Assignment Score: 0.00% Questions Save ma7s 17h.ch0.01 Submit Assignment 1 Question of 15 2 Check My Work 3 O 4. The president of Deal Corporation wrote to Byd, offering to sell the Deal factory for $300,000. The offer was sent by Deal on June 5 and was record by Boyd ca Jane 9. The offer stated it would remain open until December 30. The offer: a. May be revoked by Deal any time prior to Bopfsacceptance Ob is a form offer under the CC but will be irrevocable for only three months O c. Constitutes an enforceable option O d. is a firm offer under the UCC because it is in writing O 6. . 7 CPA Pre-Test Q Search this co Assignment: CPA Pre-Test (Practice) Study Tools Assignment Score: 0.000 ers Questions masrih.choo.02 1 ons 2 ccess Tips 3 ccess Tips 1 5 Die entered into a written contract to sell a building to Stone. The contract was properly recorded. So bed the contract and Desbrough an action for beach of contract. Stone pleads the statute of limitations as a defense. Which of the following statements is correct? The time period feed by the state is uniform throughout the states O b. The remedy sought by Diel will be barred when the period of time provided by the state of mitations as expired O c. The time period fed by the statute of mions begins when the contract is recorded O d. Recording of the contract stops the running of the statute of limitations 6. o Sback 7. 8. 9. Assignment: CPA Pre-Test (Practice) tudy Tools TETT Antimento Questions ma717h.Choo. Sare Submit went 1. 2 O Question 15 ess Tips 3 Check By Work 5 Tips 4 O 5. Union Bank loaned $200,000 to Wagner Union required Wagner to obtain a life insurance policy naming Union as beneficiary. While the loan was outstanding Wagner stopped paying the premiums on the policy, Union paid the premiums, adding the amounts to Wagner's loan. Wagner died and the insurance company refused to pay the policy proceeds to Union Union may O Recover the policy proceeds because it is acreditor beneficiary O b. Not recover the policy proceeds because is only an incidental benetary O Recover the policy proceeds because it hadone beneficiary O d. Not recover the policy proceeds because it is not in privity of contract with the insurance company 6 7. 8. po 0 0 0 0 0 0 9. 10 11. Study Tools Ers Questions math.chon 64 Save Submission 2 O ons 3. Question of cess Tips 4. Check My Wed cess Tips 5 Kent, a 16-year old minor purchased a used car from Mint Motors Inc. Ten mooths later, the car was stolen and never covered. Which of the following statement is correct 2 O a Kent effectively ratified the purchase because Kant used the car for anale period of time O b. Kent may disaffirm the purchase because Kent is a miner O c.Kent may disaffirm the purchase because it a merchants subject to the UCC O d. The car's theft is a de facto ratification of the purchase because it impossible to return the car 7. ack 9. OOO 10 Assignment: CPA Pre-Test (Practice) HE Assement Score.com Questions matur17h.Choo.es Submitment 2 3. Question of 4. 0 5. O Check My Work Race entered into a written contract to sell a parcel of land to Lark for $150,000. At the time the agreement was executed, Race had consumed a large amount of alcoholic beverages that significantly impaired Race's ability to understand the nature and terms of the contract. Lark knew Race was very intoxicated and that the land had been appraised at $280,000. Race wishes to avoid the contract. The contract is O O avoid O b. Voidable at Race's option O c.legally binding on both parties in the absence of fraud or undue influence O d. Voldable at Race's option only if the intrication was voluntary O 7 8. 9. 10 11. 12 13 Questions Assignment Score masr17h.Choo.es 4 Submissie 5. Ons of us 6. Check My Work 5 7 8 Fred entered into a written contract with Joe to purchase a car. The written contract was intended to be the final and complete agreement of the parties. Fredis unhappy with the performance of the car and has commenced an action for breach of contract based on an oral representation made at the time the written contract was executed. Fred may introduce evidence of the representation if it: O a Serves to clarify an ambiguous term in the written contract O b. Completely contradicts the written contract O cPartly contradicts the written contract O d. Falls within the provision of the statue of frauds 9. o o o o o o o o 10. 11. 12. 