[12]When the offeror dies before an offer has been accepted, the offer:
a. May be rejected by the surviving spouse of the offeror.
b. May be accepted by the surviving spouse of the offeror.
c. May be accepted by the guardian for any minor children of the offeror.
d. Is automatically terminated by the death of the offeror.
e. Is binding on the offeror's estate.
Give this one a try later!
d. Is automatically terminated by the death of the offeror.
[12]A bilateral contract is one in which:
a. A promise is given in return for an act.
b. A third party guarantees the promise of one of the parties.
c. Two promises are exchanged.
d. A unilateral contract accompanies an exchange of promises.
e. The contract is between two parties.
,Give this one a try later!
c. Two promises are exchanged.
[15]The type of bankruptcy proceeding used most commonly by corporations is a
reorganization under:
a. Chapter 5.
d. Chapter 12
b. Chapter 7.
e. Chapter 13.
c. Chapter 11.
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c. Chapter 11.
[13]Jay agrees in writing to sell a warehouse and the land on which it is located to
Nora. When Jay refuses to go through with the deal, Nora sues. Jay must transfer the
land and warehouse to Nora if she is awarded what remedy?
a. damages
b. rescission
c. specific performance
d. reformation
e. restitution
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c. specific performance
, Georgia is the primary shareholder in Acme, Inc., a small corporation. After its
corporate certificate was issued by the state, there were no other formalities or
documentation. In fact, Georgia does not keep separate books for the corporation,
and sometimes combines her personal assets with those of the corporation. If she is
sued individually by a corporate creditor, what would be the likely outcome?
a. Since Georgia is involved in corporate management, she loses her limited liability
as a shareholder.
b. Corporate shareholders have limited liability, and therefore, Georgia would not be
liable for claims against the corporation.
c. Once a corporation has been authorized by the state, no further formalities need
be performed; therefore, Georgia would not be liable for corporate debts.
d. Georgia would most likely be liable since the creditors could pierce the corporate
veil.
e. Corporate shareholders have limited liability, and therefore, Georgia would not be
liable for claims against the corporation, and once a corporation has been authorized
by the state, no further formalities need be performed; therefore, Georgia would not
be liable for corporate debts.
Give this one a try later!
d. Georgia would most likely be liable since the creditors could pierce the
corporate veil.
[19]Rick was an account representative for a pharmaceutical company. He traveled all
over the country visiting hospitals. One week he had several calls to make in Texas on
Tuesday followed by two calls in Albany, New York on Wednesday afternoon. After
completing his Tuesday rounds in Dallas, he was going to fly to Miami to visit his
girlfriend, then fly on to New York Wednesday morning so he could make his
appointment at 3:00 p.m. While driving to the Dallas airport Tuesday afternoon, he ran
a stop sign and collided with Susie. Susie sues the pharmaceutical company for her
damages.
a. Susie wins because Rick rented the car on his company credit card.
b. Susie wins because Rick was acting in the course of his employment.
c. Susie loses because Rick was not actually making a call on a hospital or medical
practice.
a. May be rejected by the surviving spouse of the offeror.
b. May be accepted by the surviving spouse of the offeror.
c. May be accepted by the guardian for any minor children of the offeror.
d. Is automatically terminated by the death of the offeror.
e. Is binding on the offeror's estate.
Give this one a try later!
d. Is automatically terminated by the death of the offeror.
[12]A bilateral contract is one in which:
a. A promise is given in return for an act.
b. A third party guarantees the promise of one of the parties.
c. Two promises are exchanged.
d. A unilateral contract accompanies an exchange of promises.
e. The contract is between two parties.
,Give this one a try later!
c. Two promises are exchanged.
[15]The type of bankruptcy proceeding used most commonly by corporations is a
reorganization under:
a. Chapter 5.
d. Chapter 12
b. Chapter 7.
e. Chapter 13.
c. Chapter 11.
Give this one a try later!
c. Chapter 11.
[13]Jay agrees in writing to sell a warehouse and the land on which it is located to
Nora. When Jay refuses to go through with the deal, Nora sues. Jay must transfer the
land and warehouse to Nora if she is awarded what remedy?
a. damages
b. rescission
c. specific performance
d. reformation
e. restitution
Give this one a try later!
c. specific performance
, Georgia is the primary shareholder in Acme, Inc., a small corporation. After its
corporate certificate was issued by the state, there were no other formalities or
documentation. In fact, Georgia does not keep separate books for the corporation,
and sometimes combines her personal assets with those of the corporation. If she is
sued individually by a corporate creditor, what would be the likely outcome?
a. Since Georgia is involved in corporate management, she loses her limited liability
as a shareholder.
b. Corporate shareholders have limited liability, and therefore, Georgia would not be
liable for claims against the corporation.
c. Once a corporation has been authorized by the state, no further formalities need
be performed; therefore, Georgia would not be liable for corporate debts.
d. Georgia would most likely be liable since the creditors could pierce the corporate
veil.
e. Corporate shareholders have limited liability, and therefore, Georgia would not be
liable for claims against the corporation, and once a corporation has been authorized
by the state, no further formalities need be performed; therefore, Georgia would not
be liable for corporate debts.
Give this one a try later!
d. Georgia would most likely be liable since the creditors could pierce the
corporate veil.
[19]Rick was an account representative for a pharmaceutical company. He traveled all
over the country visiting hospitals. One week he had several calls to make in Texas on
Tuesday followed by two calls in Albany, New York on Wednesday afternoon. After
completing his Tuesday rounds in Dallas, he was going to fly to Miami to visit his
girlfriend, then fly on to New York Wednesday morning so he could make his
appointment at 3:00 p.m. While driving to the Dallas airport Tuesday afternoon, he ran
a stop sign and collided with Susie. Susie sues the pharmaceutical company for her
damages.
a. Susie wins because Rick rented the car on his company credit card.
b. Susie wins because Rick was acting in the course of his employment.
c. Susie loses because Rick was not actually making a call on a hospital or medical
practice.
