Project #77046 - Corporate Law

 

Consideration is required for an agency to be formed between a principal and an agent.

 

True

 

False

 

An agent has apparent authority to act if actions of the principal to the third party would lead a reasonable person in the third person's position to believe that the principal has authorized the agent to act.

 

True

 

False

 

The most important duty of the principal toward his agent is to indemnify the agent for expenses incurred within the scope of the agency.

 

True

 

False

 

An employer will be liable for the torts of an independent contractor, if the independent contractor is acting for the benefit of the employer.

 

True

 

False

 

In the case of a publicly owned corporation, a shareholder will never be liable for the corporate debts.

 

True

 

False

 

In the case of an agency relationship, which of the following terms best represents the one for whom the work is performed?

 

Principal

 

Fiduciary

 

Independent contractor

 

Dealer

 

When an agent and a third party interact, the third party has notice that the agent is acting for a principal but it does not know the principal's identity. In such a situation the principal is said to be _____.

 

disclosed

 

partially disclosed

 

undisclosed

 

visible

 

 

 

_____ authority is communicated to an agent in writing or orally.

 

Apparent

 

Implied

 

Express

 

Inherited

 

Which of the following is the most important duty of the principal toward his agent?

 

Indemnifying the agent for expenses incurred within the scope of the agency

 

Compensating the agent according to the terms of the contract

 

Maintaining a relationship of trust and confidence

 

Acting with reasonable skill and care

 

If _____ then the agent alone is party to the contract.

 

the principal is fully disclosed

 

the principal is identified

 

the principal is partially disclosed

 

the principal is undisclosed

 

_____ is the affirmation by a person of a prior act which did not bind him but which was done on his account.

 

Mutualization

 

Indemnification

 

Ratification

 

Gentrification

 

A _____ is an unincorporated business owned by a single individual.

 

general partnership

 

limited partnership

 

sole proprietorship

 

limited liability company

 

Identify the correct statement regarding a limited partnership.

 

The limited partnership agreement is a public document.

 

The certificate of limited partnership filed with the state details and determines the rights, responsibilities, and relationships of the partners.

 

In order to form a limited partnership, the owners must file a certificate of limited partnership with the state.

 

Limited partnerships are rarely governed by a partnership agreement.

 

If a limited liability company elects to be member-managed:

 

the governance in the company is like a general partnership.

 

the power to bind the LLC attaches to the managers.

 

the governance in the company is more like a corporation.

 

the owners will elect officers to run the company.

 

 

 

 

 

 

 

In which of the following types of corporation the outstanding shares of stock are held by a small number of persons, frequently family relatives or friends?

 

Closely held corporation

 

Nationalized corporation

 

Decentralized corporation

 

Public corporation

 

Subject Business
Due By (Pacific Time) 07/24/2015 12:00 am
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