Reference no: EM132278401
1. Which of the following statements is not true regarding the dissolution of a partnership under the U.P.A.?
Dissolution may occur before the business of the partnership is wound up and the assets distributed.
The business of a partnership must always be wound up and liquidated upon dissolution, even if the partnership agreement provides that the remaining partners may carry on the business.
A partnership may always be dissolved at any time by the express will of any partner, even if the partnership agreement provides that it is irrevocably for a fixed term.
A partnership is dissolved automatically by operation of law upon the death or bankruptcy of any partner.
2. The United States Constitution established the following branches of the national (federal) government?
Legislative, Executive, Judicial, and Administrative Bureaus and Agencies
Legislative, Executive, Judicial, Administrative Agencies, and the Media
Legislative, Executive, Judicial
Legislative, Executive, Judicial, and the Church.
3. Jill invests $1,000 to buy 10 shares of Good Corporation. The corporation goes bankrupt having no assets and $l million in liabilities. The most Jill can lose is the $1,000 she invested. This is an example of the corporate characteristic of:
Limited liability.
Free transferability of shares.
Perpetual existence.
Centralized management.
4. If a seller breaches a contract for the sale of goods and the buyer then acquires similar goods from another supplier, this is known as the right of:
Alternate acquisition.
Specific performance.
Cover.
Contract cancellation.
5. Under the U.S. constitutional system, fundamental constitutional doctrines that seek to prevent an abuse of power by the federal government are:
The Separation of Powers doctrine
The division of the federal government into three branches or divisions
The system of "checks and balances"
All of the above.
6. Which is NOT a violation of U.S. anti-trust law?
Horizontal price-fixing by competitors
Vertical price-fixing that is not supported by the Rule of Reason
A group boycott of manufacturers against retailers motivated by economic reasons
A unilateral refusal to deal by a manufacturer against a retailer who disregards the manufacturer's MSRP (manufacturer's suggested retail price).
7. Which of the following is not true about limited liability companies?
Limited liability companies can in some states have only one owner.
Limited liability company status will ensure tax treatment as a corporation.
A limited liability company must use the words "limited liability company" in its name or "LLC" or "LC."
8. Which of the following are required elements to the common law tort of negligence?
Duty and breach of duty
Factual and proximate (also called legal) causation
Damages
All of the abov
9. In order to form a limited liability company, articles of organization must be filed with state.
The best statement of the test applied in determining if a defendant was the proximate cause of the plaintiff’s injuries is:
Was it foreseeable to the plaintiff that the defendant would engage in this particular conduct?
Given this particular injury to the plaintiff, was it foreseeable that the defendant was the cause?
Was it reasonably foreseeable to the defendant that the defendant’s conduct could lead to this kind of injury?
Was the injury foreseeable to the plaintiff prior to the injury’s occurrence?