Law531

In: Business and Management

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1) Which of the following is a distinguishing feature of a common law legal system?

| A. Requiring guilt be proven beyond a reasonable doubt | | B. The sole source of law is a comprehensive civil code | | C. An appeal process | | D. The making of law by the judges and the following of precedent | | |
2) Which best describes the types of agency authority held by officers of a corporation?

| A. Vicarious authority | | B. Express and obvious authority | | C. Implied and apparent authority only | | D. Express, implied, and apparent authority | | |
3) If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true?

| A. Only the managers of a manager-managed LLC will lose limited liability. | | B. All members will lose their limited liability. | | C. This failure will not result in imposing personal liability on any member. | | D. Only the parties responsible for the failure will lose limited liability. | | |
4) Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?

| A. Martha is personally liable for the additional $75,000. | | B. Martha’s business creditors can collect only the $50,000 of business assets. | | C. Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business. | | D. Once Martha terminates the sole proprietorship, the business creditors cannot even get the $50,000. | | |
5) Partners of a general partnership

| A. are protected from litigation against the partnership by statute | | B. are liable for…...

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