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LAW 531 Final Exam Answers

LAW 531 Final Exam Answers

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Solved Final Exam of LAW 531. All Answers are 100% Correct. A+ Tutorial for best LAW 531 Final Exam preparation.
Solved Final Exam of LAW 531. All Answers are 100% Correct. A+ Tutorial for best LAW 531 Final Exam preparation.

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Categories:Types, Business/Law
Published by: tutorialhelp115 on Dec 24, 2013
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LAW 531 Business Law
Which of the following is a distinguishing feature of a common law legal system?
Which best describes the types of agency authority held by officers of a corporation?
If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true?
Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?
Partners of a general partnership
Which of the following forms of alternative dispute resolution allows both parties to see the strengths and weaknesses of both sides of the case through the presentation of evidence?
A ___________ is a court-appointed party who conducts a private trial and renders a judgment
What is a form of alternative dispute resolution that is often used when the parties involved do not want to face one another?
Which of the following is true regarding mediation?
There are no accountants on the board of the Oriole Corporation, a privately held corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an
independent analysis of the CPA’s report. In these circumstances, the board is
Self-dealing by a director of a corporation can best be described as
Which of the following is likely to be a breach of a corporate officer’s or director’s
duty of care?
In what ways may officers and directors be protected by the corporation from liability for actions taken as an officer or director?
If a plaintiff voluntarily participates in a risky activity that results in injury, what is the most likely defense to a claim that the plaintiff assumed the risk?
Mark is the treasurer of Sky-Hi Tech Corporation and, as such, he is responsible for
protecting the assets of the corporation. One of Mark’s subordinates, Jill, is in
charge of reconciling the monthly corporate bank statements. Over a period of several months, Jill embezzled a large amount of money from Sky-Hi Tech, covering up the theft using her bank reconciliations. If Mark had adequately supervised Jill,
she could not have embezzled this money. Mark’s actions (or inactions) constitute
a breach of his duty of
Barry buys a new sports car. The car sits low to the ground and because of the styling, visibility to the rear is limited. About a month after Barry buys the car, he backs over his pet poodle as he is leaving for work. In his strict liability suit against the car manufacturer, Barry will
If a judge rules that a party lost its case because of the Statute of Frauds, the judge has essentially stated which of the following?
What does the parol evidence rule do?
ABC LLC and XYZ Corp. entered into a contract whereby ABC is to supply XYZ with widgets. After receiving the first shipment of widgets, XYZ finds that the widgets, while meeting the physical standards specified in the contract, do not perform as XYZ anticipated. The contract is silent as to performance specifications, but XYZ suspects that ABC knew that it was manufacturing and supplying widgets that would not perform according to industry standard. XYZ initiates a lawsuit against ABC, alleging that ABC knowingly supplied defective widgets. What process will XYZ use to help it develop its case against ABC?
Under the Employee
Retirement Income Security Act (ERISA), an employee’s
benefits must vest
Which of the following statutes provides that it is legal for employees to organize a union?
William was a factory worker at the Spruce Industries plant. When management found out tha
t William is gay, he was fired. The plant’s action is
Janet is manager of a bank. She has all the qualifications to be promoted to bank manager. In fact, she is better qualified than any of the men being considered for the position. However, the owner of the bank believes that bank customers will not accept a woman as bank manager, so the owner promotes one of the males. The
owner’s actions would best be described as what?
Which one of the following statutes allows a prevailing party to recover attorney’s
fees in an action against the government for an action of an agency?
Which of the following would prevent someone from acquiring land by adverse possession?

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