BUL 3310

Items LH needs when filling out TREC sales contract - Answer The names and addresses of the parties A proper legal description of the property What the buyer is willing to pay What the seller is willing to take for the property buyer's name on the contract must be - Answer their legal name that is shown on their driver license or other form of identification

Evolution of the Entity - Answer Choice Depends On: Risk, taxes, and how the business will operate. Each Entity Type Has: Pros, cons, and legal effects on owners. Not Permanent: Owners can change the entity as the business grows. - Entities are not set in stone. Principals may change the entity as business evolves. Principals - Answer Who? People in a business who get profits based on ownership percentage. Choosing a Business Entity - 5 Key Factors: Formation - How it's ...

For which of the following purchases could a minor disaffirm the contract and get the full purchase price back? Medicine Insurance An iPod All of the above - Answer An Ipod A party has an affirmative duty to disclose information in a contract when -There is a fiduciary relationship between the parties -The party is aware of material information that the other party cannot be expected to know -The party had previously made misleading statements -All of the above s...

Contract - Answer a legally enforceable promise or set of promises Types of Contracts - Answer ○ Bilateral Contract ○ Unilateral Contract ○ Explicit Contract ○ Implied Contract Bilateral Contract - Answer mutual promises made by parties to each other (the main category of contracts) Unilateral Contract - Answer promise made by one party Explicit Contract - Answer terms are explicitly defined--either oral or written Implied Contract - Answer...

The board of ABC Corporation approved a new issue of Class B voting stock. The stock has no stated value. This stock is an example of __________________stock. Watered No par Par value Preferred - Answer No par State laws regulating the sale of securities within the state are called blue sky laws. True False - Answer True Which of the following would not be grounds for dissolving a corporation? A quo warranto proceeding The shareholders are deadlocked...

Mike, a minor, sold his trail bike to Allen, an adult. The status of this contract is a. Valid b. Void c. Voidable by Mike d. Voidable by Mike or Allen - Answer Voidable by Mike Having lost his job in the recent recession and facing property taxes that were past due, Ed was desperate for cash. He sold his prized 1969 Mustang to a good faith purchaser for value at a price that was well below its market value. Ed now regrets this decision and asks if he has any legal basis for rescind...

The doctrine under which employers are liable for torts committed by employees while they are acting within the scope of their employment is___________. Joint and several liability Respondent superior Negligence per se Res ipsa loquitur. - Answer Respondent superior The tort of invasion of the right to privacy A. Requires in all cases that malice be proved as an element B. Requires that actual damages be demonstrated C. Requires that some form of defamation have occurred D. Pr...

The Uniform Commercial Code (UCC) is published by ...... - Answer published by the - Uniform Law Commission (aka National Conference of Commissioners of Uniform State Laws - NCCUSL) - and the American Law Institute - private organizations The Uniform Commercial Code (UCC) - Answer It serves as a model code (model statute) and is not required to be adopted. However, all 50states have now adopt it. - Florida has adopted it ( chapter 671) - Voluntarily adopted There are amen...

An important factor to consider in the creation of a business organization is: - Answer D. All of the above are important factors to consider Which of the following statements about proprietorships is true? - Answer D. The owner of a proprietorship is personally liable for all the debts of the proprietorship. A business organized as a proprietorship may have up to, but not more than, thirty-five owners True or False? - Answer False Which business entity has the followi...

principals - Answer owners of a business entity. are entitled to the profits of a business based on percentage of ownership what factors should you follow when choosing a business entity - Answer formation, liability, capitalization, taxation of income, management and operation sole- proprietorship - Answer one-person entity in which the debts and liabilities of the business are also personal debts and liabilities of the principal corporation - Answer one or more...