on behalf of Milo, a client. Liability to Milo rests with Answer Selected Register to View Answer Jack and Kyra. Question 17 2 out of 2 points State law governs the formation of limited liability companies. Answer Selected Register to View Answer Question 18 2 out of 2 points A limited liability company offers the limited liability of a corporation. Answer Selected Register to View Answer Question 19 2 out of 2 points Most limited liability company statutes provide that unless the members agree otherwise, all profits are divided equally. Answer Selected True Answer: Question 20 2 out of 2 points Vijay is a member of Watchit, LLC, a limited liability company. Vijay is liable for Watchit's debts Answer Selected Answer: Question 21 2 out of 2 points Lucy is a limited partner in Metro Contractors, a limited partnership, which cannot pay its debts. Lucy is personally liable for the debts Answer Selected Answer: Question 22 2 out of 2 points Hailey and Ike hold the first organizational meeting of Java Kiosk Corporation. Probably the most important function of this meeting is Answer Selected Answer: Question 23 2 out of 2 points Luke is a director of Motor Parts Corporation. Luke makes decisions with respect to Motor Parts in good faith, in what Luke believes is the firm's best interest, and without violating any duties owed to it. If, despite these circumstances, Luke exercises poor business judgment, under the business judgment rule Luke is Answer Selected Answer: Question 24 2 out of 2 points Cody and Dex form Eminent Corporation. Eminent has a board of directors, a chief executive officer, a chief operating officer, and fifty-two shareholders. Eminent is governed by its Answer Selected Answer: board of directors. Question 25 2 out of 2 points Express powers of a corporation can be found in the law of the state of incorporation. Answer Selected Register to View Answer Question 26 2 out of 2 points Eager Beaver Corporation fails to hold its organizational meeting to adopt bylaws. Under this circumstance, Eager Beaver is most likely Answer Selected Answer: Question 27 2 out of 2 points A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate. Answer Selected Register to View Answer Question 1 2 out of 2 points Rocko Corporation, a U.S. firm, and Siena, S.A., a Columbian firm, enter into a contract providing that any dispute between them will be heard in a specific British court. Litigation between Rocko and Siena over a dispute involving this contract may occur in Answer Selected Answer: Question 2 2 out of 2 points In some courts, pretrial mediation is mandatory. Answer Selected Register to View Answer Question 3 2 out of 2 points Consumer Products, Inc., and Delta Distribution Corporation agree in writing to submit their dispute to arbitration. The Federal Arbitration Act Answer Selected Answer: Question 4 2 out of 2 points "Assisted negotiation" describes proceedings for minors and other parties who lack contractual "capacity." Answer Selected Register to View Answer Question 5 2 out of 2 points When a forumselection clause is included in an internal contract, legal proceedings are more complex. Answer Selected Register to View Answer Question 6 2 out of 2 points There is a specific guarantee of a right to privacy in the Constitution. Answer Selected Register to View Answer Question 7 2 out of 2 points South Carolina enacts a statute to impose a prison term, without a trial, on all street vendors who operate within the state. A court would likely hold this to be Answer Selected Answer: Question 8 2 out of 2 points Vacation Village enacts an ordinance to allow only a few street vendors to opate in certain areas for the purpose of reducing traffic. A court would likely subject this ordinance to Answer Selected Answer: Question 9 2 out of 2 points Review of a law on a substantive due process basis and review of a law on an equal protection basis considers some similar questions. Answer Selected Register to View Answer Question 10 2 out of 2 points Uma, a citizen of Virginia, wants to enforce in Washington certain rights that she has under a contract with Xtra Services Company. A Washington state court is most likely to enforce such rights under Answer Selected Answer: Question 11 2 out of 2 points Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is Answer Selected Answer: Question 12 2 out of 2 points Sportz Street, 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 Sportz Street to Answer Selected Answer: Question 13 2 out of 2 points A partner may use and possess partnership property for any purpose. Answer Selected Register to View Answer Question 14 2 out of 2 points Sabin and Tyler agree while talking on the phone to form a partnership; they agree to own, manage, and share the profits of the business together. Their partnership agreement is legally binding Answer Selected Register to View Answer without more. Question 15 2 out of 2 points On a partner's dissociation, his or her right to participate in the management and conduct of the business terminates. Answer Selected Register to View Answer Question 