Posted: April 24th, 2016
One of the major advantages of a franchise system to a franchisor is the:
A. absence of state or federal regulations governing this form of business conduct.
B. ability to exert considerable control over retail outlets without major financial investment.
C. elimination of all corporate tax for such enterprises.
D. all of the above.
If the seller fails to deliver the goods, the buyer may cancel the contract.
Implied warranties imposed by law are absolute.
The implied warranty of title differs from other warranties in that it protects buyers in their ownership of the goods bought.
If a third person pays a debt to the principal s agent that the third person owed the principal, the debt is discharged, even if the agent pockets the money and does not turn it over to the principal.
The agent may not commingle the principal s property with her own.
Smedley is heavily involved in the management of a certain business. If Smedley dies, under which of the following alternative fact situations would the business entity be considered legally dissolved as a result of Smedley s death?
A. If the business is a corporation.
B. If the business is a partnership and Smedley is a partner in it.
C. If the business is either a partnership (and Smedley is a partner in it) or a close corporation.
D. If the business is a Subchapter S corporation.
Acceptance occurs when a buyer, after having reasonable opportunity to inspect the goods:
A. indicates that he will take them.
B. fails to reject them.
C. neither (a) nor (b).
D. either (a) or (b).
Question 9 If the buyer does not have a place of business, delivery is to be made to the buyer s home.
An agent is entitled to be paid if the agreed upon result is obtained even though the principal does not benefit.
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