Question 11 pts

A partnership generally is required to

have two or more partners.file articles of partnership with the state.have a written partnership agreement.pay federal tax.

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Question 21 pts

Danette takes her coat into Quik Clean Dry Cleaners and leaves it there to be picked up in one hour. Quik loses her coat, so Danette sues Quik. In this instance,

Danette wins; this is a gratuitous bailmentDanette wins; this is a bailment for mutual benefitQuik wins; this is a gratuitous bailmentQuik wins; this is not a bailment

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Question 31 pts

A trademark is an example of:

Tangible propertyPersonal propertyReal propertyIntellectual property

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Question 41 pts

Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation’s creditors sue Brian personally, what is the likely result?

Brian is liable because he is a 99% shareholder.Brian is liable if he, as president, made the contracts with the creditors.Brian is liable because the court will pierce the corporate veilBrian will not be liable.

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Question 51 pts

Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it’s a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?

Cary will not be liable to the estate on the antiques contract.The partnership and all three partners will be liable on the contract for the antiques.All three partners must agree on the furniture purchase.The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.

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Question 61 pts

Laura gives her neighbor Jack the right to use Laura’s driveway to access his garage, since it is easier than going around by the alley. This is an example of:

A tenancy in commonA profitA bailmentAn easement

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Question 71 pts

Which of the following business organizations takes the fewest formalities to form?

LLC The social media company Facebook was originally which type of organization?Limited partnershipPartnershipCorporation

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Question 81 pts

Cary, Dean, and Madeline are partners in a furniture store. While on his way to deliver some furniture to a customer, Cary accidentally runs over Pamela Pedestrian. Pamela sues the partnership. Which of the following is true?

All three partners are liable to Pamela.All of theseCary is liable to his partners for breaching his duty as an agent for the partnership.Cary is liable to Pamela.

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Question 91 pts

If you find a diamond bracelet on the public sidewalk, you are most likely to be able to keep the bracelet if it is:

Lost propertyAny of these: Finders keepersMislaid propertyAbandoned property

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Question 101 pts

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

All persons’ rights are not identical.It allowed corporations to play too major a role in political campaigns.It allowed too much anonymity in money spent to influence campaigns.It overly restricted freedom of speech.

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