Question 1. 1. (TCO 1) Explain how the doctrine of stare decisis brings stability to the legal system.
Question 2. 2. (TCO 2) Explain with an example how the law may permit something that is ethically wrong.
Question 3. 3. (TCO 3) Samuel and his friends form an LLC. Samuel, through an agreement, promises to contribute a personal property to the LLC within a year of the LLC's operation. Samuel passes away in an accident a few days after signing the agreement. Will the agreement still hold? Give reasons in support of your answer.
Question 4. 4. (TCO 3) What are the strengths of operating a business as an LLC?
Question 5. 5. (TCO 3) Why is it a good practice for partners to put their partnership agreement in writing?
Question 6. 6. (In a corporation, the first duty of management is a fiduciary duty to shareholders. Why is that a higher duty than to customers?
Question 7. 7. (TCO 3) Explain how the treatment of corporations as a separate legal entity frees shareholders from a liability to the organization's debts and obligations.
Question 8. 8. (TCO 1) Explain the Equal Protection Clause of the 14th Amendment.
Question 9. 9. (TCO 1) Analyze the jurisdiction of the U.S. Supreme Court.
Question 10. 10. (TCO 3) Why are general partners liable for the debts and obligations of the partnership?