BLAW 3310 Exam 3 UPDATED Questions and CORRECT Answers
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Course
BLAW 3310
Institution
BLAW 3310
BLAW 3310 Exam 3 UPDATED Questions
and CORRECT Answers
SOLE PROPRIETORSHIP - CORRECT ANSWER - person doing business for himself
ADVANTAGES AND DISADVANTAGES OF SOLE PROPRIETORSHIP - CORRECT
ANSWER - freedom, control, full liability
BLAW 3310 Exam 3 UPDATED Questions
and CORRECT Answers
SOLE PROPRIETORSHIP - CORRECT ANSWER - person doing business for himself
ADVANTAGES AND DISADVANTAGES OF SOLE PROPRIETORSHIP - CORRECT
ANSWER - freedom, control, full liability
PARTNERSHIP - CORRECT ANSWER - two or more persons carrying on business as
owners for profit; must INFER that partnership exists; individual partner can make decisions on
basic things, but ALL decide and agree on extraordinary things
LIMITED PARTNERSHIP - CORRECT ANSWER - at least one general partner and at
least one limited partner
OPERATIVE ACT TO FORM CORPORATION - CORRECT ANSWER - filing
document (Articles of Incorporation) with Secretary of State
BYLAWS - CORRECT ANSWER - rules that regulate and govern the internal operations
of the corporation
RIGHTS OF CORPORATIONS - CORRECT ANSWER - free speech, free from search
and seizure without warrant
RIGHT CORPORATION DOES NOT HAVE - CORRECT ANSWER - 5th amendment
self incrimination
WHAT FRANCHISOR HAS TO DO - CORRECT ANSWER - must give lots of info to
franchisee; financial returns
, FTC FRANCHISE RULE - CORRECT ANSWER - franchisor must give franchisee
detailed info AT LEAST 10 DAYS PRIOR: names, address, phone, responsibilities of franchisor
and franchisee, number of franchisees and how many gone out of business
NOTE - CORRECT ANSWER - "I PROMIES to pay"; TWO parties, maker signs it,
payee is to whom it is made to
DRAFT - CORRECT ANSWER - "pay"; THREE parties drawer (signs it), payee (to
whom it is made payable), drawee (check=bank; non-check=whoever you're directing to pay the
money)
MAKER - CORRECT ANSWER - the one who signs on a note
DRAWER - CORRECT ANSWER - orders drawee to pay payee
IF SAYS "PAY TO THE ORDER OF" - CORRECT ANSWER - person to whom it's
made payable must SIGN it, then DELIVER
IF SAYS "PAYABLE TO CASH/BEARER/NOBODY IN PARTICULAR" - CORRECT
ANSWER - this is bearer instrument, JUST DELIVER IT, no sign
HOLDERS IN DUE COURSE (HDC) - CORRECT ANSWER - parties who receive
instruments negotiated to them: VALUE, GOOD FAITH, AND NO KNOWLEDGE OF ANY
CLAIMS OR DEFENSES against the instrument
CASHIER'S CHECK - CORRECT ANSWER - bank draws check payable on itself;
favored because it's as good as cash
SURETY - CORRECT ANSWER - i'll pay regardless
GUARANTOR - CORRECT ANSWER - i'll pay if the party who's supposed to does not
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