Business Law Questions question in document, it is business law question just true and false question. Just need it very soo BUSINESS LAW SUMMER 2019 EXAM

Business Law Questions question in document, it is business law question just true and false question. Just need it very soo BUSINESS LAW
SUMMER 2019
EXAM II (CH 9, 15, 16, 17)
________________________________
(100 Point
Name
Part I
True/False (2 Points)
Indicate whether the sentence or statement is true or false.
_____ 1.
Cindy is riding a bicycle and accidently runs into Henry who is walking. The accident was
Cindy’s fault. Cindy is the tortfeasor and plaintiff in this fact-pattern.
_____ 2.
An example of an intentional tort is an automobile accident.
_____ 3.
State statutes are a source of strict liability laws. Example chemical leaks.
_____ 4.
A business tort lawsuit allows for the recovery of damages for civil wrongs.
_____ 5.
The burden of proof for an intentional tort is clear and convincing evidence.
____ 6.
A sole proprietorship is a separate legal entity for tax purposes.
____ 7
If a party to a franchise contract fails to perform, he may be subject to a suit for a breach of
contract lawsuit.
____ 8.
ABC Co. and XYZ Inc. form a joint venture and become partners to sell building supplies. Their
partnership is illegal because two corporations cannot form a partnership under US laws.
A general partner is personally liable for partnership debts if the partnership’s assets are insufficient
____ 9
to
pay its creditors.
____ 10.
A sole proprietorship is the simplest for form business to set up.
____ 11.
A sole proprietor has unlimited personal liability.
____ 12.
The purpose of a corporation, among other reasons, is to limit personal liability of its shareholders.
_____
13.
Martin buys 2000 shares of ABC Co. Martin has an ownership interest in the company.
_____
14.
Sandy, Laura, and Phil form a general partnership. They decide to dissolve their partnership. They
have $10,000 in bills and the assets total $100,000. Each partner will receive $30,000
.
____ 15.
Sandy, Laura, and Phil form a general partnership. They decide to dissolve their partnership. Prior to
this, Sandy borrowed $30,000 from their partnership business. They have $10,000 in bills and assets
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totaling $100,000. Laura will receive $45,000; Phil will receive $45,000; Sandy will not receive any
money.
____
16. To form a valid agency, the principal must have contractual capacity, and the agency must be formed
for a lawful purpose.
____
17.
It is always wise to have a written partnership agreement to avoid any later disputes between the
partners.
____
18.
A director of a corporation has a fiduciary duty – a position of trust – to his/her corporation including
avoiding conflicts of interest and improper behavior.
____
19.
A director’s contract can bind her corporation to that contract.
____
20.
If a corporation’s president dies, the business must be dissolved.
____
21.
If a general partner dies and there is no written agreement, the business must be dissolved.
____
22.
If a sole proprietor dies the business is considered terminated.
____
23.
Wanda is a general partner for a business that sells bicycles .Wanda steals from another
company
who she works for on a part-time basis to earn additional money. She is arrested and prosecuted
for her theft. Since she is a general partner, the bicycle company is liable for Wanda’s theft.
_____ 24.
Tort law differs from criminal law ONLY in the burden of proof.
____ 25.
Tort law is derived from the common law.
Fact-Pattern (Questions 26-32)
Roger graduates from college and is hired by Starbucks to be Reginal Manager of three stores.
Assume the three Starbucks’ stores are a separation corporation call Starbucks, Inc. Roger hires
Lawrence Butler as manager of one of the stores. On Tuesday, Roger calls Lawrence and asks
him to come to their corporate offices, but first stop and pick up all the accounting records at
the
other store. Lawrence stops, picks up the records, and on his way to the meeting with Roger,
crashes his car into a car driven by Mr. Francis Anderson who is injured. Frances is single,
although he has a pet dog named, Maggie.
_____26. In the above captioned matter, Francis Anderson and Starbucks, Inc. are both plaintiffs.
_____ 27. The tortfeasors is/are Lawrence Butler and Starbucks, Inc.
______28. Starbucks is liable under the doctrine of res ipsa loquitor. Which is Latin for “liability always
attaches to wrongdoers.”
_____ 29. Francis Anderson is the plaintiff in this lawsuit.
2
_____ 30. The corporation, Starbucks, Inc. is not liable since Roger was not driving the car that caused the
accident.
_____ 31 Lawrence is the agent for Starbucks, Inc. and an employee of Starbucks, Inc.
_____32. In the above fact-pattern, Starbucks, Inc is known as the principal and Lawrence is the agent.
_____ 33.
____
Motion pictures, audio visual work, sound recordings, and architectural works are protected
under copy right laws.
34. Words, pictures, symbols, designs used to identify a product are referred to as a trademark.
____ 35. Agency law is also referred to as employment law.
____
36. A “S” corporation avoids double taxation by “passing the funds through.”
____
37. John starts his own business selling to the tourists by the sports park. He calls himself, John’s
Sports Goods, but he never incorporated. He is sued for failure to pay his bills. John is personally
liable and John’s Sports Goods would not be a defendant since he is a sole proprietor.
____. 38. Negligence is the failure to use extra ordinary care of a person who understands the law
____
39. There are three elements to the tort of negligence: 1) Duty of Care, 2) Breach of Duty, and 3)
Damages.
____ 40. Andy is a part-time employee for Linda’s Books, a general partnership. Andy is sent to drive and
pick up a shipment of goods at the distributorship 20 miles away. Instead, he drives to Grandma
Elizabeth’s house 50 miles away for some “good food”. On the way to the distributor, he has an
accident and he is at fault. The partnership is NOT liable because Andy was not within the scope
of his employment. This is known as a “frolic”.
——- 41. Apparent authority exists if a principal causes a third party to believe reasonably that an agent has authority
to act.
—— 42. Under the doctrine of respondeat superior, an agent is liable for the principal’s negligence.
—— 43.
Civil damages are either legal damages or equitable damages.
____ 44.
Darrien is an agent and employee for a business called, United Companies. As an employee he has the
authority to buy materials for the company. One day, while at a supplier’s shop, Darrien gets into an
argument with Edward from the other business. Darrien strikes Edward who falls to the ground. Under
the doctrine of transferred liability, United Companies is liable for his tort.
—— 45
Elin, an agent for First Credit Corporation (FC), enters into an unauthorized contract with Great
Expectations, Inc. on FC’s behalf. This contract will be not enforceable.
____ 46.
It is always better to be a sole proprietor if you are setting up a business.
3
____ 47. The is little difference between a general partnership and a limited partnership as to liability.
____ 48. A shareholder can sue a director or corporate officer if they act beyond the scope of their employment
____ 49. A corporation formed and incorporated in Ohio and doing business in Ohio is a domestic corporation.
____ 50. A corporation can be both civilly and criminally liable for its acts.
4

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