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Question
Smiley is heavily involved in the management of a certain business. If Smiley dies, under which of the following circumstances would the business entity be considered legally dissolved as a result of Smiley's death?
A. If the business is a corporation.
B. If the business is a partnership and Smiley is a partner in it.
C. If the business is either a partnership (and Smiley is a partner in it) or a close corporation.
D. If the business is a Subchapter S corporation.
Answer
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Related questions
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B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
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The Consumer Product Safety Commission's authority is applicable to ___.
A. firearms
B. drugs
C. cosmetics
D. lawn mowers
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The Holder in Due Course rule:
A. alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C. eliminates rights that the consumer may have as a matter of federal, state, or local law.
D. creates a warranty claim or defense where the product is sold "as is."
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The Equal Credit Opportunity Act:
A. is designed to protect consumers from unfair or inaccurate credit reporting.
B. requires online ads for free credit reports to disclose whether the consumer must buy credit monitoring or other products or services to get the report.
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A. coinsurance clause
B. pro rata clause
C. exculpatory clause
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A. requires the insured to insure the property to at least 80 percent of its fair market value in order to fully recover the value of partial losses.
B. usually allows the insured to recover the difference between the limits stated in the policy and the fair market value of the property.
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A. the rate of the premiums to be paid decreases if the face value increases.
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A. the trust will automatically fail.
B. the court will direct the application of the property to some charitable purpose that falls within the settlor's general charitable intention.
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A. tenancy at will
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Landlords attempt to limit their liability through exculpatory clauses.
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B. is a check drawn by a bank on an individual's funds.
C. is a draft on which the drawer or drawee are the same bank.
D. is a draft drawn by a bank on another bank or payable at or through a bank.