Legal law multiple question

Legal law multiple question
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Take Test: Final ExamLegal Envir Business (40749) LEGL-2064-001-40749-SU-2020 Tests

Take Test: Final Exam

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Multiple Attempts Not allowed. This test can only be taken once.

Force Completion This test can be saved and resumed later.

Your answers are saved automatically.

This exam is CLOSED BOOK and

CLOSED NOTES.

Final Exam Information

This multiple-choice, 50 question exam

covers Chapters 16 – 24

QUESTION 1

2 points Save Answer

My CSCC My Courses My Organizations Email Help Student Services My Media

Zihan Zeng 12

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so would be grounds for terminating the franchise contract. The manual set forth detailed operating procedures and safety standards, and provided that a Big Noodle representative would inspect the restaurant monthly to ensure compliance. Nine months after John Paul began operating his restaurant, a spark from the grill ignited an oily towel in the kitchen. No one was injured, but by the time firefighters were able to put out the fire, the kitchen had sustained extensive damage. The cook told the fire department that the towel was â about a foot and a half from the grillâ when it caught fire. This was in compliance with the franchisorâ s manual that required towels be placed at least one foot from the grills. The next day, The Big Noodle gave John Paul notice that the franchise would be terminated in thirty days for failure to follow the prescribed safety procedures. What type of franchise was John Paul’s Big Noodle restaurant?

Distributorship

Chain-style business operation

Manufacturing/Processing

None of the above

QUESTION 2

John Paul decided to open a fast-food pasta restaurant and signed a franchise contract with a national chain called The Big Noodle. The contract required the franchisee to strictly follow the franchisorâ s operating manual and stated that failure to do so would be grounds for terminating the franchise contract. The manual set forth detailed operating procedures and safety standards, and provided that a Big Noodle representative would inspect the restaurant monthly to ensure compliance. Nine months after John Paul began operating his restaurant, a spark from the grill ignited an oily towel in the kitchen. No one was injured, but by the time firefighters were able to put out the fire, the kitchen had sustained extensive damage. The cook told the fire department that the towel was â about a foot and a half from the grillâ when it caught fire. This was in compliance with the franchisorâ s manual that required towels be placed at least one foot from the grills. The next day, The Big Noodle gave John Paul notice that the franchise would be terminated in thirty days for failure to follow the prescribed safety procedures. If John Paul operates the restaurant as a sole proprietorship, who bears the loss for the damaged kitchen?

The customers

The business only

John Paul

The government

2 points Save Answer

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QUESTION 3

John Paul decided to open a fast-food pasta restaurant and signed a franchise contract with a national chain called The Big Noodle. The contract required the franchisee to strictly follow the franchisorâ s operating manual and stated that failure to do so would be grounds for terminating the franchise contract. The manual set forth detailed operating procedures and safety standards, and provided that a Big Noodle representative would inspect the restaurant monthly to ensure compliance. Nine months after John Paul began operating his restaurant, a spark from the grill ignited an oily towel in the kitchen. No one was injured, but by the time firefighters were able to put out the fire, the kitchen had sustained extensive damage. The cook told the fire department that the towel was â about a foot and a half from the grillâ when it caught fire. This was in compliance with the franchisorâ s manual that required towels be placed at least one foot from the grills. The next day, The Big Noodle gave John Paul notice that the franchise would be terminated in thirty days for failure to follow the prescribed safety procedures. If John Paul files a lawsuit against The Big Noodle claiming that his franchise was wrongfully terminated, what is the main factor the court would consider in determining whether the franchisee was wrongfully terminated?

The profit earned by John Paul’s restaurant

Whether there was reasonable notice of the termination

Whether the fire department recommended termination of the contract The franchisorâ s good faith and fair dealing in terminating the franchise

2 points Save Answer

QUESTION 4

John Paul decided to open a fast-food pasta restaurant and signed a franchise contract with a national chain called The Big Noodle. The contract required the franchisee to strictly follow the franchisorâ s operating manual and stated that failure to do so would be grounds for terminating the franchise contract. The manual set forth detailed operating procedures and safety standards, and provided that a Big Noodle representative would inspect the restaurant monthly to ensure compliance. Nine months after John Paul began operating his restaurant, a spark from the grill ignited an oily towel in the kitchen. No one was injured, but by the time firefighters were able to put out the fire, the kitchen had sustained extensive damage. The cook told the fire department that the towel was â about a foot and a half from the grillâ when it caught fire. This was in compliance with the franchisorâ s manual that required towels be placed at least one foot from the grills. The next day, The Big Noodle gave John Paul notice that the franchise would be terminated in thirty days for failure to follow the prescribed safety procedures. Would a court be likely to rule that The Big Noodle had good cause to terminate John Paul’s franchise in this situation?

