Reference no: EM13767278

Question 1. Cary, Dean, and Madeline are partners in a furniture store. While on his way to deliver some furniture to a customer, Cary accidentally runs over Pamela Pedestrian. Pamela sues the partnership. Which of the following is true?

Cary is liable to Pamela.

All three partners are liable to Pamela.

Cary is liable to his partners for breaching his duty as an agent for the partnership.

All of these

Question 2. Which of the following is a partnership?

Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally.

Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers.

Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together.

All of these are partnerships.

Question 3. Josh parks his car in a self-service parking ramp, taking a ticket as he enters and leaving his car on the second level. His car is stolen. If Josh sues the owner of the ramp

Josh wins; this is a bailment.

Josh wins, unless there was a sign disclaiming responsibility.

the owner wins; this is not a bailment.

the owner wins; Josh assumed the risk of parking in the ramp.

Question 4. William, who wrote a novel twenty years ago about a school for magicians, sues J.K. Rowling, author of the Harry Potter books, for copyright infringement. William will probably lose, because

Rowling is very rich and can afford a better lawyer.

William wrote his book too many years ago.

William never registered his copyright.

Plots are not copyrightable.

Question 5. A trademark is an example of:

Personal property

Tangible property

Intellectual property

Real property

Question 6. Which of the following has NOT been a criticism of the Supreme Court's decision in Citizens United v. Federal Election Commission?

It allowed corporations to play too major a role in political campaigns.

It allowed too much anonymity in money spent to influence campaigns.

It overly restricted freedom of speech.

All persons' rights are not identical.

Question 7. Aaron and Jerard form a partnership, with Aaron as general partner and Jerard as a limited partner. Which of the following is true?

Aaron will be fully personally liable for business debts.

Jerard will not be personally liable for business debts.

If Jerard dies, the partnership will dissolve.

Two of these

Question 8. Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it's a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?

All three partners must agree on the furniture purchase.

The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.

Cary will not be liable to the estate on the antiques contract.

The partnership and all three partners will be liable on the contract for the antiques.

Question 9. Which of the following does NOT have the advantage of single taxation?

Sole proprietorships

Partnerships

Corporations

LLCs

Question 10. In the case Kelo v. City of New London, when the city sought to take Kelo's home by eminent domain to sell it to a private developer, the Supreme Court ruled that

it was an unconstitutional taking of Kelo's home.

the city had the power to take Kelo's home, since increasing the tax base was a public use.

state legislatures could limit the power of eminent domain.

Two of these.