Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
Laura is an investor limited partner in a limited partnership. Two years after she becomes a limited partner, Laura thinks that the general partners are not doing a very good job managing the affairs of the limited partnership and participates in the management of the limited partnership. While she is doing so, a bank loans $1 million to the limited partnership, believing that Laura is a general partner. If the limited partnership defaults on the $1 million loan, which of the following holds well?
A) Laura is not personally liable as she is a limited partner on paper.
B) Laura is personally liable as the bank, in good faith, thought she is a general partner.
C) Laura has unlimited personal liability as a limited partner.
D) Laura's liability is restricted to the value of her capital investment in the partnership.
Answer
This answer is hidden. It contains 1 characters.
Related questions
Q:
The ________ School of jurisprudence maintains that the law is shaped by logic.
Q:
The ________ School of jurisprudence emphasizes shaping laws based on morals and ethics.
Q:
Give an account of how the digital age has affected lawmaking in the United States.
Q:
Explain the priority of law in the United States.
Q:
Stare decisis is the doctrine of ________.
A) providing proof to assert a fact in court
B) adhering to legal precedent
C) separating powers between state and religion
D) ensuring all legal rights are provided to a person when otherwise deprived of them
Q:
The ________ branch of the federal government has the power to enforce the law.
A) judicial
B) legislative
C) executive
D) commissary
Q:
What is considered as the supreme law of the land in the United States?
A) judicial decisions issued by the state courts
B) the Constitution of the United States of America
C) the federal statutes passed by the United States Congress
D) executive orders passed by the President
Q:
What led to the creation of the Chancery Courts?
A) the insistence for a court system that emphasized legal procedure rather than the merits of a case
B) the law courts' inability to hear all the cases presented to them
C) the increase in overseas trade and proliferation of piracy
D) the unfair results and limited remedies provided by the law courts
Q:
Which of the following statements best indicates how chancery courts were different from law courts?
A) Chancery courts emphasized developing merchant laws rather than laws for the common citizen.
B) Chancery courts inquired into the merits of the case rather than emphasize legal procedures.
C) Chancery courts emphasized a standard set of remedies across different cases rather than provide equitable remedies.
D) Chancery courts had lower precedence level over legal decisions than the law courts.
Q:
What was the key reason for the creation of law courts during the early development of the English common law?
A) to administer law in a uniform manner
B) to help merchants form a standardized set of commercial laws
C) to increase the power of the king in law-making
D) to facilitate legal disputes for the wealthy and influential
Q:
What was the key factor in the development of the English common law?
A) the development of forensic science in helping decide cases
B) the supremacy of the king and his intervening powers when deciding cases
C) the use of precedence of past cases for judges to decide present similar cases
D) the subjective decision making of judges when it came to similar cases
Q:
The Analytical School of jurisprudence maintains that the law should be ________.
A) shaped by logic
B) based on social behavior
C) set by the ruling class
D) based on morality
Q:
Mark Walton was involved in a car accident in which the airbag of his car failed to deploy. He sued the car manufacturer for installing faulty airbags. But in the course of the case being heard in court, the car company and Mark decided settle the lawsuit out of court. What important function of the law was served in this case?
A) promoting social justice
B) maximizing individual freedom
C) providing a basis for compromise
D) maintaining the status quo
Q:
Ordinances are not codified into code books.
Q:
Statutes are written laws that establish certain courses of conduct that covered parties can use as a form of guidance.
Q:
Treaties are considered to be a part of the supreme law of the United States of America.
Q:
Federal statutes take precedence over treaties.
Q:
Administrative agencies are created by the judicial branch of government.
Q:
The merchant courts were established because of the unfair results and limited remedies available in the chancery courts.
Q:
Businesses that are organized in the United States are subject to its laws, but not to the laws of other countries in which they do business.
Q:
Which of the following statements is true of e-mail contracts?
A) All e-mail contracts require consideration, capacity and lawful object.
B) E-mail contracts are exempted from the requirements of the Statute of Frauds.
C) E-mail contracts are enforceable even if they don't meet the requirements of a traditional contract.
D) Several e-mails cannot be integrated to determine the parties' agreement.
Q:
A network extension is a unique name that identifies an individual's or company's website.
Q:
The CAN-SPAM Act requires spammers to label sexually oriented e-mail as such.
Q:
A(n) ________ refers to a promise in which one person agrees to answer for the debts or duties of another person.
Q:
Explain the creation and working of guaranty contracts.
Q:
How is a mistake different from an act of fraud?
Q:
Which of the following is true of monetary damages?
A) Monetary damages are available only for material breaches of contract.
B) Dollar damages are not monetary damages.
C) Compensatory damages are not monetary damages.
D) Consequential damages are monetary damages.
Q:
________ is a clause in a contract in which the parties specify certain events that will excuse nonperformance.
A) Approval clause
B) Express condition
C) Force Majeure
D) Implied-in-fact condition
Q:
Lionel Richmond is a soccer player who has a six-year contract with the Christshire United soccer team. Two years into the contract, he meets with an accident which results in the complete amputation of his right leg. On what basis is Richmond discharged from further performance of the contract?
A) Novation
B) Substituted contract
C) Accord and satisfaction
D) Discharge by impossibility
Q:
Which of the following phrases explain the term covenant?
A) an unconditional promise to perform
B) a breach of contract
C) mutual rescission of a contract
D) successive assignments of a right