1- Joan enters into a contract with Pealy believing that Pealy is acting on her own behalf when in fact she is acting as an agent for Samuel on his express instructions. In the event of a breach of contract who can Joan take action against.

Pick one option

		a- No-one, the contract is invalid.
		b- Pealy.
		c- Samuel.
		d- Pealy and Samuel.

2- The stock that may be sold for any price fixed by the board of directors without regard to any part value on the stock is:

Pick one option

		No part
		Treasury
		Par
		Common or preferred

3- Treasury shares are functionally equivalent to:

Pick one option

		Authorized and unissued shares
		Unissued shares
		Issued shares
		Authorized and issued shares

4- An organization that is neither a de jure nor a de facto corporation has attempted to exercise- corporate powers. It may be treated as a corporation if I- The other party demonstrates fair and equitable conduct. II- Injustice can be avoided only by treating the business as a corporation. III- A good-faith but unsuccessful effort to comply with the incorporation statute has been made. Pick one option

		II and III only.
		I only.
		I and II only.
		I, II, and III.