16 2 out of 2 points A limited liability company offers the limited liability of a corporation. Answer Selected Register to View Answer Question 17 2 out of 2 points Venture Capital, LP, is a limited partnership. A Venture limited partner loses his or her limited liability if he or she Answer Selected Answer: Question 18 2 out of 2 points Only a limited partnership's limited partners have a fiduciary obligation to the other partners. Answer Selected Register to View Answer Question 19 2 out of 2 points State law governs the formation of limited liability companies. Answer Selected Register to View Answer Question 20 2 out of 2 points Energy Unlimited, LP, is a limited partnership to which its partners, including Fink, have contributed capital. Energy's creditors include Graves Engineering, Inc. On Energy's dissolution, its assets will be distributed to pay Answer Selected Register to View Answer Graves first. Question 21 2 out of 2 points In a limited liability company, members cannot participate in its management. Answer Selected Register to View Answer Question 22 2 out of 2 points Cody and Dex form Eminent Corporation. Eminent has a board of directors, a chief executive officer, a chief operating officer, and fifty-two shareholders. Eminent is governed by its Answer Selected Answer: board of directors. Question 23 2 out of 2 points Coast-to-Coast Distribution, Inc., is a direct-mail distribution company. Like most corporations, Coast-to-Coast's employees include its Answer Selected Register to View Answer officers. Question 24 2 out of 2 points A director is elected by a majority vote of the other members of the board. Answer Selected Register to View Answer Question 25 2 out of 2 points Raw Resources Corporation authorizes Stefan, its employee, to oversee its mining operation. In the course of this employment, Stefan disposes of the mine's waste illegally. Liability for this crime most likely rests with Answer Selected Answer: Question 26 2 out of 2 points Egan is a director of First Realty Corporation. As a director, Egan can act as an agent to bind First Realty Answer Selected Answer: in no circumstances. Question 27 2 out of 2 points Only acts that fall within the express powers of a corporation are ultra vires. Answer Selected Register to View Answer Current Location 1. BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus 2. Assignments 3. Week 1 4. Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Menu Management Options Course Menu: BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Announcements Assignments Course Information Tools UO Libraries Cross|Miller Website Missed Class Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Content User Course Test Started Submitted Status Score Time Elapsed Instructions Yuanyuan Yu BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Quiz #2 - Ch. 3,5,17,18,19 6/29/12 4:02 PM 6/29/12 5:06 PM Completed 46 out of 54 points 1 hour, 4 minutes out of 1 hour and 30 minutes. Question 1 2 out of 2 points Greta files a suit against Hadji. Before going to trial, the parties meet, and each party's attorney argues the party's case before the other party. If they fail to reach an agreement, a third party renders an opinion as to how a court would likely decide the dispute. This is Answer Selected Register to View Answermini-trial. Question 2 2 out of 2 points Following the federal approach (i.e.Federal Arbitration Act), most states enforce agreements to arbitrate disputes between private parties. Answer Selected Register to View Answer Question 3 0 out of 2 points Kato and Leilani dispute the quality of a collection of sports memorabilia sold over the Internet. They agree to resolve this dispute in 2BRNot2B.com, an online forum. Like most online forums, 2BRNot2B.com applies Answer Selected Answer: Question 4 2 out of 2 points An agreement to arbitrate a dispute between private parties may be enfordced by the federal government . Answer Selected Register to View Answer Question 5 2 out of 2 points An arbitrator can never render a legally binding decision. Answer Selected Register to View Answer Question 6 2 out of 2 points Some constitutional protections apply to business entities. Answer Selected Register to View Answer Question 7 2 out of 2 points Congress can regulate all commerce in North America. Answer Selected Register to View Answer Question 8 2 out of 2 points A government law that restricts a fundamental right will be held to violate substantive due process unless it promotes a compelling or overriding state interest. Answer Selected Register to View Answer Question 9 2 out of 2 points When there is a direct conflict between a federal and a state law, the state law is rendered invalid. Answer Selected Register to View Answer Question 10 2 out of 2 points Uma, a citizen of Virginia, wants to enforce in Washington certain rights that she has under a contract with Xtra Services Company. A Washington state court is most likely to enforce such rights under Answer Selected Answer: Question 11 2 out of 2 points Jim and Kyle are partners in J&K Sales, which