Final Exam Answer Key - ANSWER KEY Bus. 422 Contemporary...

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ANSWER KEY Bus. 422 – Contemporary Business Law II Final Exam Fill-in-the-Blank (5 pts.) Each blank counts as .1 1. An agency may terminate by an act of the _parties_____ or by operation of ___law________. P. 867 2. A __sole proprietorship_____________________ business has only one owner. P. 893 3. The two basic types of negotiable instruments are ____promises to pay money__ and __orders to pay money_______. P.775 4. __Commercial paper____ is a contract for the payment of money. P. 775 5. _Ratification__________ is the process whereby a principal binds himself to an unauthorized act of an agent. P. 877 6. The __maker___________ of a promissory note is primarily liable for paying it. P. 814 7. The ___land contract_______ __ is a device for securing the balance due a seller on the purchase price of real estate. P. 699 8. A __bailment_______ is the delivery of personal property by its owner or someone holding the right to possess it to another person who accepts it and is under an express or implied agreement to return it. P.569 9. The shareholders of a corporation have __limited liability_____________ as far as debts and other actions of the corporation. P. 894 10. The owners of an LLC are called __members__. P. 894 11. A (n)___easement______________ is the right to make certain uses of another’s property or the right to prevent another person from making certain uses of his own property. P.590 12. The word ____ property___ is used to refer to something that is capable of being owned. P. 560 13. A ___devise___________ is a gift of real property in a will. P.638
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14. A ___check_____ is a draft payable on demand and drawn on a bank. P. 776 15. An instrument made payable to bearer or to cash is called ___bearer paper__. P. 792 16. A person’s ___issue________ are his/her lineal descendants. P.638 17. The method by which a property owner’s rights are cut off so that the lien holder can realize on its security interest is called _____foreclosure____________. P.698 18. To create a Limited Liability Company, one or more persons must file ____Articles of Organization____ with the secretary of state. P. 947 19. Unless he agrees otherwise, an agent for a __disclosed principal______________ is not liable on contracts made for such ____principal________. P. 879 20. A ______partnership____________________ is two or more person engaged in a business for profit (they also share the losses). P. 893 21. A person is a _____holder_____________ if they are in possession of an instrument made payable to bearer or to him/her. P. 791 22. ____Real property_______________ includes not only land but also things firmly attached or embedded in the land. P.584 23. A shareholder may appoint a ___proxy_________ to vote his/her shares of stock? P.1039 24. __The Age Discrimination in Employment Act______ prohibits age-based discrimination against employees who are at least 40 years of age. P. 1268 25. A ____corporation ______________ is owned by shareholders who elect a board of
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This note was uploaded on 04/09/2010 for the course ACC 423 acc 423 taught by Professor Mr.youknowwho during the Spring '10 term at University of Phoenix.

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Final Exam Answer Key - ANSWER KEY Bus. 422 Contemporary...

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