18.
Damages awarded in a shareholder%26#039;s derivative suit are paid to the shareholder who filed the suit.
(Points: 4)
True
False
19.
Delivery of intangible personal property must be done by symbolic delivery.
(Points: 4)
True
False
20.
A gift made during one%26#039;s lifetime is a gift causa mortis.
(Points: 4)
True
False
21.
A gift made to a dying donee is a gift inter vivos.
(Points: 4)
True
False
22.
In a bailment, possession of the property is transferred to the bailee.
(Points: 4)
True
False
23.
In a bailment, title to the property is transferred to the bailee.
(Points: 4)
True
False
24.
For an effective bailment, the bailed property must be physically delivered to the bailee.
(Points: 4)
True
False
25.
A gratuitous bailment is one in which consideration is not required.
(Points: 4)
True
False
26.
Regional Bank wants to perfect its security interest in timber owned by Standard Lumber, Inc. Most likely, a financing statement should be filed with
(Points: 4)
the local chamber of commerce.
the county clerk.
the federal loan officer.
the secretary of state%26#039;s office.
27.
Fine Furniture Store sells household consumer goods. To create a purchase-money security interest, Fine Furniture must
(Points: 4)
assign, to a collecting agent, a portion of its accounts payable.
assign, to a collecting agent, a portion of its accounts receivable.
extend credit for part or all of the purchase price of the goods.
refer purchasers to a third-party lender.
28.
Joyce works for Kappa Services Corporation as an independent contractor, and not as an employee, if
(Points: 4)
Joyce says that she works as an independent contractor.
Joyce works on a permanent basis.
Kappa does not control Joyce%26#039;s work.
Kappa withholds taxes from its payments to Joyce.
29.
Holly takes temporary leave from her job at Interstate Assembly Company to care for her new baby. When she attempts to return to work, Interstate refuses to reinstate her. Under the Family and Medical Leave Act, Holly may be entitled to
(Points: 4)
damages only.
damages or job reinstatement only.
double damages, job reinstatement, a promotion, and more.
nothing.
30.
Standard Company denies a promotion to Tony, a member of a minority, when he fails to pass a required test. Few members of minorities have passed the test. The number of promoted employees who are members of minorities does not reflect their percentage in the local labor market. In a suit against Standard, if Tony can show a connection between the test and the number of promoted minority members,
(Points: 4)
it must be proved that Standard had discriminatory intent.
it must be proved that Standard has other discriminatory practices.
it must be proved that the test had a discriminatory purpose.
no evidence of discriminatory intent is necessary.
31.
Ken, who is Hispanic, applies for a job at Local Plant, Inc. The interviewer says that Local Plant does not hire Hispanics. This is
(Points: 4)
impermissible discrimination on the basis of race.
permissible discrimination because it is an honest response.
permissible discrimination because it occurs before employment.
permissible discrimination because %26quot;Ken%26quot; is not an Hispanic name.
32.
Macro Corporation replaces Neal, a fifty-two-year-old employee, with Olivia. Neal files a suit against Macro under the Age Discrimination in Employment Act of 1967. To establish a prima facie case, Neal must show that he was discharged under circumstances that give rise to
(Points: 4)
a certainty of discrimination.
an impossibility of discrimination.
an inference of discrimination.
an unlikelihood of discrimination.
33.
Eagle Equipment Corporation discharges Jay, who then sues Eagle for employment discrimination under Title VII of the Civil Rights Act of 1964. Eagle learns that Jay lied on his job application and argues that, had Eagle known of the lie, it would have fired him. This is
(Points: 4)
an affirmative action defense.
a bona fide occupational qualification defense.
a business necessity defense.
no defense.
34.
Amy wants to go into the business of construction contracting. Among the reasons that would probably convince Amy to set up her business as a sole proprietorship would be
(Points: 4)
its greater organizational flexibility.
its limited liability.
its perpetual existence.
the ease of transferring the business to other family members.
37.
Sandy is a limited partner in Total Enterprises, a limited partnership. To avoid personal liability for partnership obligations, Sandy must not
(Points: 4)
acquire an interest in the firm.
contribute property to the firm.
engage in activities independent of the firm%26#039;s business.
participate in the firm%26#039;s management.
38.
Dan is considering forms of business organization for his financial advisory firm. Like most states, Dan%26#039;s state requires that to form a limited liability company, he must file with a central state agency
(Points: 4)
articles of certification.
articles of formation.
articles of organization.
no specific documents.
39.
Web Services, LLC, is a member-managed limited liability company. If the law in Web%26#039;s state is like the law in most states, unless the members have agreed otherwise, decisions are made by
(Points: 4)
majority vote.
minority vote.
plurality vote.
seniority vote.
40.
Omega Sports Corporation licenses its trademark to Personality Products, Inc., to use in selling caps, sweatshirts, and similar goods. This is
(Points: 4)
a franchise.
an entrepreneur.
a principal-agent relationship.
a sole proprietorship.
41.
Jill and Kelly are architects and members of Jill %26amp; Kelly, P.C., a professional corporation. Jill supervises Lucy, an employee of the firm. As a member, Jill
(Points: 4)
is personally liable for any tort committed by Kelly.
has limited liability for any of Kelly%26#039;s acts of malpractice.
has no liability for any torts committed by Kelly or Lucy.
may be personally liable for malpractice committed by Lucy.
42.
Stan is a registered agent for Transport, Inc., which incorporated in Utah. As a registered agent, Stan
(Points: 4)
agreed to buy stock in Transport before it existed.
applied to Utah on behalf of Transport to obtain its corporate charter.
does business for Transport in Utah.
receives legal documents on behalf of Transport.
43.
Lou and Mary act as the incorporators for National Corporation. After the first board of directors is chosen, subsequent directors are elected by a majority vote of National%26#039;s
(Points: 4)
board of directors.
incorporators.
officers.
shareholders.
44.
Bart and Cary are directors of Digital Designs, Inc. Voting by Bart and Cary at corporate directors%26#039; meetings
(Points: 4)
may be cumulative.
may be done by proxy in all states.
must be done in person.
all of the above.
45.
Irma, Jim, and Kelly are the directors of Liberty Corporation. Liberty has nine officers and forty-six shareholders. Dividends are ordered by the firm%26#039;s
(Points: 4)
board of directors.
incorporators.
officers.
shareholders.
46.
Visual Play Company makes DVD players. Visual Play is like most corporations in that its officers are hired by the firm%26#039;s
(Points: 4)
board of directors.
incorporators.
other officers.
shareholders.
47.
Adam and Beth are officers of Computer Products Corporation. As corporate officers, the rights of Adam and Beth are
(Points: 4)
determined by their employment contracts.
specified in state corporation statutes.
the same as those of the directors.
the same as those of the shareholders.
48.
Applied Innovations, Inc., has thirty-five shareholders. The minimum number that must be present at a meeting for a shareholders%26#039; vote is
(Points: 4)
a proxy.
a quorum.
eighteen.
thirty-five.
49.
Tom is a shareholder of United Company. As a shareholder, Tom does not have
(Points: 4)
a right to compensation.
dividend rights.
inspection rights.
preemptive rights.
50.
April owns six 1967 Ford Mustangs in fee simple. April can
(Points: 4)
use the cars as she chooses, but not dispose of them or transfer them.
use or dispose of the cars, but not transfer them.
use or transfer the cars, but not otherwise dispose of them.
use, transfer, or dispose of the cars, as she chooses.
Cumulative voting is a method of voting designed to allow minority shareholders representation on the board of
WOW
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