exports technical equipment under a three-year partnership agreement. The U.S. government declares that the equipment can no longer be exported. J&K Answer Selected Answer: Question 12 0 out of 2 points Clu, Dolf, and Elton do business as Fertile Valley Farm. Clu's relationship to the firm ends, but it continues to do business. This is Answer Selected Register to View Answer dissolution. Question 13 2 out of 2 points A franchisee normally does not pay a fee for a franchise license until after the first year of using it. Answer Selected Register to View Answer Question 14 0 out of 2 points A sharing of profits from the sale of the goodwill of a business creates a presumption that a partnership exists. Answer Selected Register to View Answer Question 15 2 out of 2 points Stacy contracts to buy a franchise from Tender Steak House Company. Under this contract, as in most franchise contracts, the determination of the territory to be served is made by Answer Selected Answer: Tender Steak House. Question 16 0 out of 2 points A limited liability partnership can be formed in virtually any state. Answer Selected Register to View Answer Question 17 2 out of 2 points A limited liability company offers the limited liability of a corporation. Answer Selected Register to View Answer Question 18 2 out of 2 points Lui is considering forms of business organization for a chain of Magic Trix novelty stores. One advantage of the limited liability company form, with respect to tax options, is its Answer Selected b. Answer: flexibility. Question 19 2 out of 2 points Lucy is a limited partner in Metro Contractors, a limited partnership, which cannot pay its debts. Lucy is personally liable for the debts Answer Selected Answer: Question 20 2 out of 2 points Daisy is considering forms of business organization for Daisy's Designs, an architectural firm. An advantage of a limited liability partnership is that partners can avoid personal liability for Answer Selected Answer: Question 21 2 out of 2 points With a few exceptions, all of the rules that govern partnerships apply to limited liability partnerships. Answer Selected Register to View Answer Question 22 2 out of 2 points The "minimum contacts" rule determines in which state a corporation should be chartered. Answer Selected Register to View Answer Question 23 2 out of 2 points Frawsty Corporation distributes beverages in the greater Northwest. Frawsty's board of directors can delegate some of its functions to Answer Selected Register to View Answer Frawsty's officers. Question 24 2 out of 2 points Skyla and Terry want to form and do business as Unique Boutique Corporation. Most statutes governing the formation and use of corporations are guided by Answer Selected Answer: Question 25 2 out of 2 points Lon and Merry act as the incorporators for NuGame Corporation. After the first board of directors is chosen, subsequent directors are elected by a majority vote of NuGame's Answer Selected Register to View Answer shareholders. Question 26 2 out of 2 points Shareholders do not have legal title to corporate property but an equitable interest in the firm. Answer Selected Register to View Answer Question 27 2 out of 2 points Hailey and Ike hold the first organizational meeting of Java Kiosk Corporation. Probably the most important function of this meeting is Answer Selected Answer: Friday, June 29, 2012 5:06:55 PM PDT Current Location 1. BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus 2. Assignments 3. Week 1 4. Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Menu Management Options Course Menu: BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Announcements Assignments Course Information Tools UO Libraries Cross|Miller Website Missed Class Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Content User Course Test Started Submitted Status Score Time Elapsed Instructions Zhixuan Li BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Quiz #2 - Ch. 3,5,17,18,19 6/29/12 5:12 PM 6/29/12 5:42 PM Completed 52 out of 54 points 29 minutes out of 1 hour and 30 minutes. Question 1 2 out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. The least expensive method to resolve the disbetween Java and Kaffe may be Answer Selected Answer: Question 2 2 out of 2 points All-American Engineering, Inc., disputes the use of "allamerican.com" as a domain name by All-American Export Company. For this dispute, the Internet Corporation for Assigned Names and Numbers (ICANN) operates Answer Selected Answer: Question 3 2 out of 2 points Greta files a suit against Hadji. Before going to trial, the parties meet, and each party's attorney argues the party's case before the other party. If they fail to reach an agreement, a third party renders an opinion as to how a court would likely decide the dispute. This is Answer Selected Register to View Answermini-trial. Question 4 2 out of 2 points Global Enterprises, Inc., uses the services of the Internet Corporation for Assigned Names and Numbers (ICANN). ICANN's purpose is to Answer Selected Answer: Question 5 2 