Exam 29: Corporations

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Rita and Susan want to form and do business as Trips & Travel Agency, Inc. They will serve as the firm’s directors and officers, and will initially hold all of the stock in the company. A corporation is owned by

(Multiple Choice)

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Question 61

A state court can dissolve a corporation for fraudulent conduct by its directors.

(True/False)

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Question 62

Any individual director can act as an agent to bind the corporation.

(True/False)

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Question 63

Lewis is a director of Mines & Refineries, Inc. Using information that is not available to the public, Lewis makes a profit trading in Mines & Refineries stock. Lewis is most likely liable for breach of

(Multiple Choice)

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Question 64

Tech Talent & Personnel, Inc., is a corporation. Tech Talent's implied powers enable it to

(Multiple Choice)

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Question 65

Fact Pattern 29-1 Ray is a shareholder of Small Biz Company (SBC). When the directors fail to undertake an action to redress a wrong suffered by SBC, Ray files a suit on the firm's behalf. -Refer to Fact Pattern 29-1. Ray's suit is a shareholder's

(Multiple Choice)

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Question 66

A corporation can be dissolved voluntarily but not by a shareholders' vote.

(True/False)

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Question 67

Godfrey is elected as a director for Healthful Snax, Inc. He will most likely serve for a term of

(Multiple Choice)

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Question 68

Mitch is a director and officer of Numero Uno, Inc. Mitch makes a marketing decision that results in a dramatic decrease in profits for Numero Uno and its shareholders. The shareholders accuse Mitch of breaching his fiduciary duty to the corporation. What is Mitch's best defense against this accusation? Later, the Numero Uno board considers a resolution for the firm to compete with One-of-a-Kind Corporation. Mitch is a director and shareholder of One-of-a-Kind. What is Mitch's responsibility in this situation?

(Essay)

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Question 69

Hudson and Ilsa want to market a new line of kayaks and related gear under the brand name Journeys as a corporation-Journeys Inc. To avoid income taxes at the corporate level, they should form

(Multiple Choice)

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Question 70

Since stock is intangible personal property, the ownership right to stock exists independently of a stock certificate.

(True/False)

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Question 71

Sierra is a holder of preferred stock in Rio Grande Irrigation & Development, Inc. Sierra has priority over holders of Rio common stock as to

(Multiple Choice)

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Question 72

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Exam 29: Corporations

Rita and Susan want to form and do business as Trips & Travel Agency, Inc. They will serve as the firm’s directors and officers, and will initially hold all of the stock in the company. A corporation is owned by

A state court can dissolve a corporation for fraudulent conduct by its directors.

Any individual director can act as an agent to bind the corporation.

Lewis is a director of Mines & Refineries, Inc. Using information that is not available to the public, Lewis makes a profit trading in Mines & Refineries stock. Lewis is most likely liable for breach of​

Tech Talent & Personnel, Inc., is a corporation. Tech Talent's implied powers enable it to

Fact Pattern 29-1 Ray is a shareholder of Small Biz Company (SBC). When the directors fail to undertake an action to redress a wrong suffered by SBC, Ray files a suit on the firm's behalf. -Refer to Fact Pattern 29-1. Ray's suit is a shareholder's

A corporation can be dissolved voluntarily but not by a shareholders' vote.

Godfrey is elected as a director for Healthful Snax, Inc. He will most likely serve for a term of​

Hudson and Ilsa want to market a new line of kayaks and related gear under the brand name Journeys as a corporation-Journeys Inc. To avoid income taxes at the corporate level, they should form​

Since stock is intangible personal property, the ownership right to stock exists independently of a stock certificate.

Sierra is a holder of preferred stock in Rio Grande Irrigation & Development, Inc. Sierra has priority over holders of Rio common stock as to​

The Legal Environment

Constitutional Law

Courts and Alternative Dispute Resolution

Tort Law

Product Liability

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Criminal Law and Cyber Crime

Business Ethics

Nature and Classification

Agreement

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach and Remedies

International Law in a Global Economy

The Formation of Sales and Lease Contracts

Performance and Breach of Sales and Lease Contracts

Negotiable Instruments

Banking in the Digital Age

Security Interests and Creditors Rights

Bankruptcy

Agency Relationships in Business

Employment, Immigration, and Labor Law

Employment Discrimination

Sole Proprietorships and Private Franchises

All Forms of Partnership

Limited Liability Companies and Special Business Forms

Investor Protection, Insider Trading, and Corporate Governance

Antitrust Law and Promoting Competition

Consumer and Environmental Law

Liability of Accountants and Other Professionals

Personal Property and Bailments

Real Property and Landlord-Tenant Law

Insurance, Wills, and Trusts

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Lewis is a director of Mines & Refineries, Inc. Using information that is not available to the public, Lewis makes a profit trading in Mines & Refineries stock. Lewis is most likely liable for breach of

Godfrey is elected as a director for Healthful Snax, Inc. He will most likely serve for a term of

Hudson and Ilsa want to market a new line of kayaks and related gear under the brand name Journeys as a corporation-Journeys Inc. To avoid income taxes at the corporate level, they should form

Sierra is a holder of preferred stock in Rio Grande Irrigation & Development, Inc. Sierra has priority over holders of Rio common stock as to