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Question
In a limited liability partnership, a partner can be exempt from personal liability for partnership obligations.Answer
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Related questions
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Lars accuses Moe, an attorney, of committing malpractice. Malpractice is
a. a breach of ethics.
b. a defalcation.
c. a mistake in judgment.
d. professional negligence.
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a. actual fraud.
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d. virtual fraud.
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Yvon, an accountant, is charged with negligence by Zesty Sauce, Inc., a client. Yvon may successfully defend against the claim if she can show that
a. scienter was lacking.
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d. the negligence was only contributory.
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Estes, an accountant, contracts to perform services for Frasier. In performing those services, Estes uncovers a suspicious financial transaction. Estes is most likely not liable if he
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An accountant who prepares a financial statement in good faith may avoid liability under Section 18 of the Securities Exchange Act of 1934.
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If a third party will be affected by a contract, the parties to the contract are in privity with the third party.
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An opinion that disclaims any liability for false or misleading financial statements is too general.
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Once the government begins to clean up a waste disposal site, only the party who generated the waste must contribute to the cost.
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Corporate officers may be subject to criminal penalties for violations of the Clean Air Act.
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A person who receives unsolicited merchandise and keeps it without notifying the sender commits mail fraud.
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Under the Resource Conservation and Recovery Act, before hazardous waste generated by Xtreme Industries, Inc., can be transported, the waste must be properly labeled and packaged by
a. the federal Environmental Protection Agency.
b. the local Resource Conservation and Recovery Committee.
c. the state Environmental Regulatory Commission.
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Oil Refining Company's plant emits hazardous air pollutants. Regarding these pollutants, the plant must use
a. the all-pollution elimination technology.
b. the best possible available technology.
c. the maximum achievable control technology.
d. the practically affordable standard technology.
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a. prohibited.
b. required.
c. unnecessary.
d. voluntary.
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The Environmental Protection Agency (EPA) has the authority to regulate "any air pollutant." Fresher Air Group, a private organization that supports cleaner air, can file a suit against the EPA to
a. compel the EPA to act only.
b. compel the EPA to act or prevent it from acting.
c. neither compel the EPA to act nor prevent it from acting.
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Furniture Depot sells Gail a bedroom suite on credit. Gail fails to make the scheduled payments for six months. Furniture Depot sends her a letter, asking for immediate payment. This is a violation of
a. no federal law.
b. the Fair and Accurate Credit Transactions Act.
c. the Fair Debt Collection Practices Act.
d. the Truth-in-Lending Act.
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a. the Clayton Act.
b. the Federal Trade Commission Act.
c. the Sherman Act.
d. no law.
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Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies, Inc., only if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products, even though there are other corn sellers from whom Nice Candies could buy. This is
a. an exclusive-dealing contract.
b. a tying arrangement.
c. price discrimination.
d. a group boycott.
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A suit is filed against Maxi Corporation, alleging that the firm committed the offense of monopolization. To determine whether Maxi has monopoly power requires looking at
a. only Maxi's size.
b. only the relevant geographical market.
c. only the relevant product market.
d. the relevant geographical market and the relevant product market.
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Spa Selectiva Company makes and sells beauty salon supplies. By selling its product at prices substantially below the normal cost of production, Spa Selectiva hopes to drive its competitors from the market. This is
a. market power.
b. predatory pricing.
c. price discrimination.
d. price-fixing.
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Lightning Cycles, Inc., makes Lightning-brand motorcycles and accessories, which are distributed to authorized dealers, including Macho Motors, Inc. Macho operates dealerships in several locations. Lightning imposes territorial restrictions on Macho to insulate other dealers from direct competition. This is
a. a horizontal restraint.
b. a lateral restraint.
c. a vertical restraint.
d. not a restraint.