1)Election of Subchapter S corporation status is done through:

Group of answer choices

The Secretary of State

The IRS

The county where the corporation operates

The state Department of Revenue

2)A key employee:

Group of answer choices

Is any salaried employee

Owes a duty of loyalty to the organization

Is also automatically subject to a non-compete agreement

Cannot be fired without just cause

3)Article 2 of the UCC applies to:

Group of answer choices

All transactions in the sale of goods

All transactions in the sale of goods but only if one or both parties are merchants

All contracts for the sale of real estate

Secured transactions

4)If a contract falls under the Statute of Frauds, it must be:

Group of answer choices

In writing

Signed by the party to be charged

Signed by the party to be charged and in writing

Notarized

5)Under the doctrine of promissory estoppel, a promise must:

Group of answer choices

Include conduct to support it

Be of short duration

Cause the promisee to rely upon it to his detriment

Be made by a merchant

6)The implied warranty of merchantability applies to:

Group of answer choices

All sales of goods

All sales of goods if the seller is a merchant

All sales of goods if the buyer is a merchant

All sales of goods if the seller and buyer are merchants