2 points Save Answer

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No, because John Paul was following the safety procedures

No, because John Paul did his best to put out the fire

Yes, because John Paul should have known that 1.5 feet was too close for a towel to be near a grill despite the franchise contract Yes, because a franchisor can terminate a franchise contract at any time for any reason

QUESTION 5

An association of two or more persons to carry on, as co- owners, a business for profit is

A corporation

A business association

A franchise

A partnership

2 points Save Answer

QUESTION 6

With regard to liability in a partnership, which of the following is FALSE?

If a third party sues an individual partner, that partner has the right to insist that the other partners be joined as defendants and share the burden of any judgment A third party may sue one or more individual partners, without suing all partners, and hold any partners sued fully liable for any judgment Each partner is liable for all other partner’s personal and business debts Newly admitted partners are liable for debts and obligations incurred before they joined the partnership only to the extent of their capital contribution

2 points Save Answer

QUESTION 7

Which of the following is an advantage of a limited liability company?

members enjoy limited personal liability

limited liability companies with two or more members may elect to be taxed as a corporation or a partnership limited liability companies enjoy flexibility in management and operations

2 points Save Answer

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all of the above are advantages

QUESTION 8

A bridge on a prominent public roadway in the city of Springfield, Ohio, was deteriorating and in need of repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Bridges by Madison LLC, owned and managed by Madison Mason and his wife, May Mason, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Pablo Hand, a local sculptor who specialized in large-scale metal designs, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Bridges by Madison and Hand then entered into an agreement to work together on the bridge project. Bridges by Madison agreed to install and pay for concrete and structural work, and Hand agreed to install the metalwork at his expense. They agreed that overall profits would be split, with 25 percent to Hand and 75 percent going to Bridges by Madison. Hand designed numerous metal pig sculptures that were incorporated into colorful decorative concrete forms designed by May Mason, while Madison Mason performed the structural engineering. The group worked together successfully until the completion of the project. Would Bridges by Madison LLC automatically be taxed as a partnership or a corporation?

Yes

It depends on whether or not they opted to be taxed as a corporation

2 points Save Answer

QUESTION 9

2 points Save Answer

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by May Mason, while Madison Mason performed the structural engineering. The group worked together successfully until the completion of the project. Is Bridges by Madison LLC member managed or manager managed?

Member managed

Manager managed

Neither

Both

QUESTION 10

A bridge on a prominent public roadway in the city of Springfield, Ohio, was deteriorating and in need of repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Bridges by Madison LLC, owned and managed by Madison Mason and his wife, May Mason, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Pablo Hand, a local sculptor who specialized in large-scale metal designs, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Bridges by Madison and Hand then entered into an agreement to work together on the bridge project. Bridges by Madison agreed to install and pay for concrete and structural work, and Hand agreed to install the metalwork at his expense. They agreed that overall profits would be split, with 25 percent to Hand and 75 percent going to Bridges by Madison. Hand designed numerous metal pig sculptures that were incorporated into colorful decorative concrete forms designed by May Mason, while Madison Mason performed the structural engineering. The group worked together successfully until the completion of the project. Suppose Hand had entered into an agreement to rent space in a warehouse that was close to the bridge so that he could work on his sculptures near the location at which they would eventually be installed. He entered into the contract without the knowledge or consent of Bridges by Madison. In this situation, would a court be likely to hold that Bridges by Madison was bound by the contract that Hand entered?

