BYU ACC 241 Final questions &
answers passed
Principal goes and hires minor and then the minor goes and does something, who has the
liability? - correct answer ✔✔ Principal
Who has liability when the principal is partially disclosed or undisclosed? - correct answer ✔✔
Agent and principal only
Who has liability when the principle is fully disclosed? - correct answer ✔✔ Principal only
In a partnership, which type of partners are always liable? - correct answer ✔✔ General
partners
What kind of liability protection do members of an LLC have? - correct answer ✔✔ a complete
liability shield
Two things to remember about preferred shareholders - correct answer ✔✔ Don't have voting
rights, unless its big company decisions
Have priority for dividends
3 requirements for Shareholder Derivative actions - correct answer ✔✔ 1. Have to be a
shareholder at the time complained of
2. Have to fairly and accurately represent the interests of the corp
3. Have to make written demand that board of directors take action. If company refuses or 90
days pass, then shareholder can file
, Business Judgement Rule - correct answer ✔✔ Will not have violated duty of care in an honest
judgement, and board of director was diligent and just made a bad decision
How many board of directors are needed to pass a resolution? - correct answer ✔✔ A majority
of a quorum (quorum is a majority of board)
Thing to remember about an Implied-in-fact contract - correct answer ✔✔ Whether or not
somebody had an opportunity to reject the goods and services they received
Which are effective when received? - correct answer ✔✔ Offer
Revocation of offer
Rejection of offer
Which is effective when sent? - correct answer ✔✔ Acceptance
What is required in order to leave an offer open? - correct answer ✔✔ Separate Consideration
What is the exception to the mailbox rule? - correct answer ✔✔ If the parties agreeing in
advance that the acceptance is only valid when received
What are the 4 forms of consideration? - correct answer ✔✔ Tangible payment
Promise to Perform
Actually performing an action
forbearance
Pre-existing duties - correct answer ✔✔ If I already have a duty to do for you, that can't count
as consideration, you have to give up something new
answers passed
Principal goes and hires minor and then the minor goes and does something, who has the
liability? - correct answer ✔✔ Principal
Who has liability when the principal is partially disclosed or undisclosed? - correct answer ✔✔
Agent and principal only
Who has liability when the principle is fully disclosed? - correct answer ✔✔ Principal only
In a partnership, which type of partners are always liable? - correct answer ✔✔ General
partners
What kind of liability protection do members of an LLC have? - correct answer ✔✔ a complete
liability shield
Two things to remember about preferred shareholders - correct answer ✔✔ Don't have voting
rights, unless its big company decisions
Have priority for dividends
3 requirements for Shareholder Derivative actions - correct answer ✔✔ 1. Have to be a
shareholder at the time complained of
2. Have to fairly and accurately represent the interests of the corp
3. Have to make written demand that board of directors take action. If company refuses or 90
days pass, then shareholder can file
, Business Judgement Rule - correct answer ✔✔ Will not have violated duty of care in an honest
judgement, and board of director was diligent and just made a bad decision
How many board of directors are needed to pass a resolution? - correct answer ✔✔ A majority
of a quorum (quorum is a majority of board)
Thing to remember about an Implied-in-fact contract - correct answer ✔✔ Whether or not
somebody had an opportunity to reject the goods and services they received
Which are effective when received? - correct answer ✔✔ Offer
Revocation of offer
Rejection of offer
Which is effective when sent? - correct answer ✔✔ Acceptance
What is required in order to leave an offer open? - correct answer ✔✔ Separate Consideration
What is the exception to the mailbox rule? - correct answer ✔✔ If the parties agreeing in
advance that the acceptance is only valid when received
What are the 4 forms of consideration? - correct answer ✔✔ Tangible payment
Promise to Perform
Actually performing an action
forbearance
Pre-existing duties - correct answer ✔✔ If I already have a duty to do for you, that can't count
as consideration, you have to give up something new