13 LUNGAGE MINDTAP CPA Pre-Test Q Search this course Assignment: CPA Pre-Test (Practice) X Study Tools A. fers Questions mar17h.Choo.07 Save 5 tions 5 access Tips Check My World 2 Stahl Corp. entered into a written contract to purchase. These from the perder to be the warehouse for $395.000. As a result, Melihased to the bottles for specified Mohamed the statute of freeds as a defensa order for all to accept there that the centra access Tips 10 edback 11 O a Stand Mehl with proper off the Sall and Meat the same O c. Stati O d. Men 13 14 15, 16 17 18 19 Check My World 20 O 21 CPA Pre-Test Search this Assignment: CPA Pre-Test (Practice) sols Agent Score: 0.00 Questions ma7s17h.choos 6 7. O Question of 8. Check My Wodk 2. 10. Dell owed Stark $9.000. As the result of an unrelated transaction, Stark owed all that same amount. The three parties signed an agreement that Dell would pay Ball instead of Stark, and Stark would be discharged from all liability. The agreement among the parties is: O a Voldable at Ball's option O b. An executed accord and satisfaction O cA novation d. Unenforceable for lack of consideration 11. o 12 13 14 15 Assignment: CPA Pre-Test (Practice) Q Search Questions ma7s 17h.Choo.09 Assignment Score 7. O Save Submit Agent B Question of 9 Check My Work 10 a 11 Terrence has been Pauline's agent in the liquor business for 10 years and has made numerous contracts on Pauline's behalf. Under which of the following situations could Terrence continue to have the power to bind Pauline? O a. Terrence lost his license to sell liquor in that state. O b. The death of Pauline without Terrence's knowledge O c. The bankruptcy of Pauline with Terrence's knowledge O d. The firing of Terrence by Pauline 0 0 12 13 0 0 14. 15 o 16. 17 18 OO 19 20, 21 22 icon Key Check My Work 3 Assignment Score: 0.004 Questions mase17.choo.10 Save Submit Alment Question 10 of 25 Check My Work 10 11 12 Philasks his employee Ed to take a company track to deliver some lumber to a customer, Carl. After delivering the lumber, Ed drives 10 miles beyond the customer's house to visit his mother at her house. While pulling the truck in into his mother's driveway, Ed negligently strikes a pedestrian, Vic. If Viesues Phil for his injuries, will Vic likely recover? O aYes, because Ed was Phil's employee O b. No, because td was neigent Yes, because Ed was driving Phil's truck. O d. Na, because the collision did not occur within the scope of Ed's employment 13 14 15. o o o o o o o o o 16 17. 18. 19. 20 ulog and Study Tools tner Offers Questions masrih.Ch00.11 9. ntal Options OO 10 llege Success Tips 11. areer Success Tips 12 If a principal is undisclosed, which of the following statements is not true? O a. The principal may ratify an unauthorized act by the agent. b. The agent's actual authority is the same as if the principal's identity were disclosed O c. The agent is personally liable on contracts that he is authorized to enter on the principal's behalt O d. The principal is personally liable on contracts that the agent enters into with authority 13, elp O sive Feedback 15. O 16 O 17. 18 19 0 0 o 20. 21. Anment Score: 0.00 Questions mas17h.Choo.12 10. Stigen 11 Questo 12 Check Sty Work 13 14. Able, on behalf of Pix Corp.,entered into a contract with Sky Corp., by which Sky agreed to sell computer equipment to Pix. Able disclosed to Sky that she was acting on behalf of Pix. However, Able had exceeded her actual authority by entering into the contract with Sky, If Pix does not want to honor the contract, it will nonetheless be held liable if Sky can prove that: O a. Able was an employee of Pix and not an independent contractor O b. Able actually but unreasonably believed she was acting within the scope of her authority, O c. Able had apparent authority to bind Ph. O d. The agency relationship between Pc and Able was formalized in a signed writing 15. 16, 0 0 0 17. 18 19 O OO 20. 21. c tudy Tools Questions masr17h.Ch00.13 11. ins 12 ess Tips 13 ess Tips 14 Which of the following is a reason to deny a debtor a discharge in bankruptcy? a. Debtor owes debts arising from willful and malicious injury to others. O b. Debtor owes his home state and the federal government tax payments from the past two years. c. Debtor received a discharge in bankruptcy five years ago O d. Debtor owes debts arising from fraud. 15. o 16. ack 17. o 18. 