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<p>I need help with the following</p><p> </p><p>1. Sydney and Niki are law partners in a general partnership. Niki</p><p>decides to take a position at another law firm. Niki notifies</p><p>Sydney that she's leaving the partnership. This set of facts</p><p>constitutes a dissolution by</p><p><strong>A. </strong>operation of law. <strong>C. </strong>judicial decree.</p><p><strong>B. </strong>acts of partners. <strong>D. </strong>consent.</p><p> </p><p>2. Which of the following is true about the Securities Exchange Act of 1934?</p><p><strong>A. </strong>It was passed to protect investors from fraudulent acts in connection with traded</p><p>securities.</p><p><strong>B. </strong>It sets forth civil sanctions only in the event that the provisions of the Act are violated.</p><p><strong>C. </strong>It sets forth criminal penalties only in the event that the provisions of the Act are</p><p>violated.</p><p><strong>D. </strong>It applies to a limited group of securities, with the listed sanctions applying only to</p><p>that group.</p><p>3. Taylor served on the board of directors for Cabby Company. Taylor also owned a great deal</p><p>of vacant land, which he had tried unsuccessfully to sell for an extended period of time.</p><p>Taylor convinced the board of directors to purchase 1,000 acres of the land he had been</p><p>attempting to sell for a price well in excess of what the land was worth. This action likely</p><p>violated Taylor's duty of</p><p><strong>A. </strong>care. <strong>C. </strong>disclose.</p><p><strong>B. </strong>loyalty. <strong>D. </strong>fair dealing.</p><p>4. Herbie owns a pizza parlor in New York. Herbie makes all business decisions and retains</p><p>all profit after overhead is paid. Herbie owns a</p><p><strong>A. </strong>corporation. <strong>C. </strong>sole proprietorship.</p><p><strong>B. </strong>partnership. <strong>D. </strong>limited liability company.</p><p>5. Sally is a shareholder in XYZ Corporation. XYZ Corporation made defective products, and</p><p>many individuals have filed lawsuits due to the defects. Sally may</p><p><strong>A. </strong>be held personally liable for the defects as a shareholder.</p><p><strong>B. </strong>be held personally liable only to the extent that she was aware of the defect</p><p><strong>C. </strong>be held personally liable only if she took actions to cause the defect, and those actions</p><p>are proven.</p><p><strong>D. </strong>not be held personally liable for the defects in her capacity as a shareholder.</p><p>6. Sharon purchased $1,000 dollars of Big Company stock. Sharon was, in effect,</p><p><strong>A. </strong>loaning money to the company.</p><p><strong>B. </strong>purchasing an ownership interest in the company.</p><p><strong>C. </strong>borrowing money from the company.</p><p><strong>D. </strong>purchasing a seat on the board for the company.</p><p>7. Zack owns different types of securities in many companies. Therefore, Zack owns</p><p><strong>A. </strong>both stocks and bonds in various companies.</p><p><strong>B. </strong>only stocks in various companies.</p><p><strong>C. </strong>only bonds in various companies.</p><p><strong>D. </strong>deeds of trust against various companies.</p><p> </p><p>8. Lyle, the promoter for ABX Company, prepared the articles of incorporation, wrote a check</p><p>for the required filing fee, and mailed these materials to the appropriate state official.</p><p>Unknown to Lyle, a mistake had been made with the bank account, and the check for the</p><p>required filing fee failed to clear. Lyle and the other board members of the company didn't</p><p>know about the problem, and began conducting business as a corporation. Which of the</p><p>following is true about this set of facts?</p><p><strong>A. </strong>The corporation should assert that it's a corporation by estoppel.</p><p><strong>B. </strong>No corporation exists, and the individual shareholders face personal liability.</p><p><strong>C. </strong>A corporation exists because the only requirement is substantial compliance.</p><p><strong>D. </strong>A de facto corporation likely exists.</p><p>9. Melanie and Crawford were partners in a law firm. The firm was a general partnership.</p><p>Melanie failed to respond to a lawsuit against a client in time, and the client was found</p><p>liable on a $1 million dollar verdict. The client filed suit against Melanie and Crawford.</p><p>Which of the following is true about this set of facts?</p><p><strong>A. </strong>Only Melanie can be held liable because she committed the wrong.</p><p><strong>B. </strong>Only the partnership can be held liable, and neither Melanie nor Crawford face</p><p>personal liability.</p><p><strong>C. </strong>Either Melanie or Crawford may be held jointly and severally liable.</p><p><strong>D. </strong>Only Melanie can be held liable because Crawford knew nothing about the case on</p><p>which the mistake was made.</p><p>10. Ken was the president of a large energy company. Company executives approached Ken</p><p>about purchasing some smaller companies to expand the business. Ken read the reports</p><p>explaining the potential risk and return of the investment, and decided the purchase</p><p>appeared to be a good investment. Unfortunately, Ken was wrong, and the company lost</p><p>millions of dollars as a result of the purchase. Based on these facts, Ken</p><p><strong>A. </strong>violated his duty of care to the corporation.