Describe three differences between a limited liability

Assignment Help Business Law and Ethics

Reference no: EM13466711

Question 1 In pre-trial discovery, if a business does not produce incriminating e-mails the court can instruct the jury that it can make negative inferences from the lost documents.

A. True

B. False Reset Selection

Question 2 Indirect non-legal costs are at least twice as high as direct legal costs.

A. True

B. False Reset Selection

Question 3 All of the following are ways to lower business risk except:

A. stick to company business

B. always be respectful, courteous and constructive

C. keep matters confidential

D. take shortcuts to increase profits Reset Selection

Question 4Issuing a public apology for corporate wrongdoing will always result in increased litigation.

A. True

B. False Reset Selection

Question 5 When answering a complaint the defendant can do all of the following except:

A. deny the allegations set forth in the complaint

B. list defenses

C. admit to the allegations set forth in the complaint

D. defer answering for 180 days Reset Selection

Question 6All of the following are methods of alternative dispute resolution except for:

A. mediation

B. litigation

C. arbitration

D. settlement Reset Selection

Question 7 The monetary damage award set out by the court is the amount the prevailing party is guaranteed to receive from the losing party.

A. True

B. False Reset Selection

Question 8Examples of antitrust activities include all of the following except for:

A. price fixing

B. allocation of markets

C. standardization among trade association members

D. concerted refusal to deal Reset Selection

Question 9 The grant of a patent is a limited "monopoly" and can run counter to the antitrust principle encouraging free and open markets.

A. True

B. False Reset Selection

Question 10 All of the following are a type of contract except:

A. Express

B. Implied

C. Enduring

D. Unilateral Reset Selection

Question 11 Which of the following is not a form of business organization?

A. Limited Liability Corporation

B. Partnership

C. Sole Proprietorship

D. Corporation Reset Selection

Question 12 Identify the correct statement about liability in business organizations

A. 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. Reset Selection

Question 13 The revenue from a Chapter C corporations is taxed twice.

A. True

B. False Reset Selection

Question 14 The test for mental capacity to enter into a contract is whether the person has reached the age of majority

A. True

B. False Reset Selection

Question 15 A partnership must prepare an income tax return but the partnership pays no income taxes itself.

A. True

B. False Reset Selection

Question 16 Describe three differences between a limited liability company and a corporation. Cite your sources.

Question 17 List and provide examples for five defenses to a breach of contract claim. Cite your sources.

Question 18List three types of contracts that must be in writing in order to be enforceable. What doctrine applies here? Cite your sources

Question 19 Jim wants to sell his car to Marsha. Describe what elements would need to be present in order to have a valid contract. Would this contract fall under the UCC? Why or why not?

Question 20 of 20 10.0 Points List at least three factors that weigh in favor of patents. List three factors that weigh in favor of trade secrets. Cite your sources.

Reference no: EM13466711

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