Business Law Assignemnt
Question 1
A partnership generally is required to
have two or more partners.
file articles of partnership with the state.
have a written partnership agreement.
pay federal tax.
Question 2
Danette takes her coat into Quik Clean Dry Cleaners and leaves it there to be picked up in one hour. Quik loses her coat, so Danette sues Quik. In this instance,
Danette wins; this is a gratuitous bailment
Danette wins; this is a bailment for mutual benefit
Quik wins; this is a gratuitous bailment
Quik wins; this is not a bailment
Question 3
A trademark is an example of:
Tangible property
Personal property
Real property
Intellectual property
Question 4
Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation's creditors sue Brian personally, what is the likely result?
Brian is liable because he is a 99% shareholder.
Brian is liable if he, as president, made the contracts with the creditors.
Brian is liable because the court will pierce the corporate veil
Brian will not be liable.
Question 5
Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it's a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?
Cary will not be liable to the estate on the antiques contract.
The partnership and all three partners will be liable on the contract for the antiques.
All three partners must agree on the furniture purchase.
The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.
Question 6
Laura gives her neighbor Jack the right to use Laura's driveway to access his garage, since it is easier than going around by the alley. This is an example of:
A tenancy in common
A profit
A bailment
An easement
Question 7
Which of the following business organizations takes the fewest formalities to form?
LLC
The social media company Facebook was originally which type of organization?
Limited partnership
Partnership
Corporation
Question 8
Cary, Dean, and Madeline are partners in a furniture store. While on his way to deliver some furniture to a customer, Cary accidentally runs over Pamela Pedestrian. Pamela sues the partnership. Which of the following is true?
All three partners are liable to Pamela.
All of these
Cary is liable to his partners for breaching his duty as an agent for the partnership.
Cary is liable to Pamela.
Question 9
If you find a diamond bracelet on the public sidewalk, you are most likely to be able to keep the bracelet if it is:
Lost property
Any of these: Finders keepers
Mislaid property
Abandoned property
Question 10
Which of the following has NOT been a criticism of the Supreme Court's decision in Citizens United v. Federal Election Commission?
All persons' rights are not identical.
It allowed corporations to play too major a role in political campaigns.
It allowed too much anonymity in money spent to influence campaigns.
It overly restricted freedom of speech.