The grant of a patent is a limited monopoly and can

This preview shows page 2 - 6 out of 8 pages.

Question 9 of 205.0 PointsThe grant of a patent is a limited "monopoly" and can run counter to the antitrust principle
encouraging free and open markets.
Question 10 of 205.0 PointsAll of the following are a type of contract except:
Question 11 of 205.0 PointsWhich of the following is not a form of business organization?
Question 12 of 205.0 PointsIdentify the correct statement about liability in business organizationsA.A partner is not responsible for the debts of the partnership.B.A sole proprietor is personally liable for all debts of the business.C.A shareholder is responsible for the debts of the corporation.D.A member is personally liable for the debts of the LLC.Answer Key: B
Question 13 of 205.0 PointsThe revenue from a Chapter C corporations is taxed twice.
Question 14 of 205.0 PointsThe test for mental capacity to enter into a contract is whether the person has reached the age of majority
Question 15 of 205.0 PointsA partnership must prepare an income tax return but the partnership pays no income taxes itself.
Question 16 of 2010.0 PointsAccording to the Missouri Bar Center, list three differences between a limited liability company and a corporation.Comment: No responseQuestion 17 of 2010.0 PointsAccording to the Judicial Education Center, what are five defenses to a breach of contract claim. Provide examples of each.
liquor license between two parties and two locations violates the public policy of the state. See Digesu v. Weingardt, 91 N.M. 441, 575 P.2d 950 (1978).• Performance of the contract has become impossible or the purpose of the contract has become frustrated.Example: Dan hires Tom to paint his house, but the house burns down before the contract can be performed.• The contract is illegal.Example: The contract is for commission of murder.• The contract lacks consideration.Example: Tom promises to give $20 to Dan, but Dan does not have to do or give anything in return.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture