LEGL 2700 ROESSING
PRACTICE EXAM QUESTIONS
WITH CORRECT DETAILED
ANSWERS | ALREADY GRADED
A+<RECENT VERSION>
1) Members - answer the individuals or business entities that belong to a
limited liability company
2) benefit corporation - answer a corporate form that requires directors to
ensure that the corporation meets explicit social goals in addition to
producing shareholder profits
3) managers - answer a person designated and charged with day-to-day
operations of a limited liability company
4) organizer - answer the parties responsible for bringing a limited
liability company into existence. These parties correspond to the
functions of incorporators with respect to corporations
5) security - answer an investment in which the investor does not
participate in management
,6) securities and exchange commission - answer the federal
administrative agency that regulates the securities industry
7) securities act of 1933 - answer the federal law that regulates the initial
sale of securities to the public
8) issuer - answer the term in securities law for an individual or business
organization offering a security for sale to the public
9) underwriter - answer the party that, in securities law, guarantees the
issuer that the securities offered for sale will be sold
10) controlling person - answer the person who has the control of,
or is controlled by, the issuer of securities in securities laws
11) seller - answer in commercial law, a person who sells of
contracts to sell goods
12) closely held - answer an organization that is owned by only a
few people
13) publicly held - answer a business organization that has
hundreds, if not thousands, of owners who can exchange their ownership
interests on public exchanges
14) dissolution - answer the cancellation of an agreement, thereby
rescinding its binding force.
15) sole proprietorship - answer the simplest form of business
organization, created and controlled by one owner
,16) partnership - answer a business organization involving two or
more persons agreeing to conduct a commercial venture while sharing its
profits and losses
17) articles of partnership - answer another name for a formally
drafted partnership agreement
18) assumed-name statute - answer a state law that requires partners
to make a public filing of their identities if their partnership operates
under a name that does not reveal the partners' identities
19) buy and sell agreement - answer a contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to
but the ownership interest held by another party or the first party agrees
to sell such an interest to the other party. These contractual provisions
help provide for a transition of owners without harming the business of
the organization
20) jointly and severally liable - answer the legal principle that
makes two or more people, usually partners, liable for an entire debt as
individuals or in any proportional combination
21) corporation - answer an artificial, but legal, person created by
state law
22) domestic corporation - answer a business organization created
by the issuance of a state charter that operates in the state that issued the
charter
, 23) foreign corporation - answer a business organization, created by
the issuance o a state charter, that operates in states other than the one
issuing the charter
24) alien corporation - answer a corporation created under the
authority of a foreign country
25) charter - answer the legal document issued by a state when
creating a new corporation
26) incorporators - answer those individuals who are responsible for
bringing a corporation into being
27) articles of incorporation - answer the legal document that forms
the application for a state charter of incorporation
28) shareholders - answer the owners of corporations
29) directors - answer those individuals who are elected by the
shareholders to decide the goals and objectives for the corporate
organization
30) with the state of fed (uspto) - answer how do you register a
trademark (tm)?
31) tort law - answer - burden of proof: "preponderance of
evidence"
- private wrongs
- strict liability, invasion of privacy, intentional torts
PRACTICE EXAM QUESTIONS
WITH CORRECT DETAILED
ANSWERS | ALREADY GRADED
A+<RECENT VERSION>
1) Members - answer the individuals or business entities that belong to a
limited liability company
2) benefit corporation - answer a corporate form that requires directors to
ensure that the corporation meets explicit social goals in addition to
producing shareholder profits
3) managers - answer a person designated and charged with day-to-day
operations of a limited liability company
4) organizer - answer the parties responsible for bringing a limited
liability company into existence. These parties correspond to the
functions of incorporators with respect to corporations
5) security - answer an investment in which the investor does not
participate in management
,6) securities and exchange commission - answer the federal
administrative agency that regulates the securities industry
7) securities act of 1933 - answer the federal law that regulates the initial
sale of securities to the public
8) issuer - answer the term in securities law for an individual or business
organization offering a security for sale to the public
9) underwriter - answer the party that, in securities law, guarantees the
issuer that the securities offered for sale will be sold
10) controlling person - answer the person who has the control of,
or is controlled by, the issuer of securities in securities laws
11) seller - answer in commercial law, a person who sells of
contracts to sell goods
12) closely held - answer an organization that is owned by only a
few people
13) publicly held - answer a business organization that has
hundreds, if not thousands, of owners who can exchange their ownership
interests on public exchanges
14) dissolution - answer the cancellation of an agreement, thereby
rescinding its binding force.
15) sole proprietorship - answer the simplest form of business
organization, created and controlled by one owner
,16) partnership - answer a business organization involving two or
more persons agreeing to conduct a commercial venture while sharing its
profits and losses
17) articles of partnership - answer another name for a formally
drafted partnership agreement
18) assumed-name statute - answer a state law that requires partners
to make a public filing of their identities if their partnership operates
under a name that does not reveal the partners' identities
19) buy and sell agreement - answer a contract, usually among
partners, but perhaps among shareholders, wherein one party agrees to
but the ownership interest held by another party or the first party agrees
to sell such an interest to the other party. These contractual provisions
help provide for a transition of owners without harming the business of
the organization
20) jointly and severally liable - answer the legal principle that
makes two or more people, usually partners, liable for an entire debt as
individuals or in any proportional combination
21) corporation - answer an artificial, but legal, person created by
state law
22) domestic corporation - answer a business organization created
by the issuance of a state charter that operates in the state that issued the
charter
, 23) foreign corporation - answer a business organization, created by
the issuance o a state charter, that operates in states other than the one
issuing the charter
24) alien corporation - answer a corporation created under the
authority of a foreign country
25) charter - answer the legal document issued by a state when
creating a new corporation
26) incorporators - answer those individuals who are responsible for
bringing a corporation into being
27) articles of incorporation - answer the legal document that forms
the application for a state charter of incorporation
28) shareholders - answer the owners of corporations
29) directors - answer those individuals who are elected by the
shareholders to decide the goals and objectives for the corporate
organization
30) with the state of fed (uspto) - answer how do you register a
trademark (tm)?
31) tort law - answer - burden of proof: "preponderance of
evidence"
- private wrongs
- strict liability, invasion of privacy, intentional torts