19. O 20. Questions ma717h.Choo.14 Asseco 0.00 12. o Submit Assignment 13 14. OOO Chook My Work Oo Mern Corp. sells computers and computer software to the public. Meen sold and delivered a personal computer to Whyte on credit. Whyte executed and delivered to Mersa promissory note for the purchase price and a security agreement covering the computer. If Whyte purchased the computer for personal use and Mera falls to file a financing statement, which of the following is correct? O Mern does not have a perfected security interest because it failed to file a financing statement O b. Perfection of Mern's security interest occurred at the time of attachment O Mern's security interest is not enforceable against Whyte because Mern failed to file. d. The computer was a consumer good while in Men's possession 17. 18. 19. 0 0 20. 21. 0 3. Save Submit Assigen Question 15 of 25 15. Check My Work 16 17. 18. o o o o o o o o o o o o o Becky borrows $100,000 from Bank to open a new restaurant. She gives Bank a security interest in all of her equipment, including equipment to be acquired in the future. Bank perfects the interest by filling a financing statement covering all of the collateral in a proper place. Becky uses all of the money Bank gave her to purchase equipment, but still needs pots and pans. Her brother Alex offers to lend her $1,000 for pots and pans if she will give him her guitar until she repays him. Alex promises to return the guitar on repayment. Becky agrees, Alex gives her $1,000, she gives Alex her guitar, and she buys the pots and pans. Four months later, Becky defaults in payments to both Bank and Alex. Bank repossesses all of Becky's equipment, including the pots and pans. Which of the following statements is correct? O a Alex had to file to perfect his security interest b. Bank did not have to file to perfect its security interest in the equipment because it has a purchase money security interest O c. Bank's security interest in the pots and pans is superior to Alex's interest in the pots and pans O d. Alex's interest in the pots and pans is superior to Bank's because it is a purchase money security interest 19. 20. 21. 22 23. 24 25. Check My Work O-Icon Key mar17h.ch00.16 Assignments 14 e 15 Question to 16 Check My a Pix is offering to issue $10 million of its securities pursuant to Regulation of the Securities Act of 1933. Under the applicable provisions of Regulation D: O Pixmay make a general solicitation in connection with the offering O b. The securities may be debentures O c. Pax must be a corporation O d. Each investor must be an accredited investor. 18 9 19 20 21 22 ee 23. 24 25 0 Questions mar17h.Ch.17 Save Submit Augment 15, O 16. Question 17 of 12 Check My World 1. 10 Ted Fein, a partner in the ABC Partnership wishes to withdraw from the partnership and sell his interest to Gold. All of the other partners in ABC have agreed to admit Gold as a partner and to hold Fein harmless for the past, present and future libilities of ABC. A provision in the original partnership agreement states that the partnership will continue upon the death or withdrwwal of one or more of the parties. The agreement to hold Fein harmless for all past, present and future liabilities of ABC will O a Permit fein to recover from the other partners only amounts he has paid in excess of the proportionate share O b. Prevent partnership creditors from holding Fein personally able for the past, present and future lies of ABC. O c. Prevent partnership creditors from holding Fein personal liable only as to those of ABCs at the time of few's withdrawal O d. Not affect the rights of partnership creditors to hold rein personally able for those of existing at the time of his withdrawal 20. 21 22. o 25. 16 Save Submit Assige 17. OS 18 Check My Wok 19 20 Trinket Corporation is being sued by its distributor, International, for nonpayment of debts. International will be able to hold Jasper Crumb, a shareholder of Trinket, personally liable for the company's debts if: Trinket has four shareholders, including jasper Crumb Ob Trink's articles of incorporation allow for more than one class of stock OcTrinket Corporation is overcapitalized, O d.The shareholder's personal assets are material commiged with Treats 21 22. 23 24. 