A disclaimer of opinion is a clause in auditing that a company can claim wherein the
auditor is not allowed to access a high-priority portion of a company’s financial records.
A sole proprietor is legally responsible for the business’s contracts.
The Robinson-Patman Act is a federal statute that makes it mandatory to provide a
notification prior to a merger.
In a lawsuit for malicious prosecution, the original defendant sues the original plaintiff.
Any oral or written words outside the four cornersof the written contract are called
parol evidence.
A U.S. Trustee is a federal government official who has responsibility for handling and
supervising many of the administrative tasks associated with a bankruptcy case.
A franchisor is not permitted to terminate a franchise for any reason.
________ refers to all manufacturers, distributors, wholesalers, retailers, lessors, and
subcomponent manufacturers involved in a transaction.
A) Demand chain
B) Chain of command
C) Chain of distribution
D) Value chain
Which of the following is true of a contract with an adjudged insane person?
A) The adjudged insane person is bound by the terms of the contract.
B) The contract is void.
C) Only the competent party can enforce the contract.
D) The competent party is legally obligated to uphold the contract.
Philip and Deborah form an LLC (limited liability company). Philip contributes
$50,000 capital, and Deborah contributes $75,000 capital. They do not have an
agreement as to how profits are to be shared. If the LLC makes a $100,000 profit in its
first year, how will the profit be divided among the members?
A) Philip gets $30,000, and Deborah gets $70,000.
B) Philip gets $50,000, and Deborah gets $50,000.
C) Philip gets $25,000, and Deborah gets $75,000.
D) Philip gets $35,000, and Deborah gets $65,000.
Which of the following is considered a major physiological impairment by the
Americans with Disabilities Act Amendments Act (ADAAA)?
A) undergoing mental stress
B) a history of surgery
C) nursing a temporary but contagious ailment
D) having cancer
A(n) ________ is considered a less serious crime than a felony and is not inherently
evil but prohibited by society.
A) indictable offence
B) violation
C) felony
D) misdemeanor
If union members picketing a restaurant block deliveries from the restaurant, this is
________ picketing.
A) lawful
B) illegal
C) conditional
D) absolute
Which of the following serves as a motive for an organization or venture to qualify as a
partnership?
A) The organization seeks to increase its stake in the percentage of profits made by the
business.
B) The organization seeks to avoid personal liability.
C) The organization wants to make a profit.
D) The organization wants to reduce the number of approvals it seeks before taking
decisions.
A(n) ________ refers to a condition that requires the occurrence of an event before a
party is obligated to perform a duty under a contract.
A) Condition precedent
B) Condition subsequent
C) Concurrent condition
D) Implied condition
Partners who erroneously, but in good faith, believe they have become limited partners
can escape liability as general partners by ________.
A) adding their surname to the name of the business establishment
B) filing for a refund of his or her initial investment with interest
C) bringing a lawsuit against all general and limited partners
D) withdrawing from any future equity participation in the enterprise
The Consumer Product Safety Commission is ________.
A) a communion of two state-funded regulatory bodies working together to ensure
consumer safety
B) a federal body created to ensure the safety of a few consumer products like motor
vehicles, boats, aircraft, and firearms
C) an independent federal administrative agency that regulates potentially dangerous
consumer products
D) a federal agency working to ensure product safety standards for food, poultry,
medicines, and medical devices
A(n) ________ is a document that sets forth the rights and duties of general and limited
partners.
A) limited trade affidavit
B) limited partnership agreement
C) certificate of registration
D) certificate of limited partnership
Explain open delivery term.
Give an account of the doctrine of promissory estoppel.
Explain, in as much detail as possible, how an indorsement is made.
Explain the implied warranty of fitness for a particular purpose.
What is a financing statement? What is its significance in perfecting a security interest?
Describe how courts can evaluate the adequacy of a product’s design.
Explain assignment of rights.
What are the different elements a court considers to determine the presence of undue
influence in making a will?
What is the significance of bank statements to an electronic fund transfer customer?
Give an account of zoning. What are nonconforming uses?