The term LLP
a. The establishment of a limited liability partnership
b. A professional services firm set up as a partnership but protecting the partners from personal liability for firm debts.
c. A firm that does not exist as a tax entity separate from its owners.
d. All of the above.
is poised to issue securities that, under the Securities Act of 1933, are “exempt.” This means that the securities can be sold
a. without being registered.
b. on the basis of a material omission or misrepresentation.
c. on the basis of nonpublic information.
d. within any 6-month period by certain insiders.
Rita is a surety for Stu’s loan from Total Finance Company. Rita’s right to “step into the shoes” of Total Finance, after paying Stu’s debt, and exercise any of Total Finance’s rights against Stu is the right of
Julie signs a check payable to the order of Kwik-Mart Stores, Inc., that does not include a date. This check is
b. Nonnegotiable, because it does not include a date.
c. Nonnegotiable, because it is signed by Julie.
d. Nonnegotiable, because it is payable to Kwik-Mart.
Joey, in good faith and for value, gets from Kit a negotiable bearer instrument. Joey does not know that Kit stole the instrument. Joey is
a. Not an HDC because Kit did not acquire the instrument for value.
b. Not an HDC because Kit did not acquire the instrument in good faith.
c. Not an HDC because the instrument is a bearer instrument.
d. An HDC (holder in due course)
To acquire the ownership of a mountain cabin by adverse possession, Cody must occupy the cabin exclusively, continuously, and peaceably for a specified period of time
a. Without the owner’s knowledge.
b. Until the owner files a suit.
c. With the state’s permission.
d. In an open hostile, and adverse manner.
Bryan organized, and owns and operates, Bryan’s Heating and Air Conditioning Service in the simplest form of business
organization. This is
a. A partnership.
b. A limited liability company.
c. A franchise
d. A sole proprietorship.
Clearwater Irrigation Systems, Inc. employs Daphne as an agent. During the agency, Daphne acquires new skills. After termination of the relationship, Daphne uses those skills in a new job. Daphne has breached
a. the duty of performance.
b. the duty of loyalty.
c. the duty of notification.
d. no duty.
Kit, manager of Long-Term Care Company’s office in Metro City, decides to replace the office’s male employees with females. Nia, an assistant manager transferred from a different Long-Term Care office, refuses to cooperate. Kit retaliates against Nia, who quits. Within a year, the male employees also quit. Liability for Kit’s conduct most likely rests with
a. Long-Term Care male employees, who should have acted themselves.
b. no one, because no law was violated.
c. Long-Term Care, which should have known, and Kit, who acted.
d. Nia, who did not cooperate.
Rikki writes a check “pay to the order of Scholar University” drawn on Rikki’s account in Town Bank to pay her tuition. Rikki is
a. The drawer.
b. The payee.
c. The certifier.
d. The drawee.