ACC 480 Exam 3 practice Questions And Answers 100% Verified

ACC 480 Exam 3 practice Questions And Answers 100% Verified Jody owns KuppaJava Kiosks, a sole proprietorship. Jody's liability is - answerunlimited. FreezE Yogurt Corporation provides its prospective franchisees with projected earnings figures based on actual data. FreezE Yogurt must also disclose - answerthe number and percentage of franchisees that achieved the figures. Sasha contracts to buy a franchise from TrustMe Financial Consultants Inc. The contract is silent on the issue of territorial rights. When TrustMe allows a competing franchise to be established near Sasha's office, she suffers a significant loss in profits. This is most likely a violation of - answerthe implied covenant of good faith and fair dealing. George buys from Haul-U Corporation the exclusive right to use the Haul-U trademark and sell and lease Haul-U-brand products in a certain area. Their franchise agreement requires George to pay certain administrative expenses. Their agreement may also require George to pay a percentage of the franchisor's - answeradvertising costs. Rooster Red LLC grants a franchise to Qiana to open and operate a Rooster Red restaurant. Rooster Red will likely charge Qiana - answeran initial fee or lump sum price for the franchise license. Shop n' Pay Convenience Stores, Inc., is a franchisor. Tonya operates a Shop n' Pay franchise. Ulysses is one of Tonya's employees. As a franchisor, if Shop n' Pay controls the day-to-day operations of the business to a significant degree, it may be liable for tortious acts by - answerShop n' Pay, Tonya, or Ulysses. A franchise agreement between Grid Tools Company and Hometown Hardware, Inc., is silent on a time for termination of the franchise. Grid Tools may - answerterminate on reasonable notice. Chicago Coca-Cola Bottling Company is - answera manufacturing franchise Luke and Maya form Northwest Air Express, a general partnership. The essential elements of this partnership do not include - answergoodwill Pualani and Quentin do business as partners in Rio Vista Builders, a residential construction firm. For federal income tax purposes, Rio Vista would be treated as - answera pass-through entity. Quisa and Reilly are partners in Sport Bikes, which rents and sells bikes, bike accessories, and related gear. Quisa manages the business. Unless the partnership agreement states otherwise, Quisa is - answernot entitled to compensation. Edgar, Jon, and Phoebe do business as Reliable Movers. Phoebe develops a debilitating illness and can no longer work. Phoebe - answermay dissociate from the partnership. Sabin and Tyler agree while talking on the phone to form a partnership. Their partnership agreement is legally binding - answerwithout more. Dean starts up E-Sites, an Internet service, and leases office space in a building owned by Fred. The lease requires Dean to pay Fred a base rental of $250, plus 10 percent of E-Sites' profits, each month. The term is two years. Dean hires Gina to work at E-Sites' tech support desk at an hourly wage of $9.00, plus a commission of 10 percent of the profits. The term is also two years. Dean and Fred are - answernot partners, because Fred does not have an ownership interest or management rights in E-Sites. Dean starts up E-Sites, an Internet service, and leases office space in a building owned by Fred. The lease requires Dean to pay Fred a base rental of $250, plus 10 percent of E-Sites' profits, each month. The term is two years. Dean hires Gina to work at E-Sites' tech support desk at an hourly wage of $9.00, plus a commission of 10 percent of the profits. The term is also two years. Dean and Gina are - answernot partners, because Gina does not have an ownership interest or management rights in E-Sites. Mabel and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Mabel fails to turn in the profit. To her firm, Mabel is - answerliable for breach of the duty of loyalty. Nazih and Ovidia are limited partners in Physicians Medical Center, a limited partnership. In terms of the firm's books and information regarding partnership business, Nazih and Ovidia are entitled to - answercomplete access. Kelly, Lars, and Mona agree to be partners in Neighborhood Delivery Service (NDS), splitting the profits equally. Kelly contributes 67 percent of the capital. When NDS is dissolved, its liabilities are greater than its assets. The losses are paid by - answerall of the partners in proportion to their shares of the profits. Lucy is a limited partner in Metro Contractors, a limited partnership, which cannot pay its debts. Lucy is personally liable for the debts - answerto the extent of her capital contribution.