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BLAW Final Questions and Answers
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BLAW Final Questions and Answers
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BLAW Finala charter - ✔✔Which of the following is a requirement for the initial formation of a
corporation?
a corporation formed by the government to meet a political or governmental purpose. -
✔✔Public Corporation
a corporation formed in another country is an alien corporation. - ✔✔Alien Corporation
-
a foreign corporation. - ✔✔A corporation that is formed in one state but does business
in another state is referred to in the second state as:
A partner generally does NOT have a right to compensation for his/her time, skill, and
energy, because a partner's income comes from the distribution of profits. However, the
partners can agree otherwise via a partnership agreement. - ✔✔Compensation:
100%
A partner may act as an agent on behalf of the partnership and bind the partnership,
absent a partnership agreement that states otherwise. - ✔✔Agency
a partner's management rights.
the documents required for creation. - ✔✔A general partnership differs from a limited
partnership in:
A partnership agreement - ✔✔A written agreement outlining the roles of partners, their
rights, and their duties are called:
A person may seek judicial review of an agency decision only after they have followed
all agency procedures to obtain a remedy for their complaint and have obtained a final
order from the agency. - ✔✔What is the exhaustion doctrine?
a pre-filing period
, a waiting period - ✔✔Which of the following are among the five periods identified by
the Securities and Exchange Commission (SEC) rules in the registration process?
Choose 2 answers.
abuse of discretion - ✔✔What is the term for a court's determination that an
administrative agency decision is the result of plain error or mistake?
act in good faith and with the judgment of an ordinarily prudent person. - ✔✔To meet
the standard for the duty of care, a person must:
Ads with exaggerated statements - ✔✔Puffery includes what kinds of activities?
Agency budget information - ✔✔What information can people request under the
Freedom of Information Act?
all other corporations that are not public corporations or publicly held corporations. -
✔✔Private Corporation
100%
All partners have an equal right to participate in the management of the business,
unless a partnership agreement states otherwise - ✔✔Management:
An acquisition of the company by another company or A dissolution of the corporation -
✔✔Which of the following should be approved by shareholders? Select 2 answers.
An ALJ is an employee of the agency bringing the charges. - ✔✔What is the role of an
administrative law judge (ALJ)?
An ALJ presides over an administrative hearing and issues an order that, when final,
may be reviewed by a court. - ✔✔Which of the following statements correctly reflects
the role of a federal administrative law judge (ALJ)?
any corporation the shares of which are publicly traded in a securities market (such as
NASDAQ or the New York Stock Exchange). - ✔✔Publicly Held Corporation
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