1. Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks its a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation? (Points : 1)

All three partners must agree on the furniture purchase.

The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.

Cary will not be liable to the estate on the antiques contract.

The partnership and all three partners will be liable on the contract for the antiques.

Question 2.2. A trademark is an example of: (Points : 1)

Personal property

Tangible property

Intellectual property

Real property

Question 3.3. Which of the following does NOT have the advantage of single taxation? (Points : 1)

Sole proprietorships

Partnerships

Corporations

LLCs

Question4.4. Personal property is defined as (Points : 1)

portable property.

property which is owned by an individual.

property which is fixed in an object.

property which is attached to land.

Question 5.5. Which of the following is a partnership? (Points : 1)

Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally. Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers. Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together. All of these are partnerships. Question 6.6. Which of the following has NOT been a criticism of the Supreme Courts decision in Citizens United v. Federal Election Commission? (Points : 1)

It allowed corporations to play too major a role in political campaigns.

It allowed too much anonymity in money spent to influence campaigns.

It overly restricted freedom of speech.

All persons rights are not identical.

Question 7.7. Generally, the law presumes that the renter of an apartment will (Points : 1)

fix a leaky faucet. fix a leaky roof.

give at least 60 days notice that he is leaving.

show the apartment to prospective buyers if the building is for sale.

Question 8.8. Jake moves into an empty house. The owner lives down the block, and sees Jake coming and going periodically. Before Jake moved in, the house was often vandalized, but Jake seems to be taking care of it. After 20 years, the law declares Jake to be the owner of the property. This is an example of: (Points : 1)

Accession

An easement

Adverse possession

An implied tenancy

Question 9.9. Josh parks his car in a self-service parking ramp, taking a ticket as he enters and leaving his car on the second level. His car is stolen. If Josh sues the owner of the ramp (Points : 1)

Josh wins; this is a bailment.

Josh wins, unless there was a sign disclaiming responsibility.

the owner wins; this is not a bailment.

the owner wins; Josh assumed the risk of parking in the ramp.

Question 10.10. Which of the following is NOT involved in doing business on behalf of the corporation? (Points : 1) Promoters

Directors

Officers

Shareholders