Law 531 Week 1 Quiz 2022 latest update Your answers : 16/16 (100%)
1 Which of the following is true of The Federal Arbitration Act?
o It governs all types of alternative dispute resolution.
o It permits an appeal for all arbitration awards.
o It provides that arbitration agreements are vali...
your answers 1616 100 1 which of the following is true of the federal arbitration act o it governs all types of alternative dispute resolution o it per
Written for
Law 531
All documents for this subject (34)
Seller
Follow
abram23
Reviews received
Content preview
Your answers : 16/16 (100%)
1 Which of the following is true of The Federal Arbitration Act?
o It governs all types of alternative dispute resolution.
o It permits an appeal for all arbitration awards.
o It provides that arbitration agreements are valid, irrevocable, and enforceable.
o It applies only to breach of contract disputes.
Correct
2 Which form of alternative dispute resolution occurs when the parties choose an impartial third
party to hear and decide their dispute?
o Conciliation
o Mediation
o Minitrial
o Arbitration
Correct
3 George has served Mary with a complaint alleging breach of contract. Mary has never been
sued before and as such, she seeks your advice on what to do with the complaint. You advise that she
o answer George’s complaint by admitting or denying the allegations George has asserted
against her
o write a letter to the judge saying that George is mistaken
o answer George’s complaint but do not provide any affirmative defenses that George can
use against her
o should not respond to George’s complaint as an answer implies an admission
Correct
4 Which of the following is true regarding mediation?
o If a settlement agreement is not reached in mediation, then the parties hire a new
mediator.
o A settlement agreement is never reached with a mediator.
o A mediator does not make a decision or an award.
o Was created by the Federal Mediation Act of 1925.
Correct
5 There are two general partners, each of whom contributes $5,000 in capital to a limited
partnership. There are two limited partners, each of whom contributes $20,000. The total amount of
capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and
losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the
Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?
This study source was downloaded by 100000829818949 from CourseHero.com on 04-09-2022 10:10:52 GMT -05:00
, o Each general partner would receive $50,000, and each limited partner would receive
$100,000.
o Each general partner would receive $30,000, and each limited partner would receive
$120,000.
o All partners would receive $75,000, regardless of whether he or she is a general or
limited partner.
o Each general partner would receive $120,000, and each limited partner would receive
$30,000.
Correct
6 Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop
because business was so bad. At that time, the business assets totaled $50,000, but the business
liabilities totaled $125,000. Which of the following statements is true?
o Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into
business again, they can get the assets of the new business.
o Martha’s business creditors can collect only the $50,000 of business assets.
o Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000.
o Martha is personally liable for the additional $75,000 owed to business creditors.
Correct
7 Which of the following is one of the major purposes of a settlement conference?
o To facilitate the settlement of a case
o To conduct discovery for a case
o To contest the local court rules
o To structure a settlement payment schedule
Correct
8 Which of the following is true in the creation of a general partnership?
o The business name cannot be a fictitious name.
o The name selected cannot indicate that it is a corporation.
o The business name must have the names of all the partners.
o The business cannot operate under a trade name.
Correct
9 Which of the following is true of a corporation?
o Corporation shareholders are subject to unlimited personal liability.
This study source was downloaded by 100000829818949 from CourseHero.com on 04-09-2022 10:10:52 GMT -05:00
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller abram23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
