QUESTIONS AND CORRECT DETAILED ANSWERS
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All partners are jointly and severally liable for all obligations of the partnership,
whether the obligations arise in contract or tort. Thus, an action may be brought
against one or more of the partners or the partnership. A judgment against a
partnership, however, is not itself a judgment against a partner. - CORRECT ANSWER-
A judgment is not personally binding on a partner unless he has been served. To
reach a partner's personal assets, there also must be a judgment against the
partner. It can't be filed against the partnership only.
Florida requires that two standards be passed in order for a payment of dividends
to be proper: - CORRECT ANSWER- the equity test and the balance sheet test,
allowing the corporation to pay its debts as they become due and is the amount
by which the total corporate assets exceed the total liabilities. (Income plus
capital minus debts)
If two or more offenses triable in the same court are based on the same or
connected acts or transactions, they may be joined as separate counts in the
same indictment or information. - CORRECT ANSWER- However, if multiple charges
are properly joined, the defendant has a right to severance if he can show that
,severance is proper to fairly determine guilty or innocence on each charge or is
necessary for a fair determination on each offense.
If the defendant is in custody for any offense, the determination of whether
probable cause exists must be made: - CORRECT ANSWER- within 48 hours of arrest.
The state is permitted to two 24-hour extensions, for good cause. (total maximum
of 96 hours)
The trustees of a business trust are usually held personally liable to trust
creditors. - CORRECT ANSWER- However, contractual exculpatory clauses negating
the trustees' personal liability and relegating creditors to the trust assets are quite
common and are generally held valid. Even absent such clauses, however, when a
trustee is found liable, she is usually entitled to indemnification from the trust,
and judgment creditors of the trustee may have an equitable derivative right to
enforce the trustee's indemnification rights for their own benefit.
If a will that was last seen in the testator's will or control cannot be found after
the testator's death, a presumption arises that the will was revoked; i.e., the
reason the will cannot be located is that the testator destroyed it with the intent
to revoke. - CORRECT ANSWER- To overcome the presumption of revocation,
evidence of a competent and substantial nature is required. If the presumption of
revocation is overcome by proof that the testator did not intend to revoke the
will, Florida permits probate of a lost or destroyed will provided that a strict
evidentiary test is met. The specific content of the will must be proved by the
testimony of two disinterested witnesses, or if a correct copy is provided, it may
be proved by one disinterested witness.
Florida is one of many states that permit a will to be made self-proved at the time
it is executed. - CORRECT ANSWER- The testator and the attesting witnesses sign the
will, and then sign a sworn affidavit before a notary public reciting that the
, testator declared to the witnesses that the instrument was her will, and that the
testator and the witnesses all signed in the presence of each other, present at the
same time. The self-proving affidavit serves the same function as a deposition or
interrogatory. It is a method by which the witnesses' sworn testimony can be
secured at the time the will is executed, eliminating the need to track down the
witnesses and arrange for their testimony in probate court after the testator's
death.
A will drafted in a foreign language will: - CORRECT ANSWER- be accepted as long as
an English translation is provided for the court.
While a formal attestation clause in a will is not required, presence of such a
clause gives rise to a presumption that the will was executed in conformity with
the recitations in the clause. - CORRECT ANSWER- This presumption may be rebutted
by competent testimony of witnesses. Sworn testimony of a subscribing witness
of a will that contradicts the plain language of will's attestation clause may be
sufficient to rebut the presumption that the will was properly executed that arises
by virtue of attestation clause.
Additional general partners can be admitted as provided in writing in the
partnership agreement or, - CORRECT ANSWER- if the partnership agreement does
not provide in writing for the admission of additional general partners, with the
written consent of all partners.
Where a proposed amendment to the articles of incorporation would adversely
affect the rights of a class of shareholders, - CORRECT ANSWER- those shareholders
are entitled to vote as a group on the amendment even if they belong to a
nonvoting class.