out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. Resolving the dispute between Java and Kaffe by having a neutral third party render a binding decision is one of the advantages of Answer Selected Answer: arbitration. Question 6 2 out of 2 points Vacation Village enacts an ordinance to allow only a few street vendors to opate in certain areas for the purpose of reducing traffic. A court would likely subject this ordinance to Answer Selected Answer: Question 7 0 out of 2 points Political speech that would otherwise be protected by the First Amendment loses that protection if its source is a corporation. Answer Selected Register to View Answer Question 8 2 out of 2 points Review of a law on a substantive due process basis and review of a law on an equal protection basis considers some similar questions. Answer Selected Register to View Answer Question 9 2 out of 2 points The federal government retains all powers not specifically delegated to the states. Answer Selected Register to View Answer Question 10 2 out of 2 points The Constitution sets out the authority and the limits of the branches of the government. The term checks and balances means that Answer Selected Answer: Question 11 2 out of 2 points Under no circumstances may a franchisor establish an additional franchise in a territory allotted to a franchisee. Answer Selected Register to View Answer Question 12 2 out of 2 points Sabin and Tyler agree while talking on the phone to form a partnership; they agree to own, manage, and share the profits of the business together. Their partnership agreement is legally binding Answer Selected Register to View Answer without more. Question 13 2 out of 2 points Noah and Orin do business as Personnel Partners. In most states, for purposes of suing and being sued, Personnel Partners would be treated as Answer Selected Register to View Answer an entity. Question 14 2 out of 2 points The extent of implied authority is generally broader for agents than for partners. Answer Selected Register to View Answer Question 15 2 out of 2 points Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is Answer Selected Register to View Answersole proprietorship. Question 16 2 out of 2 points Location! Realty LLC is a limited liability company. Like other LLCs, for federal jurisdictional purposes, Location! Realty is most likely a citizen of Answer Selected Answer: Question 17 2 out of 2 points A general partner has the power to dissociate from a limited partnership regardless of what the partnership agreement specifies. Answer Selected Answer: Question 18 False 2 out of 2 points A limited partner who gives a general partner advice on matters relating to the management of the partnership cannot be liable as a general partner. Answer Selected Register to View Answer Question 19 2 out of 2 points Energy Unlimited, LP, is a limited partnership to which its partners, including Fink, have contributed capital. Energy's creditors include Graves Engineering, Inc. On Energy's dissolution, its assets will be distributed to pay Answer Selected Register to View Answer Graves first. Question 20 2 out of 2 points A limited liability company is a citizen of every state of which its members are citizens. Answer Selected Register to View Answer Question 21 2 out of 2 points Daisy is considering forms of business organization for Daisy's Designs, an architectural firm. An advantage of a limited liability partnership is that partners can avoid personal liability for Answer Selected Answer: Question 22 2 out of 2 points Any change in shareholders affects of the continued existence a corporation. Answer Selected Register to View Answer Question 23 2 out of 2 points Express powers of a corporation can be found in the law of the state of incorporation. Answer Selected Register to View Answer Question 24 2 out of 2 points To vote their shares, shareholders must attend a shareholders' meeting and vote in person. Answer Selected Register to View Answer Question 25 2 out of 2 points A corporation's internal management structure is described in its articles or bylaws. Answer Selected Register to View Answer Question 26 2 out of 2 points Preemptive rights entitle shareholders to bring a derivative suit against the corporation. Answer Selected Register to View Answer Question 27 2 out of 2 points The "minimum contacts" rule determines in which state a corporation should be chartered. Answer Selected Register to View Answer Friday, June 29, 2012 5:42:18 PM PDT OK Current Location 1. BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus 2. Assignments 3. Week 1 4. Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Menu Management Options Course Menu: BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Announcements Assignments Course Information Tools UO Libraries Cross|Miller Website Missed Class Review Test Submission: Quiz #2 - Ch. 3,5,17,18,19 Content User Course Test Started Submitted Status Score Time Elapsed Instructions Wei Wei BE 325 (Summer 2012; 40242), Glob/Legal/Soc Env Bus Quiz #2 - Ch. 3,5,17,18,19 6/29/12 5:46 PM 6/29/12 6:15 PM Completed 52 out of 54 points 29 minutes out of 1 hour and 30 minutes. Question 1 2 out of 2 points Phil submits his claim against Quito to ReSolve.com, a private, online dispute resolution forum. At any time, an appeal of the dispute to a court may be made by Answer Selected Answer: Phil or Quito. Question 2 2 out of 2 points Most online dispute resolution services apply general, universal legal principles to resolve disputes. Answer Selected Register to View Answer Question 3 2 out of 2 points Global Enterprises, Inc., uses the services of the Internet Corporation for Assigned Names and Numbers (ICANN). ICANN's purpose is to Answer Selected Answer: Question 4 2 out of 2 points Faraway Sales Corporation, a U.S. firm, and Globe Transport, a Dutch firm, enter into a contract that includes an arbitration clause. This clause provides that the arbitrator Answer Selected Answer: Question 5 2 out of 2 points TransCorp, Inc. and UniShip, Inc. agree to a contract that includes an arbitration clause. If a dispute arises, a court having jurisdiction may Answer Selected Answer: Question 6 2 out of 2 points Some constitutional protections apply to business entities. Answer Selected Register to View Answer Question 7 2 out of 2 points The Bill of Rights confers absolute rights, not subject to interpretation by the United States Supreme Court. Answer Selected Register to View Answer Question 8 2 out of 2 points Congress enacts the Tight Money Act (TMA) of 2006 to ban "major business entities" from making political contributions that individuals can make. A court would likely hold the TMA to be Answer Selected Answer: Question 9 2 out of 2 points Len, a citizen of Maryland, obtains a federal license to operate a commercial fishing boat in Chesapeake Bay. The Maryland state legislature enacts a law that bans all commercial fishing in the bay. The state law most likely violates Answer Selected Answer: the supremacy clause. Question 10 2 out of 2 points The First Amendment does not protect commercial speech as extensively as noncommercial speech. Answer Selected Register to View Answer Question 11 2 out of 2 points Jim and Kyle are partners in J&K Sales, which exports technical equipment under a three-year partnership agreement. The U.S. government declares that the equipment can no longer be exported. J&K Answer Selected Answer: Question 12 2 out of 2 points The extent of implied authority is generally broader for agents than for partners. Answer Selected Register to View Answer Question 13 2 out of 2 points Erte, a partner in Fluoride Dental Associates, applies for a loan with Great State Bank allegedly on Fluoride's behalf but without the authorization of the other partners. Great State knows that Erte is not authorized to take out the loan. Erte's default on the loan results in Answer Selected Answer: Question 14 2 out of 2 points An agreement that requires a franchisee to buy materials exclusively from the franchisor may violate antitrust laws. Answer Selected Register to View Answer Question 15 0 out of 2 points A corporation can be a partner. Answer Selected Register to View Answer Question 16 2 out of 2 points For federal income tax purposes, a limited liability company can choose to be taxed like a corporation. Answer Selected Register to View Answer Question 17 2 out of 2 points For purposes of suing or being sued, a limited liability company is a legal entity apart from its owners. Answer Selected Register to View Answer Question 18 2 out of 2 points Location! Realty LLC is a limited liability company. Like other LLCs, for federal jurisdictional purposes, Location! Realty is most likely a citizen of Answer Selected Answer: Question 19 2 out of 2 points In a limited liability partnership, a partner can be exempt from personal liability for partnership obligations. Answer Selected Register to View Answer Question 20 2 out of 2 points A limited partner who gives a general partner advice on matters relating to the management of the partnership cannot be liable as a general partner. Answer Selected Register to View Answer Question 21 2 out of 2 points Maury, Neil, and Ogden want to form a limited partnership to manage their Picture This photo studio. Their firm must have Answer Selected Answer: Question 22 2 out of 2 points Luke is a director of Motor Parts Corporation. Luke makes decisions with respect to Motor Parts in good faith, in what Luke believes is the firm's best interest, and without violating any duties owed to it. If, despite these circumstances, Luke exercises poor business judgment, under the business judgment rule Luke is Answer Selected Answer: immune from liability. Question 23 2 out of 2 points To qualify as a professional corporation, Medical Clinic, P.C., Answer Selected Answer: Question 24 2 out of 2 points A state constitution may restrict a corporation's implied powers. Answer Selected True Answer: Question 25 2 out of 2 points Egan is a director of First Realty Corporation. As a director, Egan can act as an agent to bind First Realty Answer Selected Answer: in no circumstances. Question 26 2 out of 2 points Frawsty Corporation