25 Bols Questions mar17h.ch.19 17 At Score Summer S 18 19 21. Check My World Pred, the general partner of Smackey, Lad, a limited partnership, wants the partship's main supplies, Ace Supply, to raise the partnership's line of credit substantially Ace Supply is reluctant, Fred asks Allison, who is a limited partner in Smackey, Land, and is well regarded in the financial community, to negotiate with Ace Supply. After O Allison contacts Ace Supply, Ace Supply agrees to increase Smackey, Lad's line of credit, erroneously thinking that Allison is a prowal partner in Sackey, Lad although Allison did not make such a representation. If Smackey, Lid., borrows against its new line of credit with Ace Supply and fails to pay, who can be held personally liable for the payment? Both Allison and Fred O O b. Alison but not Fred 0 O c fred, but not Alison d. nether Allison nor Fred 22 23 24 25. Questions mash.Choo.20 Assignment Score. 18. Save Submit vie 19 O 20 Check My Week Omega LLC is a limited liability company. The operating agreement for Omega is silent on the sharing of profits and losses Omega has four members. Hess contributed $10,000, Ivan contributed $20,000, Johns contributed $30,000 and Kale contributed $40,000. For the year ending December 31, Year 3 Omega lades of $200.000 What amount of the losses should be allocated to Ivan? O a 580.000 O b. 540,000 0.550.000 O d. 560,000 22. Oo 23 24. 0 0 25 Tips 21 Check My Wed Tips 22. Chris is a member in an LLC in Philadelphia. Chris wishes to participate in the management of the LLC. His fellow members have told him he cannot participate in management. Chris seeks your advice. You correctly tell him O a Members of an LLC are not ended to participate in management O b. By defauit. Chris may participate in management unless the elected to be manager managed O clics are not managed by magbers within the d. None of the above 23. 0 0 0 0 0 24 25. Check My Work 20 21 22. Check My Work 23 0 0 0 Able and Baker are two corporations, the shares of which are publicly traded. Able plans to merge Baker into itself. Which of the following is a requirement of the merger? O a. The common stockholders of Baker must receive common stock of Able O b. The IRS must approve the merger The boards of directors of both Able and Baker must approve the merger O d. The creditors of Baker must approve the merger 25. 21. 22 23 o 24 O The consideration needed to support a contract must: a. Flow to the promise AND have monetary value b. Flow to the promise c. Have monetary value d. Neither flow to the promise NOR have monetary value O 00 OC 24 O Check My Word Barb e-mailed Steve, an electronics supplier, an offer to buy 300 flash drives imprinted with an attached logo at $2.00 per flash drive. The e-mail bore Burt's electronie signature. Steve immediately e-mailed back his acceptance. A week later, Barb telephoed Steve and truthfully explained that she made an error in her order it should have been for 200 flash drives. She asked if she could reduce her order to 200. Steve thought the imprinting process was not yet completed and to proved to reduce the order to 200. After the phone call, Steve discovered that all 300 flash drives had already been imprinted. He delivered the 300, but Barbacopted only 200 G Seco damages with respect to the 100 flash drives that were not accepted? O a Yes, because Barb will be barred from introducing evidence of the modification O b. No, because Steve is a merchant with respect to fashdrives No, because Steve agreed to the medication and it was not O d. Yes, because tarb gave no consideration for the modification Questions Assignment Score: 0.00 mas 17h.ch 0.25 23 Save Submitmen 24. 25. O Check My Wodk Bob telephone Samantha, an electronics supplier, and offered to buy 600 small LED flashlights at $1.00 per flashlight. Bob planned togethe flichts way at the grand opening of his electronics store. A week before the grand opening. Samantha received an offer for the immediate purchase of most of her small LED flashlight inventory for $1.25 per flashlight. She telephoned Bob, explained the situation, and told him she would be able to send him only 200 flashlights. Bob responded that a deali a deal and he expected delivery of all 600 flashlights. Upoet, Samantha sent Bobasiped letter again explaining that she could not deliver the foo flashlights for $1.00 each as promised but would be happy to deliver 200. Bob did not respond. The day before the grand opening Sanitha delivered a flashlights. To meet his grand opening obligations, Bob give away 400 medium size flashlights which cost him $1.75 each Is Bob entitled to recover damages for Samantha's failure to deliver all too flashlights O aYes, because Samantha delivered only 200 fights O b. No, because Bob did not respond to the letter O c.Yes, because Samantha is a merchant with respect to flash O d. No, because the offer and acceptance were and thus nerforceable under the Soft { Assignment Score: 0.00% Questions Save ma7s 17h.ch0.01 Submit Assignment 1 Question of 15 2 Check My Work 3 O 4. The president of Deal Corporation wrote to Byd, offering to sell the Deal factory for $300,000. The offer was sent by Deal on June 5 and was record by Boyd ca Jane 9. The offer stated it would remain open until December 30. The offer: a. May be revoked by Deal any time prior to Bopfsacceptance Ob is a form offer under the CC but will be irrevocable for only three months O c. Constitutes an enforceable option O d. is a firm offer under the UCC because it is in writing O 6. . 