Yes – when they agreed to work together, this implied that they would agree to be liable for each other’s contracts. Yes – they were all working together for the same project goal No – because joint ventures have less implied and apparent authority to bind their venture than partners do to bind their partnership No – because Bridges by Madison did not know of the contract

2 points Save Answer

QUESTION 11

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QUESTION 11

A bridge on a prominent public roadway in the city of Springfield, Ohio, was deteriorating and in need of repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Bridges by Madison LLC, owned and managed by Madison Mason and his wife, May Mason, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Pablo Hand, a local sculptor who specialized in large-scale metal designs, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Bridges by Madison and Hand then entered into an agreement to work together on the bridge project. Bridges by Madison agreed to install and pay for concrete and structural work, and Hand agreed to install the metalwork at his expense. They agreed that overall profits would be split, with 25 percent to Hand and 75 percent going to Bridges by Madison. Hand designed numerous metal pig sculptures that were incorporated into colorful decorative concrete forms designed by May Mason, while Madison Mason performed the structural engineering. The group worked together successfully until the completion of the project. Suppose that May Mason has an argument with her husband and wants to withdraw from being a member of Bridges by Madison. What is the term for such a withdrawal?

withdrawal

dissociation

dissolution

winding up

2 points Save Answer

True

False

QUESTION 12

Because risk is associated with the potential for higher profits, businesspersons are motivated to choose organizational forms that limit their liability while allowing them to take risks that may lead to greater profits.

2 points Save Answer

QUESTION 13

A corporation formed by a government to serve some public purpose is a

private corporation

public corporation

non-profit corporation

socialist corporation

2 points Save Answer

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QUESTION 14

In order to qualify as an S Corporation, a closely held corporation must meet which of the following criteria?

Must be incorporated in the U.S.

Must be have fewer than 100 shareholders

Must have only one class of stock

Must not have any resident alien shareholders

All of the above

2 points Save Answer

QUESTION 15

Paul wants to start a business selling homemade dog treats. Paul’s top priority is that he alone has complete control over management decisions at all times. Paul should most likely form a:

corporation.

partnership.

limited liability company.

sole proprietorship.

2 points Save Answer

QUESTION 16

Summer Moon is on the board of directors of Do Be Yoga, Inc., which owns a string of yoga studios in Ohio. Moon owns 15 percent of the Do Be Yoga stock and she is also employed as a day care teacher at one of the studios. After the July financial report showed that Do Be Yoga’s day care division was operating at a substantial net loss, the board of directors, led by Marty McBoss, discussed the possibility of terminating the day care operations. Moon successfully convinced a majority of the board that the day care division was necessary to market to the studio’s mostly female clientele. By October, the day care divisionâ s financial losses had risen. The board hired a business analyst, who conducted surveys and determined that the day care operations did not significantly increase membership. A shareholder, John James, discovered that Moon owned stock in KiddieStuffs, Inc., the company from which Do Be Yoga purchased its day care equipment. James notified McBoss, who privately reprimanded Moon. Shortly thereafter Moon and Sunny Sun, who owned 37 percent of Do Be Yoga stock and also held shares of KiddieStuffs, voted to replace McBoss on the board of directors. What duties did Moon, as a director, owe to Do Be Yoga?

Duty of care

Duty of loyalty

2 points Save Answer

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Both of the above

None of the above

QUESTION 17

Summer Moon is on the board of directors of Do Be Yoga, Inc., which owns a string of yoga studios in Ohio. Moon owns 15 percent of the Do Be Yoga stock and she is also employed as a day care teacher at one of the studios. After the July financial report showed that Do Be Yoga’s day care division was operating at a substantial net loss, the board of directors, led by Marty McBoss, discussed the possibility of terminating the day care operations. Moon successfully convinced a majority of the board that the day care division was necessary to market to the studio’s mostly female clientele. By October, the day care divisionâ s financial losses had risen. The board hired a business analyst, who conducted surveys and determined that the day care operations did not significantly increase membership. A shareholder, John James, discovered that Moon owned stock in KiddieStuffs, Inc., the company from which Do Be Yoga purchased its day care equipment. James notified McBoss, who privately reprimanded Moon. Shortly thereafter Moon and Sunny Sun, who owned 37 percent of Do Be Yoga stock and also held shares of KiddieStuffs, voted to replace McBoss on the board of directors. Does the fact that Moon owned shares in Kiddiestuffs establish a conflict of interest?

