LREB 315 FINAL EXAM STUDY GUIDE QUESTIONS AND ANSWERS 2026/2027 |
COMPLETE FINAL EXAM REVIEW
A shareholder of a corporation can be personally liable if there's a piercing of the corporate veil
- ANS ✔✔True
A shareholder (not an employee) is not entitled to manage the day to day operations - ANS
✔✔True
Limited liability company is a business that combines attributes of a partnership, limited
partnership and corporations - ANS ✔✔True
Limited liability company can only be managed by a member of the owner of the company -
ANS ✔✔False
Can be managed by a 3rd person
In a limited liability partnership, all the partners are only liable to their capital (unlike general
partnership) - ANS ✔✔True
A contract is a document that is enforceable by law - ANS ✔✔True
Unilateral contract - Promise for act
Bilateral contract - Promise for promise - ANS ✔✔True
A written contract is a valid contract even if content is obtained by duress or fraud - ANS
✔✔False
, A contract can be accepted by someone other than the offeree - ANS ✔✔False
Facebook case - the settlement agreed to by both parties was enforceable because they agreed
to it - ANS ✔✔True
Advertisements are an invitation to make an offer - ANS ✔✔True
In an auction, it's not final until the auctioneer strikes the gavel - ANS ✔✔True
When you return something for an award, you have to be aware of the reward in order to be
entitled to it (may still get it) - ANS ✔✔True
The performance of a preexisting duty is not consideration for a contract
Ex. fireman has to do it - ANS ✔✔True
If you have a completed gift, it cannot be rescinded for a lack of consideration. If you've given
someone a gift, you can't go back and take it back for $100 - ANS ✔✔True
Wells Fargo, if an agent of the company makes a mistake that they should have known about,
the other party should get the benefit - ANS ✔✔True
Denny vs. Ford - Ford did breach the warranty for advertising their cars could go off-road when
they couldn't - ANS ✔✔False
Implied warranty fit for a particular purpose is a warranty that arises where a seller of leaser
warrants that the goods will meet the buyer's needs - ANS ✔✔True
COMPLETE FINAL EXAM REVIEW
A shareholder of a corporation can be personally liable if there's a piercing of the corporate veil
- ANS ✔✔True
A shareholder (not an employee) is not entitled to manage the day to day operations - ANS
✔✔True
Limited liability company is a business that combines attributes of a partnership, limited
partnership and corporations - ANS ✔✔True
Limited liability company can only be managed by a member of the owner of the company -
ANS ✔✔False
Can be managed by a 3rd person
In a limited liability partnership, all the partners are only liable to their capital (unlike general
partnership) - ANS ✔✔True
A contract is a document that is enforceable by law - ANS ✔✔True
Unilateral contract - Promise for act
Bilateral contract - Promise for promise - ANS ✔✔True
A written contract is a valid contract even if content is obtained by duress or fraud - ANS
✔✔False
, A contract can be accepted by someone other than the offeree - ANS ✔✔False
Facebook case - the settlement agreed to by both parties was enforceable because they agreed
to it - ANS ✔✔True
Advertisements are an invitation to make an offer - ANS ✔✔True
In an auction, it's not final until the auctioneer strikes the gavel - ANS ✔✔True
When you return something for an award, you have to be aware of the reward in order to be
entitled to it (may still get it) - ANS ✔✔True
The performance of a preexisting duty is not consideration for a contract
Ex. fireman has to do it - ANS ✔✔True
If you have a completed gift, it cannot be rescinded for a lack of consideration. If you've given
someone a gift, you can't go back and take it back for $100 - ANS ✔✔True
Wells Fargo, if an agent of the company makes a mistake that they should have known about,
the other party should get the benefit - ANS ✔✔True
Denny vs. Ford - Ford did breach the warranty for advertising their cars could go off-road when
they couldn't - ANS ✔✔False
Implied warranty fit for a particular purpose is a warranty that arises where a seller of leaser
warrants that the goods will meet the buyer's needs - ANS ✔✔True