7 CPA Pre-Test Q Search this co Assignment: CPA Pre-Test (Practice) Study Tools Assignment Score: 0.000 ers Questions masrih.choo.02 1 ons 2 ccess Tips 3 ccess Tips 1 5 Die entered into a written contract to sell a building to Stone. The contract was properly recorded. So bed the contract and Desbrough an action for beach of contract. Stone pleads the statute of limitations as a defense. Which of the following statements is correct? The time period feed by the state is uniform throughout the states O b. The remedy sought by Diel will be barred when the period of time provided by the state of mitations as expired O c. The time period fed by the statute of mions begins when the contract is recorded O d. Recording of the contract stops the running of the statute of limitations 6. o Sback 7. 8. 9. Assignment: CPA Pre-Test (Practice) tudy Tools TETT Antimento Questions ma717h.Choo. Sare Submit went 1. 2 O Question 15 ess Tips 3 Check By Work 5 Tips 4 O 5. Union Bank loaned $200,000 to Wagner Union required Wagner to obtain a life insurance policy naming Union as beneficiary. While the loan was outstanding Wagner stopped paying the premiums on the policy, Union paid the premiums, adding the amounts to Wagner's loan. Wagner died and the insurance company refused to pay the policy proceeds to Union Union may O Recover the policy proceeds because it is acreditor beneficiary O b. Not recover the policy proceeds because is only an incidental benetary O Recover the policy proceeds because it hadone beneficiary O d. Not recover the policy proceeds because it is not in privity of contract with the insurance company 6 7. 8. po 0 0 0 0 0 0 9. 10 11. Study Tools Ers Questions math.chon 64 Save Submission 2 O ons 3. Question of cess Tips 4. Check My Wed cess Tips 5 Kent, a 16-year old minor purchased a used car from Mint Motors Inc. Ten mooths later, the car was stolen and never covered. Which of the following statement is correct 2 O a Kent effectively ratified the purchase because Kant used the car for anale period of time O b. Kent may disaffirm the purchase because Kent is a miner O c.Kent may disaffirm the purchase because it a merchants subject to the UCC O d. The car's theft is a de facto ratification of the purchase because it impossible to return the car 7. ack 9. OOO 10 Assignment: CPA Pre-Test (Practice) HE Assement Score.com Questions matur17h.Choo.es Submitment 2 3. Question of 4. 0 5. O Check My Work Race entered into a written contract to sell a parcel of land to Lark for $150,000. At the time the agreement was executed, Race had consumed a large amount of alcoholic beverages that significantly impaired Race's ability to understand the nature and terms of the contract. Lark knew Race was very intoxicated and that the land had been appraised at $280,000. Race wishes to avoid the contract. The contract is O O avoid O b. Voidable at Race's option O c.legally binding on both parties in the absence of fraud or undue influence O d. Voldable at Race's option only if the intrication was voluntary O 7 8. 9. 10 11. 12 13 Questions Assignment Score masr17h.Choo.es 4 Submissie 5. Ons of us 6. Check My Work 5 7 8 Fred entered into a written contract with Joe to purchase a car. The written contract was intended to be the final and complete agreement of the parties. Fredis unhappy with the performance of the car and has commenced an action for breach of contract based on an oral representation made at the time the written contract was executed. Fred may introduce evidence of the representation if it: O a Serves to clarify an ambiguous term in the written contract O b. Completely contradicts the written contract O cPartly contradicts the written contract O d. Falls within the provision of the statue of frauds 9. o o o o o o o o 10. 11. 12. 