12 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 6 Practice Test Review Test Submission: Module 6 Practice Test Review Test Submission: Module 6 Practice Test User Kristen M Ritch Submitted 3/5/11 6:29 PM Name Module 6 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 7 seconds out of 2 hours and Instructions Question 1 A sole proprietor may own and manage any type of business. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 2 General principles of agency law are the basis for a partner's duties and liabilities. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 3 Contract law governs franchise relationships. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 Omega Corporation and Precision Coding, 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 Selected Answer: [None Given] Correct Answer: a joint venture. 0 out of 2 points Question 5 Guy and Hanna do business as G-H Associates. If G-H is a partnership, it is governed by the Uniform Partnership Act Selected Answer: [None Given] Correct Answer: in the absence of an express agreement. 0 out of 2 points Question 6 Rick and Sandy are limited partners in Total Profit Enterprises, a limited partnership. A limited partner has no right to Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: participate in the firm's management. Question 7 Services. To be a partnership, this association can result from an agreement that is Selected Answer: [None Given] Correct Answer: oral, written, or implied by conduct. 0 out of 2 points Question 8 A partner may compete with the partnership without violating the fiduciary duties that he or she owes to the firm. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 9 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 Selected Answer: [None Given] Correct Answer: has a reasonable time, with notice. 0 out of 2 points Question 10 Stacy contracts to buy a franchise from Tender Steak House Company. In this contract, as in most franchise contracts, the determination of the territory to be served is made by Selected Answer: [None Given] Correct Answer: Tender Steak House. 0 out of 2 points
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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12 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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