egally formed Corporations have the right of perpetual succession (going concern). Which of the following best defines this term?

A.

They are artificially created legal persons, and do not "die" until they are ended by winding up. Therefore, a corporation continues despite changes in its membership.

B.

They are like partnerships, where any change of partnership will end the partnership unless there is a specific agreement to the contrary

C.

An agreement between the Directors and the Officers is the going way in which the corporation actually ends

D.

The shareholders alone can end the corporation

E.

None of the above

2

Which of the following is not an example of a common condition precedent when buying and selling real property?

A.

Conditional on inspection

B.

Conditional on financing

C.

Conditional on two or more parties buying

D.

Conditional on zoning approval

3.

W, X,Y & Z are discussing the forming of a business together. W is a graduate of marketing, X is married with children, Y is in the final year of a MBA and Z has just won $70,000 in the lottery. Which business would be in Z's interest to form?

A.

Partnership

B.

Corporation

C.

Sole proprietorship

D.

Agency