distributes beverages in the greater Northwest. Frawsty's board of directors can delegate some of its functions to Answer Selected Register to View Answer Frawsty's officers. Question 27 2 out of 2 points A share issued for more than its fair market value is watered stock. Answer Selected Register to View Answer Friday, June 29, 2012 6:15:47 PM PDT OK Question 1 2 out of 2 points An agreement to arbitrate a dispute between private parties may be enfordced by the federal government . Answer Selected Register to View Answer Question 2 2 out of 2 points In some courts, pretrial mediation is mandatory. Answer Selected Register to View Answer Question 3 2 out of 2 points TransCorp, Inc. and UniShip, Inc. agree to a contract that includes an arbitration clause. If a dispute arises, a court having jurisdiction may Answer Selected Answer: Question 4 2 out of 2 points Following the federal approach (i.e.Federal Arbitration Act), most states enforce agreements to arbitrate disputes between private parties. Answer Selected Register to View Answer Question 5 2 out of 2 points Java Cafes, Inc., and Kaffe Import Corporation dispute a term in their contract. If Java and Kaffe have a longstanding business relationship that they would like to continue, a preferred method of settling their dispute may be mediation because Answer Selected Answer: Question 6 2 out of 2 points When there is a direct conflict between a federal and a state law, the state law is rendered invalid. Answer Selected Register to View Answer Question 7 2 out of 2 points Review of a law on a substantive due process basis and review of a law on an equal protection basis considers some similar questions. Answer Selected Register to View Answer Question 8 0 out of 2 points The federal government retains all powers not specifically delegated to the states. Answer Selected Register to View Answer Question 9 2 out of 2 points The state of New York regulates private activities to protect or promote the public order, health, safety, and general welfare under its Answer Selected Answer: police powers. Question 10 2 out of 2 points Congress can regulate all commerce in North America. Answer Selected Register to View Answer Question 11 2 out of 2 points Sportz Street, 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 Sportz Street to Answer Selected Answer: Question 12 2 out of 2 points Bret buys a franchise from Comida Mexicano Ltd. If their agreement is like most franchise agreements, it will specify that Comida can terminate the franchise Answer Selected Register to View Answer for cause only. Question 13 2 out of 2 points A franchisee normally does not pay a fee for a franchise license until after the first year of using it. Answer Selected Register to View Answer Question 14 2 out of 2 points Jim and Kyle are partners in J&K Sales, which exports technical equipment under a three-year partnership agreement. The U.S. government declares that the equipment can no longer be exported. J&K Answer Selected Answer: Question 15 2 out of 2 points A sole proprietorship is a separate legal entity for tax purposes. Answer Selected Register to View Answer Question 16 2 out of 2 points A general partner has the power to dissociate from a limited partnership regardless of what the partnership agreement specifies. Answer Selected Register to View Answer Question 17 2 out of 2 points A limited liability company offers the limited liability of a corporation. Answer Selected Register to View Answer Question 18 2 out of 2 points Bluto is considering forms of business organization for Consult Me!, his Web site consulting firm. Most states require that a limited liability company have at least Answer Selected Register to View Answer one member. Question 19 0 out of 2 points In a limited partnership, the liability of a limited partner is limited to the amount of capital he or she has invested in the partnership. Answer Selected Register to View Answer Question 20 2 out of 2 points CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to include Answer Selected Register to View Answer all members. Question 21 2 out of 2 points Location! Realty LLC is a limited liability company. Like other LLCs, for federal jurisdictional purposes, Location! Realty is most likely a citizen of Answer Selected Answer: Question 22 2 out of 2 points Frida, Gayla, and Hart occupy the positions of director on the board of Integral Components Corporation. With respect to these directors, a quorum is the minimum number Answer Selected Answer: Question 23 2 out of 2 points Lon and Merry act as the incorporators for NuGame Corporation. After the first board of directors is chosen, subsequent directors are elected by a majority vote of NuGame's Answer Selected Register to View Answer shareholders. Question 24 2 out of 2 points Thor Power Products Corporation permits the election of its directors by cumulative voting. This Answer Selected Answer: Question 25 2 out of 2 points Eager Beaver Corporation fails to hold its organizational meeting to adopt bylaws. Under this circumstance, Eager Beaver is most likely