Ashford BUS311 Week 4 Quiz Latest 2020 March

BUS311 Business Law

Week 4 Quiz

Question 1

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:

  An implied tenancy

  Adverse possession

  An easement

  Accession

Question 2

Personal property is defined as

  portable property.

  property which is attached to land.

  property which is owned by an individual.

  property which is fixed in an object.

Question 3

Which of the following is NOT involved in doing business on behalf of the corporation?

  Promoters

  Officers

Correct!

  Shareholders

  Directors

Question 4

A partnership generally is required to

  have a written partnership agreement.

  pay federal tax.

  file articles of partnership with the state.

  have two or more partners.

Question 5

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

  LLCs

  Sole proprietorships

  Partnerships

  Corporations

Question 6

Mark, Matt, and Janina have a partnership. Which of the following will dissolve it?

  Matt commits a tort within the scope of partnership business.

  Without authority from her partners, Janina contracts to have the partnership offices completely redecorated.

  Vernon is added as a partner.

  Matt is in a car accident and paralyzed from the neck down.

Question 7

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 too much anonymity in money spent to influence campaigns.

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

  It overly restricted freedom of speech.

Question 8

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

  Abandoned property

  Lost property

  Any of these: Finders keepers

  Mislaid property

Question 9

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?

  Only Alexander

  Either Arianna or Alexander, but not both

  Both Arianna and Alexander

  Only Arianna

Question 10

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 will not be liable.

  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 veil