Posted: April 24th, 2016

The following is true of a LL C?

Question 1
The test of an agent s implied authority is:
A. the justifiable belief of the agent.
B. the specific language the principal used in granting the authority.
C. whether the authority is also apparent.
D. none of the above

Question 2
If a seller wishes to be relieved of the responsibility for implied warranties, the sales contract must clearly provide that the parties did not intend the implied warranties to become part of the contract.

Question 3
Briefly describe the doctrine of responde at superior

Question 4
A seller may create an express warranty by merely stating an opinion.

Question 5
The following is true of a LLC:
A. It is a separate legal entity.
B. Members often share management power.
C. Members are not personally liable for the wrongful acts of others.
D. all of the above

Question 6
A fundamental advantage of the corporate form over the partnership form is that:
A. partnership earnings are subject to double taxation.
B. corporations can more easily hold property over long periods of time.
C. the formalities involved in operating a corporation tend to be less.
all of the above.
D. all of the above

Question 7
For ratification to be effective, the principal:
A. need not have capacity.
B. must have had capacity to do the act at the time it was done in the principal s name and when ratification occurs.
C. needs to only have capacity at the time the act is ratified, not at the time it was done in the principal s name.
D. none of the above

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