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Question
Sara decided to incorporate her business under the name Gomo, Inc. Before Gomo was incorporated, Sara signed a contract in the name of Gomo, Inc. to lease a store front. Sara did not tell the other party that Gomo was not yet formed. Sara is personally liable on the lease.Answer
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Related questions
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Under the Endangered Species Act, what federal agency is responsible for preparing a list of species that are in danger of becoming extinct?
a. Department of Commerce.
b. Department of the Interior.
c. Department of Labor.
d. Both a and b are correct.
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Under the Clean Air Act:
a. California was granted special permission to set stricter pollution standards than the federal standards.
b. all states must follow federal automobile emission standards.
c. the states must each set automobile emission standards, which must then be approved by the EPA.
d. the EPA was directed to reduce automobile pollution levels by 50 percent within six years.
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What administrative agency regulates pesticides, insecticides, fungicides and rodenticides?
a. The Food and Drug Administration.
b. The Occupational Safety and Health Administration.
c. The EPA.
d. All the above.
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Federal law regulates:
a. point source and non-point source pollution.
b. neither point source nor non-point source pollution.
c. point source but not non-point source pollution.
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The Environmental Protection Agency (EPA) was created by Congress to:
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b. protect corporate investors.
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Richard received his credit card bill and noticed an error. He wrote to the company the next week, pointing out the error in his bill. Under the law, what is the credit card's obligation once it receives Richard's letter?
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John purchased $600 worth of clothes from Clothing Mart. He paid for the clothes with a credit card. When he received his statement, he sent the credit card company a check for $600. The credit card company mistakenly recorded his payment as $60. When John received his next statement, he noticed the $540 error and contacted the credit card company.
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MoneyMaker Toy Company violated the safety standards set forth by the Consumer Product Safety Commission when it produced a toy gun that caused injury to hundreds of children. Because of MoneyMaker's actions:
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Mabel is a single, 40-year-old who has borrowed money on numerous occasions. Her payment record has been good, except she has been delinquent in paying a few bills. Which of the following is true regarding credit information gathered on Mabel?
a. As Mabel has been delinquent, she waives her right to see the credit files.
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In 25-year mortgages, the finance charge will almost always exceed the amount of the principal.
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Consumer reporting agencies are unregulated governmental agencies.
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Two universities located within 30 miles of each other agree to divide their market so as to help them both. The two schools draw a line down a map and each university agrees to accept students only on their side of the line.
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a. Sherman Act.
b. Clayton Act.
c. Robinson-Patman Act.
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A major motion picture distributor offers to provide a television station with three very popular, desirable films. However, as part of the agreement, the distributor requires that the television station also purchase four films that are not very desirable. This type of arrangement is called a:
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c. joint custody arrangement.
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c. must show that there was an anti-competitive impact.
d. None of the above.
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Gorhan Construction, Brighton Bros., and Tirenn Construction agreed that on three upcoming projects, Gorhan would bid lowest on one, Brighton would submit the lowest bid on the second project, and Tirenn would submit the lowest bid on the third project. In this way, they would each be assured of work for the upcoming season. This behavior:
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d. violates ethical, but not legal, standards.
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A corporation by estoppel is based on fairness rather than strict legal rules.
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b. the invention must be nonobvious.
c. the invention must be commercially valuable.
d. the invention must be useful.
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A patent is available for an idea as well as a tangible application.