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Question

The Uniform Commercial Code (UCC) is A. in general governs contracts for services

  • B. has replaced common law
  • C. is enforced by the U.S. Department of Labor
  • D. in general governs commercial sales of goods


Alexandra owns stock in a corporation, and she just received 100 additional shares of stock as part of the corporation's distribution of profits for the current quarter. What is this distribution called?

  • A. Consideration
  • B. Dividends
  • C. Quantum meruit
  • D. Negative equity


Which of the following is NOT true of corporations?

  • A. owners receive profits in the form of salaries
  • B. owners have limited liability
  • C. owners are shareholders
  • D. owners receive profits in the form of dividends


A limited liability company (LLC) is a hybrid entity that combines the characteristics of a:

  • A. corporation and sole proprietorship
  • B. partnership and corporation
  • C. corporation and limited agency
  • D. sole proprietorship and partnership


A rule that requires certain types of contracts to be in writing:

  • A. Rule Against Perpetuities
  • B. The Statute of Frauds
  • C. The Animal Protection Act
  • D. Commerce Clause

Step-by-step answer

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