Answer Selected Answer: Question 26 2 out of 2 points A corporation's internal management structure is described in its articles or bylaws. Answer Selected Register to View Answer Question 27 2 out of 2 points Hailey and Ike hold the first organizational meeting of Java Kiosk Corporation. Probably the most important function of this meeting is Answer Selected Answer: Zihao Question 1 2 out of 2 points When a forumselection clause is included in an internal contract, legal proceedings are more complex. Answer Selected Answer: Question 2 False 2 out of 2 points Consumer Products, Inc., and Delta Distribution Corporation agree in writing to submit their dispute to arbitration. The Federal Arbitration Act Answer Selected Answer: Question 3 2 out of 2 points Most online dispute resolution services apply general, universal legal principles to resolve disputes. Answer Selected Register to View Answer Question 4 0 out of 2 points A court will routinely review a contract for validity even if it contains an arbitration clause. Answer Selected Register to View Answer Question 5 2 out of 2 points Following the federal approach (i.e.Federal Arbitration Act), most states enforce agreements to arbitrate disputes between private parties. Answer Selected Register to View Answer Question 6 2 out of 2 points Vacation Village enacts an ordinance to allow only a few street vendors to opate in certain areas for the purpose of reducing traffic. A court would likely subject this ordinance to Answer Selected Answer: Question 7 2 out of 2 points Minnesota enacts a statute to ban advertising in "bad taste." This statute is Answer Selected Answer: Question 8 2 out of 2 points The First Amendment does not protect commercial speech as extensively as noncommercial speech. Answer Selected Register to View Answer Question 9 2 out of 2 points The federal government retains all powers not specifically delegated to the states. Answer Selected Register to View Answer Question 10 2 out of 2 points Len, a citizen of Maryland, obtains a federal license to operate a commercial fishing boat in Chesapeake Bay. The Maryland state legislature enacts a law that bans all commercial fishing in the bay. The state law most likely violates Answer Selected Answer: Question 11 2 out of 2 points An agreement that requires a franchisee to buy materials exclusively from the franchisor may violate antitrust laws. Answer Selected Register to View Answer Question 12 2 out of 2 points Sabin and Tyler agree while talking on the phone to form a partnership; they agree to own, manage, and share the profits of the business together. Their partnership agreement is legally binding Answer Selected Register to View Answerwithout more. Question 13 2 out of 2 points Fay is admitted to Global Associates, an existing partnership. A partnership debt incurred before the date of her admission comes due. Fay is Answer Selected Answer: Question 14 2 out of 2 points Much franchise litigation involves claims of wrongful termination. Answer Selected Register to View Answer Question 15 2 out of 2 points Star Resorts Corporation wants to terminate its franchise arrangement with Tony. Their contract does not provide for notice of termination or set a time for winding up the business. This means that to wind up, Tony Answer Selected Answer: Question 16 2 out of 2 points A limited partner who gives a general partner advice on matters relating to the management of the partnership cannot be liable as a general partner. Answer Selected Register to View Answer Question 17 2 out of 2 points Greta is a member of Hovercraft LLC. As a member, Greta is Answer Selected Register to View Answeran owner. Question 18 2 out of 2 points Most limited liability company statutes provide that unless the members agree otherwise, all profits are divided equally. Answer Selected Register to View Answer Question 19 2 out of 2 points Only a limited partnership's limited partners have a fiduciary obligation to the other partners. Answer Selected Register to View Answer Question 20 2 out of 2 points Fern and Gray want to form a limited partnership to manage two restaurants: Caf Latte and Delite Deli. In most states, a limited partnership will be created when Answer Selected Answer: 2 out of 2 points Question 21 Maury, Neil, and Ogden want to form a limited partnership to manage their Picture This photo studio. Their firm must have Answer Selected Answer: Question 22 2 out of 2 points Luke is a director of Motor Parts Corporation. Luke makes decisions with respect to Motor Parts in good faith, in what Luke believes is the firm's best interest, and without violating any duties owed to it. If, despite these circumstances, Luke exercises poor business judgment, under the business judgment rule Luke is Answer Selected Answer: 2 out of 2 points Question 23 Egan is a director of First Realty Corporation. As a director, Egan can act as an agent to bind First Realty Answer Selected Answer: in no circumstances. Question 24 2 out of 2 points A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate. Answer Selected Register to View Answer Question 25 2 out of 2 points The "minimum contacts" rule determines in which state a corporation should be chartered. Answer Selected Answer: Question 26 False 2 out of 2 points Shareholders do not have legal title to corporate property but an equitable interest in the firm. Answer Selected Register to View Answer Question 27 2 out of 2 points To vote their shares, shareholders must attend a shareholders' meeting and vote in person. Answer Selected Answer: 2 out of 2 points A court will routinely review a contract for validity even if it contains an arbitration clause. Answer Selected Answer: Question 2 2 out of 2 points In some courts, pretrial mediation is mandatory. Answer Selected Answer: Question 3 2 out of 2 points Sally and Tom disagree over the amount of money due under their contract. To avoid involving any third party in a resolution of the dispute, Sally and Tom might prefer to use the alternative dispute resolution method of Answer Selected Answer: Question 4 2 out of 2 points In early neutral case evaluation, a third party's evaluation of each party's strengths and weaknesses forms the basis for negotiating a settlement. Answer Selected Answer: Question 5 2 out of 2 points Edie files a suit against Frank. If this suit is like most cases, it will be Answer Selected Answer: Question 6 2 out of 2 points Beachside City enacts an ordinance that bans the distribution of all printed materials on city streets. Carl opposes the city's latest "revenueenhancing" measure and wants to protest by distributing handbills. In his suit against the city, a court would likely hold the printedmaterials ban to be Answer Selected Answer: Question 7 2 out of 2 points The terms "substantive due process" and "equal protection" mean the same thing. Answer Selected Answer: Question 8 2 out of 2 points The federal government retains all powers not specifically delegated to the states. Answer Selected Answer: Question 9 2 out of 2 points Mike, an advocate of a certain religion, publishes an article in Times insisting that Congress base all federal law on his religion's principles. The First Amendment guarantees Mike's freedom of Answer Selected Answer: Question 10 2 out of 2 points Any law that distinguishes between or among individuals violates the equal protection clause. Answer Selected Answer: Question 11 2 out of 2 points A partner may use and possess partnership property for any purpose. Answer Selected Answer: Question 12 2 out of 2 points Starting a sole proprietorship is easier and less costly than starting any other form of business. Answer Selected Answer: Question 13 2 out of 2 points Jim and Kyle are partners in J&K Sales, which exports technical equipment under a three-year partnership agreement. The U.S. government declares that the equipment can no longer be exported. J&K Answer Selected Answer: Question 14 2 out of 2 points A corporation can be a partner. Answer Selected Answer: Question 15 2 out of 2 points Bret buys a franchise from Comida Mexicano Ltd. If their agreement is like most franchise agreements, it will specify that Comida can terminate the franchise Answer Selected Answer: Question 16 2 out of 2 points In a limited partnership, the liability of a general is unlimited. Answer Selected Answer: Question 17 2 out of 2 points Most limited liability company statutes provide that unless the members agree otherwise, all profits are divided equally. Answer Selected Answer: Question 18 2 out of 2 points CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to include Answer Selected Answer: Question 19 2 out of 2 points Fern and Gray want to form a limited partnership to manage two restaurants: Caf Latte and Delite Deli. In most states, a limited partnership will be created when Answer Selected Answer: Question 20 2 out of 2 points In a limited liability company, members cannot participate in its management. Answer Selected Answer: Question 21 2 out of 2 points A limited liability company is a citizen of every state of which its members are citizens. Answer Selected Answer: Question 22 2 out of 2 points A shareholder in a professional corporation can avoid liability for his or her wrongful acts simply by incorporating. Answer Selected Answer: Question 23 2 out of 2 points A shareholder is not an "owner" of a corporation. Answer Selected Answer: Question 24 2 out of 2 points Cody and Dex form Eminent Corporation. Eminent has a board of directors, a chief executive officer, a chief operating officer, and fifty-two shareholders. Eminent is governed by its Answer Selected Answer: Question 25 2 out of 2 points To vote their shares, shareholders must attend a shareholders' meeting and vote in person. Answer Selected Answer: Question 26 2 out of 2 points Preemptive rights entitle shareholders to bring a derivative suit against the corporation. Answer Selected Answer: Question 27 2 out of 2 points The "minimum contacts" rule determines in which state a corporation should be chartered. Answer Selected Answer: Friday, June 29, 2012 7:37:25 PM PDT
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