As a result despite acting like a corporation

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Reference no: EM132182827

1. The Fichera Corporation filed its articles of incorporation with the state, but forgot to include one minor item of information required by statute. As a result, despite acting like a corporation, the state did not issue Fichera a corporate charter. Under state law, Fichera will be operating as a:

A. De Jure Corporation. B. Non-incorporated association. C. Partnership. D. De Facto Corporation.

2. Wenjie recently made an aggressive investment in Fichera Corporation, a publicly held C-corporation, by purchasing 9,000 shares of common stock. In an attempt to protect his investment and assure the profitability of the corporation, Wenjie has been negotiating what he considers to be favorable contracts for the corporation. With respect to Wenjie’s authority to enter into contracts on behalf of the corporation, which of the following is correct?

A. None of the answer choices is correct. B. Wenjie has actual implied authority to contract on behalf of the corporation. C. Wenjie has actual express authority to contract on behalf of the corporation. D. Wenjie has apparent authority to contract on behalf of the corporation.

3. Agent Shutian works for principal Jasmine. Shutian talks to Jasmine every Wednesday, but for the most part, Shutian carries on his responsibility with little day-to-day contact with Jasmine. Jasmine is getting quite old. Unfortunately, one Monday morning, while drinking her coffee, Jasmine choked on a sugar cube and died. Shutian, who is unaware of this fact until Wednesday, continues acting as Jasmine 's agent. Which of the following is correct?

A. Shutian’s agency has been terminated by operation of law. B. Shutian's agency is terminated on Wednesday, when he discovers Jasmine’s death. C. Shutian’s agency has been terminated by operation of the parties. D. Shutian still has apparent authority until notice is given to all third parties.

Reference no: EM132182827

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