BUL 5810 Exams Questions & 100% Correct Answers

Most contracts are governed primarily by State ___________ ______, including contracts involving employment, services, insurance, real property (land and anything attached to it), patents, and copyrights. ~~> common law Article 2 of the UCC governs the: ~~> sale of goods "Sale" i...

Which of the following is NOT a characteristic of the corporate form of doing business? ~~> Informal organization All of the following are characteristics of a corporation EXCEPT: a. it has perpetual existence. b. it is a legal entity of its own. c. it is able to be sued and to sue. ...

A legal entity separate and distinct from its owners referred to as shareholders, and formed by filing articles of incorporation is a: ~~> corporation A partner who has no right to participate in control of the business and who has limited liability is called a: ~~> limited partner ...

A corporation may not be a partner in a partnership. ~~> false Under the common law, a partnership is generally considered to be a legal entity rather than an aggregate of individuals. ~~> False Partners may elect to have the partnership not be a separate taxable entity, so that o...

A power of attorney is a formal manifestation that states an agent's authority. The agent is known as the: ~~> attorney at fact A(n) __________ is a written instrument that expresses the principal's intention that the agent's authority will not be affected by the principal's subsequen...

Supreme Law of the Land ~~> The Constitution Sources of Federal Law ~~> US/state constitutions, federal/state statutes, common law, case law, and administrative law Expansion of Administrative Rules and Regulations ~~> Legislative Rules: substantive rules issued by an administr...

In the common law system of the United States, a crime is defined as: (A) a private wrong that necessitates litigation between the victim and the perpetrator. (B) any act or omission prohibited by the government and made punishable in a judicial proceeding brought by the government. (C) litig...