13 LUNGAGE MINDTAP CPA Pre-Test Q Search this course Assignment: CPA Pre-Test (Practice) X Study Tools A. fers Questions mar17h.Choo.07 Save 5 tions 5 access Tips Check My World 2 Stahl Corp. entered into a written contract to purchase. These from the perder to be the warehouse for $395.000. As a result, Melihased to the bottles for specified Mohamed the statute of freeds as a defensa order for all to accept there that the centra access Tips 10 edback 11 O a Stand Mehl with proper off the Sall and Meat the same O c. Stati O d. Men 13 14 15, 16 17 18 19 Check My World 20 O 21 CPA Pre-Test Search this Assignment: CPA Pre-Test (Practice) sols Agent Score: 0.00 Questions ma7s17h.choos 6 7. O Question of 8. Check My Wodk 2. 10. Dell owed Stark $9.000. As the result of an unrelated transaction, Stark owed all that same amount. The three parties signed an agreement that Dell would pay Ball instead of Stark, and Stark would be discharged from all liability. The agreement among the parties is: O a Voldable at Ball's option O b. An executed accord and satisfaction O cA novation d. Unenforceable for lack of consideration 11. o 12 13 14 15 Assignment: CPA Pre-Test (Practice) Q Search Questions ma7s 17h.Choo.09 Assignment Score 7. O Save Submit Agent B Question of 9 Check My Work 10 a 11 Terrence has been Pauline's agent in the liquor business for 10 years and has made numerous contracts on Pauline's behalf. Under which of the following situations could Terrence continue to have the power to bind Pauline? O a. Terrence lost his license to sell liquor in that state. O b. The death of Pauline without Terrence's knowledge O c. The bankruptcy of Pauline with Terrence's knowledge O d. The firing of Terrence by Pauline 0 0 12 13 0 0 14. 15 o 16. 17 18 OO 19 20, 21 22 icon Key Check My Work 3 Assignment Score: 0.004 Questions mase17.choo.10 Save Submit Alment Question 10 of 25 Check My Work 10 11 12 Philasks his employee Ed to take a company track to deliver some lumber to a customer, Carl. After delivering the lumber, Ed drives 10 miles beyond the customer's house to visit his mother at her house. While pulling the truck in into his mother's driveway, Ed negligently strikes a pedestrian, Vic. If Viesues Phil for his injuries, will Vic likely recover? O aYes, because Ed was Phil's employee O b. No, because td was neigent Yes, because Ed was driving Phil's truck. O d. Na, because the collision did not occur within the scope of Ed's employment 13 14 15. o o o o o o o o o 16 17. 18. 19. 20 ulog and Study Tools tner Offers Questions masrih.Ch00.11 9. ntal Options OO 10 llege Success Tips 11. areer Success Tips 12 If a principal is undisclosed, which of the following statements is not true? O a. The principal may ratify an unauthorized act by the agent. b. The agent's actual authority is the same as if the principal's identity were disclosed O c. The agent is personally liable on contracts that he is authorized to enter on the principal's behalt O d. The principal is personally liable on contracts that the agent enters into with authority 13, elp O sive Feedback 15. O 16 O 17. 18 19 0 0 o 20. 21. Anment Score: 0.00 Questions mas17h.Choo.12 10. Stigen 11 Questo 12 Check Sty Work 13 14. Able, on behalf of Pix Corp.,entered into a contract with Sky Corp., by which Sky agreed to sell computer equipment to Pix. Able disclosed to Sky that she was acting on behalf of Pix. However, Able had exceeded her actual authority by entering into the contract with Sky, If Pix does not want to honor the contract, it will nonetheless be held liable if Sky can prove that: O a. Able was an employee of Pix and not an independent contractor O b. Able actually but unreasonably believed she was acting within the scope of her authority, O c. Able had apparent authority to bind Ph. O d. The agency relationship between Pc and Able was formalized in a signed writing 15. 16, 0 0 0 17. 18 19 O OO 20. 21. c tudy Tools Questions masr17h.Ch00.13 11. ins 12 ess Tips 13 ess Tips 14 Which of the following is a reason to deny a debtor a discharge in bankruptcy? a. Debtor owes debts arising from willful and malicious injury to others. O b. Debtor owes his home state and the federal government tax payments from the past two years. c. Debtor received a discharge in bankruptcy five years ago O d. Debtor owes debts arising from fraud. 15. o 16. ack 17. o 18. 