Need help with Business Law question

Aug 3rd, 2015
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Question description

1. Which of the following is a partnership?

a)  Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally.

b)  Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers.

c)  Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together.

d)  All of these are partnerships.

 2. Which of the following does NOT have the advantage of single taxation?

a)  Sole proprietorships

b)  Partnerships

c)  Corporations

d)  LLCs

 3. Jake moves into an empty house. The owner lives down the block, and sees Jake coming and going periodically. Before Jake moved in, the house was often vandalized, but Jake seems to be taking care of it. After 20 years, the law declares Jake to be the owner of the property. This is an example of:

a)  Accession

b)  An easement

c)  Adverse possession

d)  An implied tenancy

 4. Brandon, an officer for Beta Inc., contracts with Office Stuff for five new copy machines. The copiers are delivered, but Beta does not pay for them.  Office Stuff sues. Which of the following best describes the situation?

a)  Brandon is liable, Beta is not.

b)  Brandon and Beta are both liable.

c)  Beta is liable; Brandon is not.

d)  Neither Beta nor Brandon are liable.

 5. Tamsyn is a promoter for Akers Inc., which is in the process of being formed. Tamsyn makes a contract with Lyle to rent warehouse space for Akers. Once Akers is formed, the board decides to buy a warehouse instead of renting. Who is liable to Lyle?

a)  Tamsyn

b)  Akers Inc.

c)  The board of directors for Akers Inc.

d)  All of these

 6. Anna gathers leaves that have fallen from a neighbor’s tree onto the sidewalk and makes them into an elaborate collage. Anna owns the collage by?

a)  Manufacture

b)  Accession

c)  Gift

d)  Eminent domain

 .7. Generally, the law presumes that the renter of an apartment will

a)  fix a leaky faucet.

b)  fix a leaky roof.

c)  give at least 60 days notice that he is leaving.

d)  show the apartment to prospective buyers if the building is for sale.

 8. Which of the following has NOT been a criticism of the Supreme Court’s decision in Citizens United v. Federal Election Commission?

a)  It allowed corporations to play too major a role in political campaigns.

b)  It allowed too much anonymity in money spent to influence campaigns.

c)  It overly restricted freedom of speech.

d)  All persons’ rights are not identical.

9. Carmen tells Jason, “I just found out I have cancer and I probably only have a month to live, so I’m giving you my oil painting, ‘Flowers in a Vase’.” Jason commiserates over her impending death, thanks her, and takes the painting. This illustrates:

a)  A gift inter vivos

b)  A gift causa mortis

c)  An irrevocable gift

d)  A revocable gift

e)  Two of these

 10. Attorneys Arianna and Alexander share an office that has a sign reading: “A & A, a law firm.” Their billing invoices have both their names on them, and they deposit their earnings and cover the rent from the same account. They do not share profits or have any agreement to be partners. Dexter, a client of Arianna’s for the past two years, sues both Arianna and Alexander, alleging that Arianna committed malpractice. If Dexter wins in court and is awarded $50,000 in damages, who is liable to him?

a)  Only Arianna

b)  Only Alexander

c)  Either Arianna or Alexander, but not both

d)  Both Arianna and Alexander

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