AGEC 3713 WEEK FIVE EXAM QUESTIONS
WITH 100% VERIFIED CORRECT
ANSWERS!!
What is required to have the "intent" needed for an intentional tort like trespass?
1. Intent. 2. Some act of physical invasion. 3. Invasion must be some form of entry to real
property.
What are the elements of trespass to chattels and conversions?
- Trespass to Chattels
1. Intent (Intentional tort)
2. Some act of physical invasion.
3. Invasion must be some form of entry to
personal property.
- Conversions
1. Intent (Intentional tort)
2. Some act of physical invasion.
3. Invasion must be some form of entry to personal property.
Under what circumstances can use deadly force to defend property?
DEADLY FORCE MAY NEVER BE USED TO PROTECT PROPERTY ALONE.
What are the elements of fraud?
-Affirmative Misrepresentation
-Fault (knowing statement of falsehood)
-Intentions to induce reliance
-Justifiable reliance
-Damages
What is the fundamental rule of negligence and the standard of care we apply to people in
a negligence analysis?
, Everyone is held to the standard of an ordinary, prudent, reasonable person.
How do we modify the basic negligence standard for people with disabilities or specialties,
and for kids?
-Disabilities: Doesn't excuse a person from liability for conduct, which doesn't conform to a
higher standard of a reasonable man under like circumstances.
-Specialties: Get held to a higher standard for areas in their specialty.
-Kids: Held to the standard of care of child of like age, education, intelligence, and experience.
What duties do we owe to licensees and invitees?
What is the definition of nuisance and what is our analysis to see if a claim for nuisance
should be granted?
-Nuisance: substantial, unreasonable interference with another party's use or enjoyment of their
property.
How are business entities (sole proprietorships, partnerships, corporations, & LLCs)
taxed?
-Sole Proprietorships & Partnerships: Flow-through straight to the individual.
-Corporations: Subchapter C- Taxed at the corporate level, so earnings passed to shareholders are
taxed twice. Subchapter S- Election as "S Corporation" allows pass-through taxation, but carries
a number of restrictions.
LLC: Generally can choose to be taxed like a partnership, "C Corporation," or "S Corporation."
What factors should be considered in selecting a separately-taxed or pass-through taxed
entity?
What is the limitation son your personal liability if you invest on an LLC or Corporation?
Liability is limited to their investment.
What are the restrictions on corporate/LLC ownership of agricultural assets or businesses?
Corporations & LLCs can only engage in agricultural assets if they meet certain requirements.
What are the ways you can "pierce the corporate veil?"
WITH 100% VERIFIED CORRECT
ANSWERS!!
What is required to have the "intent" needed for an intentional tort like trespass?
1. Intent. 2. Some act of physical invasion. 3. Invasion must be some form of entry to real
property.
What are the elements of trespass to chattels and conversions?
- Trespass to Chattels
1. Intent (Intentional tort)
2. Some act of physical invasion.
3. Invasion must be some form of entry to
personal property.
- Conversions
1. Intent (Intentional tort)
2. Some act of physical invasion.
3. Invasion must be some form of entry to personal property.
Under what circumstances can use deadly force to defend property?
DEADLY FORCE MAY NEVER BE USED TO PROTECT PROPERTY ALONE.
What are the elements of fraud?
-Affirmative Misrepresentation
-Fault (knowing statement of falsehood)
-Intentions to induce reliance
-Justifiable reliance
-Damages
What is the fundamental rule of negligence and the standard of care we apply to people in
a negligence analysis?
, Everyone is held to the standard of an ordinary, prudent, reasonable person.
How do we modify the basic negligence standard for people with disabilities or specialties,
and for kids?
-Disabilities: Doesn't excuse a person from liability for conduct, which doesn't conform to a
higher standard of a reasonable man under like circumstances.
-Specialties: Get held to a higher standard for areas in their specialty.
-Kids: Held to the standard of care of child of like age, education, intelligence, and experience.
What duties do we owe to licensees and invitees?
What is the definition of nuisance and what is our analysis to see if a claim for nuisance
should be granted?
-Nuisance: substantial, unreasonable interference with another party's use or enjoyment of their
property.
How are business entities (sole proprietorships, partnerships, corporations, & LLCs)
taxed?
-Sole Proprietorships & Partnerships: Flow-through straight to the individual.
-Corporations: Subchapter C- Taxed at the corporate level, so earnings passed to shareholders are
taxed twice. Subchapter S- Election as "S Corporation" allows pass-through taxation, but carries
a number of restrictions.
LLC: Generally can choose to be taxed like a partnership, "C Corporation," or "S Corporation."
What factors should be considered in selecting a separately-taxed or pass-through taxed
entity?
What is the limitation son your personal liability if you invest on an LLC or Corporation?
Liability is limited to their investment.
What are the restrictions on corporate/LLC ownership of agricultural assets or businesses?
Corporations & LLCs can only engage in agricultural assets if they meet certain requirements.
What are the ways you can "pierce the corporate veil?"