19. O 20. Questions ma717h.Choo.14 Asseco 0.00 12. o Submit Assignment 13 14. OOO Chook My Work Oo Mern Corp. sells computers and computer software to the public. Meen sold and delivered a personal computer to Whyte on credit. Whyte executed and delivered to Mersa promissory note for the purchase price and a security agreement covering the computer. If Whyte purchased the computer for personal use and Mera falls to file a financing statement, which of the following is correct? O Mern does not have a perfected security interest because it failed to file a financing statement O b. Perfection of Mern's security interest occurred at the time of attachment O Mern's security interest is not enforceable against Whyte because Mern failed to file. d. The computer was a consumer good while in Men's possession 17. 18. 19. 0 0 20. 21. 0 3. Save Submit Assigen Question 15 of 25 15. Check My Work 16 17. 18. o o o o o o o o o o o o o Becky borrows $100,000 from Bank to open a new restaurant. She gives Bank a security interest in all of her equipment, including equipment to be acquired in the future. Bank perfects the interest by filling a financing statement covering all of the collateral in a proper place. Becky uses all of the money Bank gave her to purchase equipment, but still needs pots and pans. Her brother Alex offers to lend her $1,000 for pots and pans if she will give him her guitar until she repays him. Alex promises to return the guitar on repayment. Becky agrees, Alex gives her $1,000, she gives Alex her guitar, and she buys the pots and pans. Four months later, Becky defaults in payments to both Bank and Alex. Bank repossesses all of Becky's equipment, including the pots and pans. Which of the following statements is correct? O a Alex had to file to perfect his security interest b. Bank did not have to file to perfect its security interest in the equipment because it has a purchase money security interest O c. Bank's security interest in the pots and pans is superior to Alex's interest in the pots and pans O d. Alex's interest in the pots and pans is superior to Bank's because it is a purchase money security interest 19. 20. 21. 22 23. 24 25. Check My Work O-Icon Key mar17h.ch00.16 Assignments 14 e 15 Question to 16 Check My a Pix is offering to issue $10 million of its securities pursuant to Regulation of the Securities Act of 1933. Under the applicable provisions of Regulation D: O Pixmay make a general solicitation in connection with the offering O b. The securities may be debentures O c. Pax must be a corporation O d. Each investor must be an accredited investor. 18 9 19 20 21 22 ee 23. 24 25 0 Questions mar17h.Ch.17 Save Submit Augment 15, O 16. Question 17 of 12 Check My World 1. 10 Ted Fein, a partner in the ABC Partnership wishes to withdraw from the partnership and sell his interest to Gold. All of the other partners in ABC have agreed to admit Gold as a partner and to hold Fein harmless for the past, present and future libilities of ABC. A provision in the original partnership agreement states that the partnership will continue upon the death or withdrwwal of one or more of the parties. The agreement to hold Fein harmless for all past, present and future liabilities of ABC will O a Permit fein to recover from the other partners only amounts he has paid in excess of the proportionate share O b. Prevent partnership creditors from holding Fein personally able for the past, present and future lies of ABC. O c. Prevent partnership creditors from holding Fein personal liable only as to those of ABCs at the time of few's withdrawal O d. Not affect the rights of partnership creditors to hold rein personally able for those of existing at the time of his withdrawal 20. 21 22. o 25. 16 Save Submit Assige 17. OS 18 Check My Wok 19 20 Trinket Corporation is being sued by its distributor, International, for nonpayment of debts. International will be able to hold Jasper Crumb, a shareholder of Trinket, personally liable for the company's debts if: Trinket has four shareholders, including jasper Crumb Ob Trink's articles of incorporation allow for more than one class of stock OcTrinket Corporation is overcapitalized, O d.The shareholder's personal assets are material commiged with Treats 21 22. 23 24. 