BUS 201 FINAL EXAM QUESTIONS AND ANSWERS;
100% PASS GUARANTEED; GRADED A+
_______ is/are responsible for managing the business of a
corporation. A) Investors B) Shareholders C) Incorporators D)
Organizers E) The board of directors - correct answer- E) The
board of directors
________ corporations generally do not offer stock to the public.
A) Alien B) Foreign C) Closely held D) Multinational E) Domestic -
correct answer- C) Closely held
________ is the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on
the contract. A) Forbearance B) Promissory estoppel C) Res ipsa
loquitur D) Res judicata E) Mutual exclusivity - correct answer-
B) Promissory estoppel
. ________ is the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on
the contract. A) Promissory estoppel B) Substantial estoppel C)
Substantial performance D) Frustration of purpose E)
Commercial impracticability - correct answer- A) Promissory
estoppel
,. ________ is/are responsible for running the day-to-day
business of a corporation. A) Investors B) Shareholders C)
Officers D) Incorporators E) The board of directors - correct
answer- C) Officers
. A corporation is a ________ corporation in the state in which it
is incorporated. A) domestic B) foreign C) multinational D)
closely held E) public - correct answer- A) domestic
. A false statement about a fact material to an agreement that
the person making the statement believed to be true is
considered a(n) ________. A) commercial disparagement B)
innocent misrepresentation C) fraudulent misrepresentation D)
scienter-based misrepresentation E) criminal misrepresentation
- correct answer- B) innocent misrepresentation
. A party who is ________ liable is responsible for paying the
amount designated on an instrument if the primarily liable party
defaults. A) primarily B) secondarily C) customarily D) statutorily
E) strictly - correct answer- B) secondarily
,. Agency is generally defined as a relationship between a
principal and a third-party beneficiary. A) True B) False - correct
answer- B) False
. An agency relationship that arises when an individual
misrepresents herself as an agent for another party and that
party accepts the unauthorized act is an agency by _________.
A) ratification B) implication C) estoppel D) default E) agreement
- correct answer- A) ratification
. Creditors can attempt to repossess property during bankruptcy
proceedings. A) True B) False - correct answer- B) False
. Forbearance is defined as: A) An invitation to negotiate. B) An
offer. C) A counteroffer. D) A bilateral contract. E) Promising to
refrain from doing something you are legally entitled to do. -
correct answer- E) Promising to refrain from doing
something you are legally entitled to do
. Which of the following is a way that a corporation can avoid
double taxation? A) By forming a C corporation B) By forming a D
corporation C) By forming an S corporation D) By forming an F
corporation E) By forming a traditional corporation - correct
answer- C) By forming an S corporation
, . Which of the following modifies the mirror-image rule? A) The
Uniform Contracts Code. B) The Uniform Commercial Code. C)
The Restatement of Contracts, Second. D) The International
Business Code. E) The International Commercial Code. - correct
answer- B) The Uniform Commercial Code.
A ________ is a specific draft, drawn by the owner of a checking
account, ordering the bank to pay the payee from that drawer's
account. A) promissory contract B) certificate of deposit C) note
D) check E) time instrument - correct answer- D) check
A bilateral contract is commonly defined as a promise in
exchange for an act. A) True B) False - correct answer- B)
False
A buyer may revoke acceptance of goods if the buyer can show
that defects in the goods have caused their value to be
________. A) reduced preponderantly B) reduced by ten percent
or more C) reduced by twenty-five percent or more D)
substantially impaired E) compromised - correct answer- D)
substantially impaired
100% PASS GUARANTEED; GRADED A+
_______ is/are responsible for managing the business of a
corporation. A) Investors B) Shareholders C) Incorporators D)
Organizers E) The board of directors - correct answer- E) The
board of directors
________ corporations generally do not offer stock to the public.
A) Alien B) Foreign C) Closely held D) Multinational E) Domestic -
correct answer- C) Closely held
________ is the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on
the contract. A) Forbearance B) Promissory estoppel C) Res ipsa
loquitur D) Res judicata E) Mutual exclusivity - correct answer-
B) Promissory estoppel
. ________ is the legal enforcement of an otherwise
unenforceable contract due to a party's detrimental reliance on
the contract. A) Promissory estoppel B) Substantial estoppel C)
Substantial performance D) Frustration of purpose E)
Commercial impracticability - correct answer- A) Promissory
estoppel
,. ________ is/are responsible for running the day-to-day
business of a corporation. A) Investors B) Shareholders C)
Officers D) Incorporators E) The board of directors - correct
answer- C) Officers
. A corporation is a ________ corporation in the state in which it
is incorporated. A) domestic B) foreign C) multinational D)
closely held E) public - correct answer- A) domestic
. A false statement about a fact material to an agreement that
the person making the statement believed to be true is
considered a(n) ________. A) commercial disparagement B)
innocent misrepresentation C) fraudulent misrepresentation D)
scienter-based misrepresentation E) criminal misrepresentation
- correct answer- B) innocent misrepresentation
. A party who is ________ liable is responsible for paying the
amount designated on an instrument if the primarily liable party
defaults. A) primarily B) secondarily C) customarily D) statutorily
E) strictly - correct answer- B) secondarily
,. Agency is generally defined as a relationship between a
principal and a third-party beneficiary. A) True B) False - correct
answer- B) False
. An agency relationship that arises when an individual
misrepresents herself as an agent for another party and that
party accepts the unauthorized act is an agency by _________.
A) ratification B) implication C) estoppel D) default E) agreement
- correct answer- A) ratification
. Creditors can attempt to repossess property during bankruptcy
proceedings. A) True B) False - correct answer- B) False
. Forbearance is defined as: A) An invitation to negotiate. B) An
offer. C) A counteroffer. D) A bilateral contract. E) Promising to
refrain from doing something you are legally entitled to do. -
correct answer- E) Promising to refrain from doing
something you are legally entitled to do
. Which of the following is a way that a corporation can avoid
double taxation? A) By forming a C corporation B) By forming a D
corporation C) By forming an S corporation D) By forming an F
corporation E) By forming a traditional corporation - correct
answer- C) By forming an S corporation
, . Which of the following modifies the mirror-image rule? A) The
Uniform Contracts Code. B) The Uniform Commercial Code. C)
The Restatement of Contracts, Second. D) The International
Business Code. E) The International Commercial Code. - correct
answer- B) The Uniform Commercial Code.
A ________ is a specific draft, drawn by the owner of a checking
account, ordering the bank to pay the payee from that drawer's
account. A) promissory contract B) certificate of deposit C) note
D) check E) time instrument - correct answer- D) check
A bilateral contract is commonly defined as a promise in
exchange for an act. A) True B) False - correct answer- B)
False
A buyer may revoke acceptance of goods if the buyer can show
that defects in the goods have caused their value to be
________. A) reduced preponderantly B) reduced by ten percent
or more C) reduced by twenty-five percent or more D)
substantially impaired E) compromised - correct answer- D)
substantially impaired