</p><p><strong>B. </strong>violated his duty of loyalty to the corporation.</p><p><strong>C. </strong>should benefit from the business judgment rule.</p><p><strong>D. </strong>can't possibly benefit from the business judgment rule.</p><p>11. A Company is a new company just recently incorporated. The company has a board of</p><p>directors, officers, and shareholders. Which of the following is true about this set of facts?</p><p><strong>A. </strong>The directors and officers are primarily responsible for the management of the</p><p>corporation.</p><p><strong>B. </strong>The shareholders are primarily responsible for the management of the corporation.</p><p><strong>C. </strong>The officers are solely responsible for the management of the corporation.</p><p><strong>D. </strong>Both the shareholders and the directors are responsible for the management of</p><p>the corporation.</p><p> </p><p>12. The Securities Act of 1933 was passed to</p><p><strong>A. </strong>ensure that investors are adequately informed about particular securities.</p><p><strong>B. </strong>prohibit insider trading of particular securities.</p><p><strong>C. </strong>ensure that the government was aware of what securities investors owned.</p><p><strong>D. </strong>ensure that securities return a profit for investors, and to protect investors from loss.</p><p>13. Tricia purchased securities from a company in which she's ensured ownership, and</p><p>priority as to payment of dividends and distribution of assets on dissolution. What type of</p><p>securities did Tricia purchase?</p><p><strong>A. </strong>Common stock <strong>C. </strong>Preferred stock</p><p><strong>B. </strong>Debenture bonds <strong>D. </strong>Convertible bonds</p><p>14. Stuart and Cole enter a business venture together in which they both agree to contribute</p><p>funds, money, and time to a sporting goods store. Furthermore, the two agree to equally</p><p>split any and all profits. Stuart and Cole have entered into a</p><p><strong>A. </strong>sole proprietorship. <strong>C. </strong>limited liability company.</p><p><strong>B. </strong>corporation. <strong>D. </strong>partnership.</p><p>15. Ted was in the process of starting up a business selling vacuum cleaners out of his home.</p><p>Ted lacked sufficient funds to purchase the materials he needed to begin, so Ted's father,</p><p>Victor, agreed to give Ted $10,000 to help with the start-up costs. Victor expected Ted to</p><p>fail at this business since he had failed at many others, but wanted to try to help his son</p><p>succeed. Although Victor said it was unnecessary, Ted gave Victor a document evidencing</p><p>the gift. Victor probably doesn't have a security in this instance because</p><p><strong>A. </strong>securities must arise from the management or entrepreneurial efforts of others.</p><p><strong>B. </strong>Victor doesn't reasonably expect to receive any profit from the gift.</p><p><strong>C. </strong>Ted didn't formally issue Victor a securities certificate.</p><p><strong>D. </strong>Victor didn't purchase any stocks or bonds.</p><p>16. Freddie and Richard are law partners. After 25 years in the partnership, Richard dies of old</p><p>age. The partnership should be terminated due to</p><p><strong>A. </strong>acts of the partners. <strong>C. </strong>judicial decree.</p><p><strong>B. </strong>operation of law. <strong>D. </strong>act of God.</p><p>17. Brenda is on the board of directors for Money Company. Brenda rarely attends board</p><p>meetings, and doesn't pay attention when she does attend. Brenda usually votes like her</p><p>friend Sadie, who is also on the board. Brenda is likely violating her duty of</p><p><strong>A. </strong>loyalty. <strong>C. </strong>effort.</p><p><strong>B. </strong>substantial compliance. <strong>D. </strong>care.</p><p> </p><p>18. The Securities and Exchange Act of 1934 focuses primarily upon</p><p><strong>A. </strong>divulging information to investors.</p><p><strong>B. </strong>ensuring that investors don't lose their investments.</p><p><strong>C. </strong>prohibiting deceptive practices regarding securities trading.</p><p><strong>D. </strong>ensuring that investors make informed decisions about securities trading.</p><p>19. Steve decides to incorporate his business. Steve decides it's too expensive to hire an attorney to advise him of the requirements, and merely changes the name on the sign outside from Steve's to Steve, Inc. One of Steve's customers brings suit against Steve, Inc. based upon an allegedly defective product sold through his business. Steve defends on the basis that Steve, Inc. doesn't exist. Which of the following is true about this set of facts?</p><p><strong>A. </strong>A de jure corporation exists.</p><p><strong>B. </strong>A de facto corporation exists.</p><p><strong>C. </strong>No corporation exists.</p><p><strong>D. </strong>A corporation by estoppel exists.</p><p>20. In a corporation, the owners of the corporation are the</p><p><strong>A. </strong>shareholders. <strong>C. </strong>executives.</p><p><strong>B. </strong>board of directors. <strong>D. </strong>managers.</p><p> </p>
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