As the beneficiary of a business trust, Kevin’s liability for trust debts and obligations is
a. limited to his capital investment in the trust.
b. limited to his personal assets.
c. nothing.
d. unlimited.
Arnie is a member of Bowling & Billiards, LLC, a limited liability company. Arnie can
participate in the firm’s management
a. only to the extent that he assumes liability for the firm’s debts.
b. only to the extent of his investment in the firm.
c. to any extent.
d. to no extent.
A seller is not required to give a written warranty for consumer goods sold.
Restaurants must post guidelines on the number of calories that an average person
requires daily.
Every sale or lease of goods made by a merchant who deals in goods of the kind sold or
leased automatically gives rise to an implied warranty that the goods are fit for a
particular purpose.
A principal has a duty to cooperate with the agent and to assist the agent in performing
his or he duties.
Most employers can treat their employees more or less favorably based on their
religious beliefs or practices.
The key consideration in determining whether an employment manual creates an
implied contract is the employee’s reasonable expectations.
When a buyer breaches a contract, the risk of loss remains with the seller.
If a person does not consent, a federal agency normally must obtain a warrant to access
his or her financial records.
Some states require that a franchisor submit advertising aimed at prospective
franchisees to the state for approval.
The law governing limited liability companies is uniform.
Any breach of the terms of the security agreement can constitute default.
Under the Sarbanes-Oxley Act of 2002, accountants need not retain working papers
relating to an audit or review.
When an agreement is ambiguous as go whether it is a shipment or a destination
contract, courts will normally presume that it is a destination contract.
If a wage differential is due to any factor other than gender, then it does not violate the
Equal Pay Act.
A bill of lading is a receipt signed by a warehouse for goods stored in a warehouse.
A customer who fails to report a forged signature within thirty days from the date that
the bank statement showing the item was made available for inspection loses the legal
right to have the bank recredit his or her account.
Sweet Air Filtration Products Company, a major supplier of air filters sold throughout
the United States, employs one hundred workers at its principal manufacturing plant.
The plant is located in Thunder Bay, which has a population that is 50 percent white
and 25 percent African American, with the balance Hispanic American, Asian
American, and others. Sweet Air requires a high school diploma as a condition of
employment for its cleaning crew. Three-fourths of the white population completed
high school, compared with only one-fourth of those in the minority groups. Sweet Air
has an all-white cleaning crew. Has Sweet Air violated the Civil Rights Act of 1964?
Explain.
Fungible goods are goods that are different naturally, by agreement, or by trade usage.
An extension clause allows a payee or other holder of a time instrument to demand
payment of the entire amount due, with interest, if a certain event occurs.