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Limited partnerships are required to file a/an ________ return with the IRS each year. In some states, a statute of limitations is called a statute of _______. Answer: Repose Answer: Information

Corporations as a business entity cannot be charged with a crime, only the individuals that make up the company’s officers and board. When a corporation issues securities under a nonpublic offering or safe harbor exemption from SEC regulations, they are […]

If Bill Gates goes into a car dealership and buys every car on the lot for sticker price, the dealer has suffered no contractual detriment because he’s in the business of selling cars and got full price. Actual trade secrets […]

Unless limited by the articles of incorporation, shareholders may vote to remove a director with or without cause, however; the courts may only remove a board member for cause. An easement is a nonpossessory interest in land. Answer: TRUE An […]

Security sales to venture capitalists often do not require full registration. The legal detriments exchanged by the parties must be equal, or reasonably close to equal, for consideration to be valid. Answer: FALSE The court does not usually look to […]

Chapter 13 repayment plans are limited to ________ filing for bankruptcy. May a limited partner ever be held liable for partnership liabilities beyond the amount of their partnership contribution? Explain. Answer: The general rule is that a limited partner is […]

The physical presence of an out-of-state party in a particular state is generally an automatic basis for jurisdiction over the defendant by both that state’s courts and the federal trial court within that state. Because there is no general duty […]

The effects test has been used by courts to establish personal jurisdiction over out-of-state defendants for both intentional and unintentional acts which have caused harm to in-state plaintiffs. Administrative agencies are not empowered to hear cases of alleged violations of […]

Securities may not be sold or marketed to the public until the SEC has completed its review phase and the registration becomes effective. The law tends to provide more protection to residential tenants than it does to commercial tenants. Answer: […]

Religious teachings and ethics are separate and distinct and rarely if ever overlap. If a jury is deadlocked and cannot come to a decision at the end of a trial, the prosecutor may not bring charges to retry the defendant […]

Saying that “this car is the ultimate driving experience” is an example of puffery. When the judge issues the jury instructions, the judge is said to be charging the jury. Answer: TRUE A judge charges the jury by giving them […]

In Oncale v. Sundowner Offshore Services, Inc., the court determined that same sex harassment is a legitimate issue covered and actionable under Title VII. Jan has been fired by her employer for poor job performance. Jan is still entitled to […]

Med-arb is a form of ADR in which both a mediator and an arbitrator work simultaneously with the disputing parties to resolve differences. A business subject to an agency’s jurisdiction is required to turn over documents relevant to determining compliance […]

The standard that must be met for a plaintiff to win a trademark dilution claim is likelihood of confusion. Kathy and Tom are filing for divorce. Their marital home, that they still live in, is worth $7.5M and their furniture […]

The Model Penal Code has been adopted by only about half of the states. Unsecured creditors may seize any asset of the borrower once they have a debt collection judgment. Answer: FALSE Some assets like the homestead are protected from […]

Individual consumers may bring an action against a collection agency for damages suffered by collections efforts. Joe and Josephine have started a plumbing business and have incorporated. They invest nothing into the corporation and the corporation has minimal assets. One […]

Kathy is the president of a corporation. She has just made the news by being discovered with a male prostitute while at a conference. Mike, a shareholder, may successfully present a proposal at the next shareholder meeting calling for a […]

Ethical misconduct includes not only illegal and unethical practices but also includes questionable practices of managers and organizations. Bankruptcy laws come solely from state statutes and case law. Answer: FALSE Laws governing bankruptcy are primarily federal. Courts are generally inclined […]

Which of the following is an equity instrument? A.debenture B.bond C.common stock D.promissory note If the offer specifies no time limit in which to accept: A.the offeree has 10 days to accept. B.the offeree has 30 days to accept. C.the […]

When a party breaches a contract, the nonbreaching party always has the option of seeking legal or equitable remedies. It may not be discriminatory to require that persons in a protected class, in certain instances, be afforded special rights. Answer: […]

The manager at an apartment complex has no prior criminal record but has just been arrested for possession of child pornography. If he is convicted but given probation and not jailed, the apartment complex may be liable if they do […]

Mixed motives discrimination is analyzed using the ________ standard. The legal authority that a court must have to hear a case is called _______. Answer: Jurisdiction Justice of the Peace, municipal court, small claims court and local district courts are […]

Evidence obtained from an illegal search may not be used against the defendant. This is called: A.flower of the unlawful fruit. B.fruit of the poisonous tree. C.bloom of the illegal bush. D.sticker of the criminal shrub. Which of the following […]

Explain how the Health Care and Education Reconciliation Act will affect the U.S. health care system when its provisions take effect? The CEO of a major computer technology firm wants to form an organization for computer firms in order to […]

A Chapter 11 debtor may use bankruptcy as an excuse for not performing contractual obligations. Even if a debtor’s salary is more than the median income for their state, they are still eligible for Chapter 7. Answer: FALSE A debtor’s […]

Requiring a franchisee to purchase all franchise related materials and supplies, trademarked and otherwise, from the franchisor violates the Small Business Franchise Act. A general partner who rightfully dissociates from a partnership remains liable for predissociation debts of the partnership. […]

Emmanuelle has been the subject of intense and continuous hostile environment sexual harassment over a period of months. If she quits before filing a complaint with the EEOC, she forfeits the right to file the complaint and seek damages. Ike […]