27. A corporate shareholder who owns 20% of a corporation will be offered an opportunity to purchase what percentage of new shares issued under preemptive rights: a) 10%; b) 20% c) 30%; or d) 40%?

28. An existing general partnership, limited partnership and corporation may be converted to a Limited Liability Company if which of the following requirements are met: a) an agreement of conversion is drafted that sets forth the terms of the conversion; b) the terms of the conversion are approved by all parties or by the number or percentage of owners required for the conversion; c) Articles of Organization of the new LLC are filed with the Secretary of State; d) all of the above.

29. Certain members and managers of a limited liability company owe fiduciary duties to the LLC they own or manage. These duties include: a) only the duty of loyalty; b) only the duty of care; c) both the duty of loyalty and care; d) neither the duty of loyalty or care.

30. In Wrench v. Taco Bell, Taco Bell was liable for breach of an impliedin- fact contract because of the presence of the following element(s): a) plaintiff provided property or service; b) plaintiff expected to be paid for services; c) defendant was given an opportunity to reject the services provided by the plaintiff and failed to do so; d) all of the above.