Yes – directors have a duty to not engage in “self-dealing”

Yes – directors are not allowed to own stock in other companies No – directors can own stock in any company they want

No – directors have no responsibility to act in the best interest of the corporation

2 points Save Answer

QUESTION 18

2 points Save Answer

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Be Yoga purchased its day care equipment. James notified McBoss, who privately reprimanded Moon. Shortly thereafter Moon and Sunny Sun, who owned 37 percent of Do Be Yoga stock and also held shares of KiddieStuffs, voted to replace McBoss on the board of directors. Suppose that Do Be Yoga brought an action against Moon claiming that she had breached the duty of loyalty by not disclosing her interest in Kiddiestuffs to the other directors. What theory might Moon try to use in her defense (although it probably wouldn’t work)?

Preemptive right

Stock warrant

The business judgment rule

The oversight rule

QUESTION 19

Summer Moon is on the board of directors of Do Be Yoga, Inc., which owns a string of yoga studios in Ohio. Moon owns 15 percent of the Do Be Yoga stock and she is also employed as a day care teacher at one of the studios. After the July financial report showed that Do Be Yoga’s day care division was operating at a substantial net loss, the board of directors, led by Marty McBoss, discussed the possibility of terminating the day care operations. Moon successfully convinced a majority of the board that the day care division was necessary to market to the studio’s mostly female clientele. By October, the day care divisionâ s financial losses had risen. The board hired a business analyst, who conducted surveys and determined that the day care operations did not significantly increase membership. A shareholder, John James, discovered that Moon owned stock in KiddieStuffs, Inc., the company from which Do Be Yoga purchased its day care equipment. James notified McBoss, who privately reprimanded Moon. Shortly thereafter Moon and Sunny Sun, who owned 37 percent of Do Be Yoga stock and also held shares of KiddieStuffs, voted to replace McBoss on the board of directors. Now suppose, based on the above example, that Do Be Yoga did not bring an action against Moon. What type of lawsuit might shareholder James be able to bring based on these facts

Shareholder’s derivative suit

Breach of duty suit

Inspection rights suit

Compensation suit

2 points Save Answer

QUESTION 20

Which of the following is a type of fundamental corporate change that must be approved by shareholders?

amendments to the articles of incorporation or by-laws

2 points Save Answer

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a merger or dissolution of the corporation

an increase in the number of shares of stock that the corporation is authorized to issue a sale of all or substantially all of the corporation’s assets

All of the above must be approved by shareholders

QUESTION 21

An agency relationship formed when a third person believes that another person is the principal’s agent and the third person acts to his detriment in reasonable reliance on that belief is known as

agency by agreement

agency by ratification

agency by estoppel

agency by operation of law

2 points Save Answer

QUESTION 22

Which of the following defines whether or not someone is an employee?

An employee is a person who works for, and receives payment from, an employer An employee is a person whose working conditions and methods are controlled by the employer An employee is a person for whose acts and omissions occurring in the scope of employment the employer is liable All of the above are required for someone to be considered an employee

2 points Save Answer

QUESTION 23

Dwight hired Pam to sell vacuum cleaners for the Spiffy Clean Vacuum Company. Their contract stated, â Nothing in this contract shall be construed as creating the relationship of employer and employee.â The contract was terminable at will by either party. Pam financed her own office and staff, was paid according to performance, had no taxes withheld from her checks, and could legally sell products Spiffyâ s competitors. Dwight learned that Pam was simultaneously selling vacuums for the Nothing Sucks like Russ Vacuums, one of Spiffyâ s fiercest competitors. Dwight therefore withheld client contact information from Pam. Pam complained to Dwight that he was inhibiting her ability to sell vacuums for Spiffy. Dwight subsequently terminated their contract. Pam filed a suit in a

2 points Save Answer

Question Completion Status:

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New York state court against Dwight and Spiffy. Pam claimed that she had lost sales for Spiffyâ “and commissionsâ “as a result of Dwightâ s withholding contact information from her. Who is the principal and who is the agent in this scenario?

Dwight is the principal and Pam is the agent

Pam is the principal and Dwight is the agent

Spiffy is the principal and Nothing Sucks is the agent

Spiffy is the principal and Dwight is the agent

QUESTION 24

Whether Pam is â controlled byâ Dwight

The degree of control Dwight has over Pam

Both of the above

None of the above

2 points Save Answer

QUESTION 25

Dwight hired Pam to sell vacuum cleaners for the Spiffy Clean Vacuum Company. Their contract stated, â Nothing in this contract shall be construed as creating the

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