Law531: Final Exam Study Guide

Apr 22nd, 2015
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Which of the following is a distinguishing feature of a common law legal system? Which best describes the types of agency authority held by officers of a corporation? If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true?

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LAW 531 Final ExamClick here for the Correct Answers A + Tutorial Guaranteed1) Which of the following is a distinguishing feature of a common law legal system?A. Requiring guilt be proven beyond a reasonable doubtB. The sole source of law is a comprehensive civil codeC. An appeal processD. The making of law by the judges and the following of precedent2) Which best describes the types of agency authority held by officers of a corporation? A. Vicarious authorityB. Express and obvious authorityC. Implied and apparent authority onlyD. Express, implied, and apparent authority3) If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true? A. Only the managers of a manager-managed LLC will lose limited liability. B. All members will lose their limited liability. C. This failure will not result in imposing personal liability on any member. D. Only the parties responsible for the failure will lose limited liability.4) Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?A. Martha is personally liable for the additional $75,000.B. Martha's business creditors can collect only the $50,000 of business assets.C. Martha's business creditors can collect only the $50,000 now, but if Martha ever go

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