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15) In order to satisfy the Statute of Frauds sufficiency of

Customer Question
writing requirement, generally a writing...
15) In order to satisfy the Statute of Frauds sufficiency of writing requirement, generally a writing must:

Be a formal, written, sealed document.
Be any written memorandum containing the essential terms of the parties' agreement.
Be signed by the party against whom enforcement is sought.
B and C.
16)The U.S. Constitution takes precedence over
Answer
a provision in a state constitution or statute only.
a state supreme court decision only.
a state constitution, statute, and court decision.
none of the above.
17)Digital Company plans to consolidate with Software Corporation to form DS, Inc. This requires the approval of
Answer
neither their boards of directors nor their shareholders.
their boards and their shareholders.
their boards only.
their shareholders only.
18)Which of the following is true?
Answer
Voting trusts and voting agreements both require the transfer of stock certificates to a trustee.
In a voting trust, the shareholder grants the trustee the right to vote the shares, but in a voting agreement the shareholders vote their own shares.
Voting agreements, but not voting trusts, must be accompanied by proxies executed by the shareholders.
Voting trusts are irrevocable, while voting agreements can be either revocable or irrevocable.
Which of the following is true about punitive damages?
Answer
They are generally not available for breach of contract claims.
They are awarded only if consequential damages are also awarded.
They are awarded where specific performance is not available.
Their purpose is to give the nonbreaching party the benefit of the bargain.
19)A plaintiff in a fraud case must prove the following except:
Answer
Justifiable Reliance.
False statement of a material fact.
Intent to Deceive.
Discovery of the falsehood within a reasonable time.
20)An assignment of personal services is
Answer
Illegal
Generally permitted
Permitted with all the parties’ consent
Is never permitted
Submitted: 6 years ago.Category: Business Law
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12/5/2011
Business Lawyer: J.Hazelbaker, Attorney replied 6 years ago
J.Hazelbaker
J.Hazelbaker, Attorney
Category: Business Law
Satisfied Customers: 4,385
Experience: Experienced and trained in the area of business law.
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J.Hazelbaker :

15) B & C

J.Hazelbaker :

16) a state constitution, statute, and court decision

J.Hazelbaker :

17) their boards and their shareholders

J.Hazelbaker :

18) In a voting trust, the shareholder grants the trustee the right to vote the shares, but in a voting agreement the shareholders vote their own shares

J.Hazelbaker :

Which of the following is true about punitive damages?

J.Hazelbaker :

They are generally not available for breach of contract claims.

J.Hazelbaker :

19) Discovery of the falsehood within a reasonable time.

J.Hazelbaker :

20) Permitted with all the parties’ consent

J.Hazelbaker :

Please let me know what follow-up questions you have. If my above responses have been helpful, please click Accept so that I get credit for the time/effort. You may always restart the thread and ask follow-up questions at any time by clicking the “Reply” button at the bottom of the question/answer thread. You can access this thread later in your profile under the “My Questions” tab.

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Customer reply replied 6 years ago

Can you pelase answer this questions for me, im new and i received the same answers... Thank u

30)Which of the following is the most accurate statement?
Answer
A sole proprietorship is a separate legal entity for U.S. tax purposes and thus the entity must file its own tax return.
A franchise is an association of members comparable to a partnership organized to provide an information sharing exchange among the members about economic issues.
Franchisors that firmly set and fix the prices at which the franchisees can resell products or perform services may violate antitrust laws.
A franchisor can always establish an additional franchisee in a territory allotted to a franchisee if the franchisee agreement is silent as to exclusivity of the territory.
31)The Statute of Frauds requires that certain types of contracts:
Answer
Be in writing in order to be valid.
Be in writing in order to be enforceable.
Contain a promise for an act.
Have two or more attorneys present at the signing of a written contract.
32)The sales provisions of Article 2 of the UCC apply to:
Answer
Neither merchants nor nonmerchants.
Nonmerchants, but not to merchants.
Merchants, but not nonmerchants.
Both merchants and nonmerchants.
33)Which of the following is a true statement?
Answer
An invitation to negotiate usually will be construed as constituting an offer to enter into a contract.
Under the common law, an offer ordinarily does not need to be communicated to the offeree to be effective.
An agreement under the common law of contracts usually consists of an offer and an acceptance.
In most states in the U.S., the revocation of a contract is not legally effective until it is actually received by the offeree.

34)An oral contract in which Sally agrees to work for Jane for the rest of Jane's life is:
A guaranty contract.
Unenforceable under the Statue of Frauds because it cannot possibly be performed within one year.
Enforceable under the Statute of Frauds.
A and C only.

35)Which of the following is not an essential element of a partnership relationship?
Answer
An association of two or more persons who are capable of entering into a binding contract
The carrying on of a business for profit
Co-ownership of the business
A mutual intention to be partners

36)Unless the amendment is one the board may adopt without shareholder action, amendment of the articles of incorporation:
Answer
may affect such provisions as would be lawful and proper at the time the amendment is adopted.
must be approved by a majority of the votes entitled to be cast on the amendment by any voting group with respect to which the amendment would create dissenters' rights.
must be approved by the votes required of every other voting group entitled to vote on the amendment
All of the above
37).Which of the following is a correct statement?

Only a plaintiff in a lawsuit can file a motion for judgment on the pleadings in the U.S. civil law system.
When a forum-selection or choice-of-law clause is included in an international contract, legal proceedings are more complex, attended by more uncertainty, and much more difficult.
Payments to foreign government officials are always illegal since bribery is a serious moral wrong.
International law is a body of law that in part governs relations among nations.

38)What is the significance of a "defect" in a products liability case based on strict liability?
Answer
It is not necessary, but can be used to eliminate the need to prove that there was an injury.
It is a required element in the proof of such a case.
Its presence would eliminate liability for the defendant.
The party who caused the defect is the only one who can be held liable.

39)What is a derivative lawsuit?
Answer
An action brought by the board of directors on behalf of the corporation.
An action brought by a majority of the board of directors against an individual board member.
An action brought by a shareholder or shareholders on behalf of the corporation when the board of directors does not file the suit.
An action brought by shareholders against the corporation.

40)Which of the following is a false statement?

A franchisor can impose certain quality standards on a franchisee.
Some business forms and organizations in the U.S. offer limited liability to their owners and investors.
Many states in the U.S. now permit business persons to operate as a limited liability company (LLC).
No capital can be raised through an offering of stock in the U.S. without the principals first registering the shares with the Securities and Exchange Commission and obtaining the agency's approval.

Business Lawyer: J.Hazelbaker, Attorney replied 6 years ago
30) Franchisors that firmly set and fix the prices at which the franchisees can resell products or perform services may violate antitrust laws.

31) Be in writing in order to be enforceable.

32) Merchants, but not nonmerchants.

33) An agreement under the common law of contracts usually consists of an offer and an acceptance.

34) Unenforceable under the Statue of Frauds because it cannot possibly be performed within one year.

35) Co-ownership of the business

36) All of the above

37) International law is a body of law that in part governs relations among nations.

38) It is a required element in the proof of such a case

39) An action brought by a shareholder or shareholders on behalf of the corporation when the board of directors does not file the suit.

40) No capital can be raised through an offering of stock in the U.S. without the principals first registering the shares with the Securities and Exchange Commission and obtaining the agency's approval.
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