25 Bols Questions mar17h.ch.19 17 At Score Summer S 18 19 21. Check My World Pred, the general partner of Smackey, Lad, a limited partnership, wants the partship's main supplies, Ace Supply, to raise the partnership's line of credit substantially Ace Supply is reluctant, Fred asks Allison, who is a limited partner in Smackey, Land, and is well regarded in the financial community, to negotiate with Ace Supply. After O Allison contacts Ace Supply, Ace Supply agrees to increase Smackey, Lad's line of credit, erroneously thinking that Allison is a prowal partner in Sackey, Lad although Allison did not make such a representation. If Smackey, Lid., borrows against its new line of credit with Ace Supply and fails to pay, who can be held personally liable for the payment? Both Allison and Fred O O b. Alison but not Fred 0 O c fred, but not Alison d. nether Allison nor Fred 22 23 24 25. Questions mash.Choo.20 Assignment Score. 18. Save Submit vie 19 O 20 Check My Week Omega LLC is a limited liability company. The operating agreement for Omega is silent on the sharing of profits and losses Omega has four members. Hess contributed $10,000, Ivan contributed $20,000, Johns contributed $30,000 and Kale contributed $40,000. For the year ending December 31, Year 3 Omega lades of $200.000 What amount of the losses should be allocated to Ivan? O a 580.000 O b. 540,000 0.550.000 O d. 560,000 22. Oo 23 24. 0 0 25 Tips 21 Check My Wed Tips 22. Chris is a member in an LLC in Philadelphia. Chris wishes to participate in the management of the LLC. His fellow members have told him he cannot participate in management. Chris seeks your advice. You correctly tell him O a Members of an LLC are not ended to participate in management O b. By defauit. Chris may participate in management unless the elected to be manager managed O clics are not managed by magbers within the d. None of the above 23. 0 0 0 0 0 24 25. Check My Work 20 21 22. Check My Work 23 0 0 0 Able and Baker are two corporations, the shares of which are publicly traded. Able plans to merge Baker into itself. Which of the following is a requirement of the merger? O a. The common stockholders of Baker must receive common stock of Able O b. The IRS must approve the merger The boards of directors of both Able and Baker must approve the merger O d. The creditors of Baker must approve the merger 25. 21. 22 23 o 24 O The consideration needed to support a contract must: a. Flow to the promise AND have monetary value b. Flow to the promise c. Have monetary value d. Neither flow to the promise NOR have monetary value O 00 OC 24 O Check My Word Barb e-mailed Steve, an electronics supplier, an offer to buy 300 flash drives imprinted with an attached logo at $2.00 per flash drive. The e-mail bore Burt's electronie signature. Steve immediately e-mailed back his acceptance. A week later, Barb telephoed Steve and truthfully explained that she made an error in her order it should have been for 200 flash drives. She asked if she could reduce her order to 200. Steve thought the imprinting process was not yet completed and to proved to reduce the order to 200. After the phone call, Steve discovered that all 300 flash drives had already been imprinted. He delivered the 300, but Barbacopted only 200 G Seco damages with respect to the 100 flash drives that were not accepted? O a Yes, because Barb will be barred from introducing evidence of the modification O b. No, because Steve is a merchant with respect to fashdrives No, because Steve agreed to the medication and it was not O d. Yes, because tarb gave no consideration for the modification Questions Assignment Score: 0.00 mas 17h.ch 0.25 23 Save Submitmen 24. 25. O Check My Wodk Bob telephone Samantha, an electronics supplier, and offered to buy 600 small LED flashlights at $1.00 per flashlight. Bob planned togethe flichts way at the grand opening of his electronics store. A week before the grand opening. Samantha received an offer for the immediate purchase of most of her small LED flashlight inventory for $1.25 per flashlight. She telephoned Bob, explained the situation, and told him she would be able to send him only 200 flashlights. Bob responded that a deali a deal and he expected delivery of all 600 flashlights. Upoet, Samantha sent Bobasiped letter again explaining that she could not deliver the foo flashlights for $1.00 each as promised but would be happy to deliver 200. Bob did not respond. The day before the grand opening Sanitha delivered a flashlights. To meet his grand opening obligations, Bob give away 400 medium size flashlights which cost him $1.75 each Is Bob entitled to recover damages for Samantha's failure to deliver all too flashlights O aYes, because Samantha delivered only 200 fights O b. No, because Bob did not respond to the letter O c.Yes, because Samantha is a merchant with respect to flash O d. No, because the offer and acceptance were and thus nerforceable under the Soft {