Bul 4310 FINAL EXAM
Can you In a business transaction, which parties are potentially strictly liable for
defective parts? - ✔️✔️Manufacturers, processors, assemblers, packers, bottlers,
wholesalers, distributors, retailers and lessors.
What must you prove to win a product liability claim based on negligence? - ✔️✔️If a
manufacturer fails to exercise "due care" to make a product safe, a person who is
injured by the product may sue the manufacturer for negligence
Can the director of a corporation access the corporate books and records? What right? -
✔️✔️Yes every employee has access to records
assign your interest in a limited partnership? - ✔️✔️Yes, can not assign partnership
property....you can assign your interest but this means just your income...NOT any right
to control or information!
If a sole proprietor dies, what happens to his business? - ✔️✔️For the most part the
company suffers from potential lack of continuity in which when the sole owner of the
company dies so does the company, unless the owner has properly prepared in
advance to prevent this outcome from happening.
What rights do limited partners in a limited partnership have to access the books and
information regarding partnership business? - ✔️✔️Must be kept accessible to all
partners. Each partner has the right to receive and produce full information concerning
the conduct of all aspects of partnership business.
What must a franchiser disclose to a franchisee when evaluating whether to purchase
the business? - ✔️✔️Must disclose certain material facts that a prospective franchisee
needs in order to make an informed decision concerning the purchase of the franchise.
In what type of situations is strict liability most commonly applied? - ✔️✔️May be
imposed on defendants in cases involving abnormally dangerous activities, dangerous
animals, opr defective products.
How many members are required in a limited liability company? - ✔️✔️Can be one but
but some states require two members to start a LLC
How are LLCs taxed? - ✔️✔️If there are more than two members can choose to be
taxed as a partnership, or a corporation.
, Misuse of domain name - ✔️✔️Competition for SLDs among firms with similar names
and products. If used an identical/similar name, parties have attempted to profit from
competitors goodwill (no tangible value of the business). Ex: use same name to sell
porn, offer to sell others domain name, infringe on others trademarks.
How are partnerships taxed? - ✔️✔️A pass through entity in which have no tax
liability.The partnership itself pays no taxes and is responsible only for filling and
information return with the internal revenue service.
What are the elements of negligence? - ✔️✔️Duty, Breach, Causation and Damages.
How are sole proprietorship taxed? - ✔️✔️Pays only personal income taxes.
What happens to the limited partnership of a general partner passes away? - ✔️✔️The
agreement is terminated.
What is defamation? When is a statement defamatory? - ✔️✔️Is defined as any
published or publicly spoken false statement that causes injury to another's good name,
reputation or character. To be a statement of defamation it has to be determined is it
just his opinion or trying to damage that person's image.
What are shareholder's "preemptive rights"? - ✔️✔️Rights held by shareholders that
entitle them to purchase newly issued shares of a corporation's stock, equal in
percentage to shares held, before the stock is offered to any outside buyers.
What happens if a shareholder loses the stock certificate? - ✔️✔️Nothing as the
ownership of the stock exist independently from the certificate.
Can a corporation use the trademark of a social media website as a meta-tag without
permission? - ✔️✔️Yes
What are the major features of an LLP? - ✔️✔️Allows partnership to continue as pass
through entity for tax purposes but limits the personal liability of the partners.
What is fraud? - ✔️✔️Any misrepresentation, either by misstatement or omission of a
material fact, knowingly made with the intention of deceiving another and on which a
reasonable person would and does rely to his or her detriment.
If a computer program was copyrighted, what exactly would be protected - ✔️✔️The
software.
How are the profits in an LLC divided if there was no written agreement? - ✔️✔️The
state LLC statute will govern. Most LLC statutes state they will be divided equally
among the members.
Can you In a business transaction, which parties are potentially strictly liable for
defective parts? - ✔️✔️Manufacturers, processors, assemblers, packers, bottlers,
wholesalers, distributors, retailers and lessors.
What must you prove to win a product liability claim based on negligence? - ✔️✔️If a
manufacturer fails to exercise "due care" to make a product safe, a person who is
injured by the product may sue the manufacturer for negligence
Can the director of a corporation access the corporate books and records? What right? -
✔️✔️Yes every employee has access to records
assign your interest in a limited partnership? - ✔️✔️Yes, can not assign partnership
property....you can assign your interest but this means just your income...NOT any right
to control or information!
If a sole proprietor dies, what happens to his business? - ✔️✔️For the most part the
company suffers from potential lack of continuity in which when the sole owner of the
company dies so does the company, unless the owner has properly prepared in
advance to prevent this outcome from happening.
What rights do limited partners in a limited partnership have to access the books and
information regarding partnership business? - ✔️✔️Must be kept accessible to all
partners. Each partner has the right to receive and produce full information concerning
the conduct of all aspects of partnership business.
What must a franchiser disclose to a franchisee when evaluating whether to purchase
the business? - ✔️✔️Must disclose certain material facts that a prospective franchisee
needs in order to make an informed decision concerning the purchase of the franchise.
In what type of situations is strict liability most commonly applied? - ✔️✔️May be
imposed on defendants in cases involving abnormally dangerous activities, dangerous
animals, opr defective products.
How many members are required in a limited liability company? - ✔️✔️Can be one but
but some states require two members to start a LLC
How are LLCs taxed? - ✔️✔️If there are more than two members can choose to be
taxed as a partnership, or a corporation.
, Misuse of domain name - ✔️✔️Competition for SLDs among firms with similar names
and products. If used an identical/similar name, parties have attempted to profit from
competitors goodwill (no tangible value of the business). Ex: use same name to sell
porn, offer to sell others domain name, infringe on others trademarks.
How are partnerships taxed? - ✔️✔️A pass through entity in which have no tax
liability.The partnership itself pays no taxes and is responsible only for filling and
information return with the internal revenue service.
What are the elements of negligence? - ✔️✔️Duty, Breach, Causation and Damages.
How are sole proprietorship taxed? - ✔️✔️Pays only personal income taxes.
What happens to the limited partnership of a general partner passes away? - ✔️✔️The
agreement is terminated.
What is defamation? When is a statement defamatory? - ✔️✔️Is defined as any
published or publicly spoken false statement that causes injury to another's good name,
reputation or character. To be a statement of defamation it has to be determined is it
just his opinion or trying to damage that person's image.
What are shareholder's "preemptive rights"? - ✔️✔️Rights held by shareholders that
entitle them to purchase newly issued shares of a corporation's stock, equal in
percentage to shares held, before the stock is offered to any outside buyers.
What happens if a shareholder loses the stock certificate? - ✔️✔️Nothing as the
ownership of the stock exist independently from the certificate.
Can a corporation use the trademark of a social media website as a meta-tag without
permission? - ✔️✔️Yes
What are the major features of an LLP? - ✔️✔️Allows partnership to continue as pass
through entity for tax purposes but limits the personal liability of the partners.
What is fraud? - ✔️✔️Any misrepresentation, either by misstatement or omission of a
material fact, knowingly made with the intention of deceiving another and on which a
reasonable person would and does rely to his or her detriment.
If a computer program was copyrighted, what exactly would be protected - ✔️✔️The
software.
How are the profits in an LLC divided if there was no written agreement? - ✔️✔️The
state LLC statute will govern. Most LLC statutes state they will be divided equally
among the members.
