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Question
The Revised Act provides that at least two persons need to act as incorporators, though more may do so.Answer
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Related questions
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Which of the following is an objective of the North American Free Trade Agreement (NAFTA)?
a. Create trade barriers to the movement of goods and services across the borders.
b. Promote conditions of fair competition in the free trade area.
c. Decrease investment opportunities in certain parts of the area.
d. Provide adequate and effective enforcement of all types of property rights.
Q:
The U.S. Immigration and Naturalization Service issues various types of visas to persons who:
a. are temporarily visiting the U.S. for business or pleasure.
b. enter the U.S. to perform services that the unemployed in this country cannot perform.
c. are transferred to the U.S. by their employers.
d. All of the above.
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A corporation is considered a citizen:
a. of the state in which it has its principal office, for the purpose of determining diversity of citizenship.
b. of the state of its incorporation, for the purpose of determining diversity of citizenship.
c. under the Fourteenth Amendment privileges and immunities clause.
d. Both (a) and (b).
Q:
Shareholders do not have limited liability for corporate debts.
Q:
Which of the following can be done with the consent of only a majority of the partners in a partnership?
a. Submission of a partnership claim to arbitration.
b. Confession of judgment.
c. The sale of an office computer.
d. All of the above.
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The UPA provides that partners are __________ liable on all debts and contract obligations of the partnership.
a. jointly
b. strictly
c. jointly and severally
d. partially
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A __________ is a formal appointment of an agent.
a. fiduciary
b. revocation
c. power of attorney
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The principal has the duty to provide the employee with reasonably safe conditions of employment and to warn the employee of any unreasonable risks involved in the employment.
Q:
The maker is the primary party on every note.
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In Cohen v. Disner, the court found that Disner was not liable on the check because he had no enforceable obligation to pay, the check was drawn by him in a representative capacity, and the holder had notice that Disner's signature was in the capacity of an agent.
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a.
What constitutes value for the purposes of becoming a holder in due course? How does value for this purpose differ from consideration under contract law? b.
What is good faith under the Code? Is the standard subjective or objective?
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Who are the parties to checks and notes?
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Damages for reliance include expenses for: a. lost profits. b. injury to the person. c. preparing to perform. d. punishment of the breaching party.
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Vicarious liability is liability imposed upon one person for the acts of another.
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When reviewing factual determinations of an administrative agency, the courts must always use the arbitrary and capricious test.
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The 1990 Negotiated Rulemaking Act requires agencies to use negotiated rulemaking in the majority of circumstances.
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Which of the following is correct with respect to election of remedies? a. The Code rejects any doctrine of election of remedies in contracts for the sale of goods; its remedies are cumulative. b. The remedy of specific performance is inconsistent with that of restitution. c. A person who seeks an injunction may also seek incidental damages for the breach. d. All of these are correct.
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Carlos wrote a check with the numbers $4500 and the written amount as forty-five dollars. Explain how the ambiguity will be resolved.
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Which of the following would NOT be negotiable? Explain.
a. A check with the amount payable omitted.
b. A draft for 3,000 bushels of corn.
c. A check written in pencil on a paper towel.
d. A note stating that it is secured by a mortgage on a specified parcel of land.
e. A note stating "IOU fifty dollars."
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David enters into a contract to give Edward the right of first refusal on a tract of land owned by David. David subsequently offers the land to Fred without first offering it to Edward. An appropriate remedy for Edward to seek would be: a. injunction. b. liquidated damages. c. reformation. d. punitive damages.
Q:
In Berg v. Traylor, the court stated that:
a. Craig was not entitled to disaffirm the agreement in question.
b. while no specific language is required to communicate an intent to disaffirm, express notice to the other party is necessary.
c. disaffirmance of an agreement by a minor does not operate to terminate the contractual obligations of the parent who signed the agreement.
d. None of the above.
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The majority of states follow the __________ rule in awarding damages for fraud. a. benefit-of-the-bargain b. out-of-pocket c. liquidated d. restitution
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Donald, a minor, makes a contract with Albert, an adult, to buy a motorcycle. One week later, Donald has his eighteenth birthday and shortly thereafter tells Albert he will pick up the motorcycle the next week. In this case:
a. Donald has expressly ratified the contract.
b. the contract must be renegotiated, because Donald was a minor when it was made.
c. Donald can change his mind and avoid the contract, because it was made when he was a minor.
d. the contract is void ab initio, because Donald was a minor at the time it was made.
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A small damage amount fixed without regard to the amount of loss is known as: a. reliance damages. b. out-of-pocket damages. c. nominal damages. d. None of the above.
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Robbery and burglary are the same crime.
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A "bench trial" is one in which the decision is made without a jury.
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The American Law Institute's Model Penal Code provides that a corporation cannot be convicted of a criminal offense for the conduct of its employees or board of directors.
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An administrative agency's discretion to compel the disclosure of information is subject to any legal privileges to withhold such information.
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Interpretative rules are exempt from the APA's procedural requirements of notice and comment.
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When reviewing factual determinations of an administrative agency, the courts must always use the arbitrary and capricious test.