Bul 3310 - Study guides, Class notes & Summaries

Absent an agreement otherwise, each partner is entitled to compensation for his or her services in managing the business T/F - ️️False A buy and sell agreement normally specifies the terms under which a withdrawing or deceased partner's interest will be bought out T/F - ️️True Subchapter S corporation will avoid double taxation if which of the following applies? A. All the shareholders agree to be taxed as in a partnership B. The corporation files Articles of Partnership in th...

Dr. Dan accidentally left a scalpel in Paul Patient during Paul's operation, causing Paul much pain and necessitating additional surgery. Paul's lawyer will most likely use the special doctrine of ____________when he sues Dr. Dan for negligence. Negligence per se Res ipsa loquitur Superseding cause Contributory negligence - ️️Res ipsa loquitur What is the primary purpose of tort law? Punish wrongdoers Compensate victims for their losses Support society by fining wrongdoers C...

Which of the following statements is true about a partnership name? (The name is an asset of the partnership that may be sold or assigned. The name must include the word "company" in it.) The partnership must comply with the state's assume name provisions. Both a and c - ️️Both a and c The owner of a limited liability company LLC has unlimited personal liability for the debts of the LLC. T/F? - ️️False Which of the following is NOT one of the recognized disadvantages of ...

Which legal rule will not impose punitive damages on a master for the torts of his servants unless the master himself took some part in the wrongful action? - vicarious liability rule - durham rule - complicity rule - transferred liability rule - ️️Complicity rule When a servant completely abandons the master's work to pursue his own interests, the servant is on ___ - a detour - an outing - a trespass - a frolic - ️️A frolic In contracts negotiated by an agent who is actin...

BUL 3310 Practice Quiz for Exam 2 (Solved) Questions Perfectly Answered To Score A+

Having lost his job in the recent recession and facing property taxes that were past due, Ed was desperate for cash. He sold his prized 1969 Mustang to a good faith purchaser for value at a price that was well below its market value. Ed now regrets this decision and asks if he has any legal basis for rescinding the contract. Please advise Ed a. no, this was a valid bargained for exchange with a good faith purchaser for value b. yes, he van rescind the contract based on innocent misrepresent...

Most of the powers of the federal government enumerated in the Constitution are powers shared with the states. True False - ️️False Res judicata is best defined as A court enforced promise A controversy that has been litigated and forever settled between the parties The ruling of a court of equity The legal basis for dicta in court opinions. - ️️A controversy that has been litigated and forever settled between the parties Today, scholars argue the role of the corporation is to ...

Big Corporation (BC) is an American business incorporated in the State of Delaware. Its principal place of business is in New Jersey. Franklin lives in New York. For purposes of diversity of citizenship, Big Corporation is a citizen of - ️️Both Delaware and New Jersey Assume that the Vermont legislature passed a bill prohibiting the sale within the state of detergents containing certain chemicals harmful to the environment. Assume further that the governor signed the bill into law. Thi...

BUL 3310 Exam 2 FSU Bailey - Questions and Answers (Complete Solutions) Which of the following describes the duty of a landowner to a trespasser under the common law? The duty to warn of obvious dangers The duty to warn of hidden dangers The duty not to entrap the trespasser on the premises The duty to make certain that the premises are absolutely safe The doctrine that creates a rebuttable presumption that a defendant was negligent based on the nature and circumstances of the injury is Res ip...

BUL 3310 FSU Bailey Exam 4, Exam 4 BUL 3310, BUL Final JWW