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6:14 PM Wed Dec 16 @ 90% O a online.hfcc.edu HFC Online My Courses This Course > Student Services > HFC Online Vide Toreseeable that Annie would be injured. Question 33 Eva and Liesel have been partners of Swiss Construction for 5 years. Not yet One day, Liesel purchases an F-150, which is titled in her name, but answered which they both use for business. One weekend, while Liesel is using Points out of the truck to go off-roading, Eva calls asking to use it to for business 1.00 purposes. Liesel says "No, it's mine." Which of the following is true? Flag question O a. Liesel must allow Eva to use the truck but she can charge Eva reasonable rent. O b. Liesel does not have to let Eva use the truck because its title is in her name. O c. Eva only has use of the truck during regular business hours - not on the weekend. O d. Liesel must let Eva use the truck because it is partnership property. Question 34 Garden Tool Company makes chain saws. Hadrian is injured when the Not yet chain on the chainsaw snaps as he is cutting a tree stump. When answered Hadrian sues Garden Tool for negligence, he must show that Points out of 1.0 O a. Garden Tool used puffery in its advertising. Flag question O b. He was in privity of contract with Garden Tool. O c. He was not experienced in the use of chain saws. O d. Garden Tool failed to use due care in designing or manufacturing the chain saw. Question 35 Squigword owns 68% of outstanding shares of Waterworld, Inc. The Not yet remaining shares are owned by Bob and Patrick. At the annual meeting answered of shareholders ofQuestion 10 Alex is a director of ABC, Inc. Alex wants to personally make a major Not yet purchase from Bravo Co. If it knew of the opportunity, ABC might be answered also interested in making that same purchase. Alex must: Points out of 1.00 O a. First offer the opportunity to make the purchase to the Flag disinterested directors of ABC or its shareholders. question O b. Have a trusted friend buy it than sell it to him. O c. Abandon the idea of making the purchase himself. O d. Resign from the board of directors.6213 PM Wed Dec 16 ?@90%- H onlinehfccedu HFC On|ine a My Courses ' This Course V Student Services V HFc Online Vide. Question 18 Not yet answered Points out of 1.00 \\V Flag question Question 19 Not yet answered Points out of 1.00 \\V Flag question Question 20 Not yet answered Points out of 1.00 \\V Flag question A provision in the bylaws of Wells Fergo Corporation allows each shareholder to maintain his proportionate control by giving preference over prospective purchasers to purchase a prorated share of the new stock. This provision is called Oa. Cumulative voting. 0 b. Preemptive rights. 0 c. Pro-rata rights. 0 d. Stock warrants. Luella purchases 5000 shares of common stock in TriCoIor, Inc., which gives her 19% of the business. Luella has the right to O a. Set executive compensation. O b. Vote to elect the directors. 0 c. Manage the day-to-day business of the corporation. 0 d. Demand that a proposal be placed in the company' proxy statement to be voted on at the next shareholder meeting. Acme, Inc. has 5,000 outstanding shares of voting stock. Its Bylaws set the quorum at 50% of outstanding shares. If the Board of Acmer Inc. is considering merging with Lekme, Inc.r a quorum of shareholders owning shares must be present to vote. 0 a. 10,000 0 b. 1,250 O c.5000 0 cl. 2500 6:14 PM Wed Dec 16 7 G} 90% - H onlinehfccedu HFC On|ine a My Courses ' This Course V Student Services V HFc ofine Vide, Quesuon 36 Bill, Paul, and Steve form a Limited Liability Company, which is then Not yet sued by llan. Bill, Paul and Steve are answered Points out of O a. Liable on the debt only to the extent of their capital contribution. 1.00 \\V Flag 0 b. Jointly and severally liable on the debt. question 0 c. Personally liable on the debt. 0 d. No one is liable because the LLC is a separate legal entity. QUE'SUO\" 37 Acme Corporation needs money to expand their plastic recycling N01 yet business. Acme may answered Points out of O a. Borrow money from individuals, guaranteeing the payment of 1'00 interest and return of the investment at a later date. \\V Flag Question O b. Accept a capital contribution from someone in exchange for shares of stock and a seat on the board of directors. 0 c. Liquidate all of its assets. 0 cl. Both A and B. 0 9. All of the above. QUESUO\" 38 Caleb is driving a car in which Dona is a passenger when an accident Not yet occurs. Caleb and Dona are emotionally rattled, but neither is physically answered hurt. Which of the following is true? Points out of 1'00 O a. Caleb is not liable to Dona on a negligence claim because Donna 'l' Flag is not injured. question 0 b. Caleb is liable to Donna on a negligence claim because he was driving the car. 0 O c. Caleb is liable to Donna on a strict liability claim. 0 d. Caleb is not liable to Donna on a negligence claim because 6:13 PM Wed Dec 16 7 G} 90% - H onlinehfccedu HFC On|ine a My Courses ' This Course V Student Services V HFc Online Vide. Quesuon 12 Sisters Shireen and JoJo form an LLC to sell handmade earrings. The Not yet LLC does not have a separate bank account and the sisters deposit answered profit into their personal bank accounts. They do not hold meetings. Points out of They do not keep up with their paperwork. When they are sued by 1.00 Budding Beads, Inc. for breach of contract, the Sisters claim they are f' Flag not personally liable because the debt belongs to the LLC. Which of the queStiO\" following is the most likely outcome? 0 a. They are incorrect because the court is likely to Pierce the Corporate Veil since they did not follow any formalities. O b. They are correct because the LLC is not a separate legal entity. 0 c. They are correct; the LLC incurred the debtr not the sisters. 0 d. They are incorrect because neither sister has enough money to pay the debt. Quesuon 13 Bella purchases a used GM Chevrolet through Craig's List. While driving N01 yet down the highway, the electrical system suddenly stopsr and Bella is answer\" seriously injured. She later learns that GM knew of the faulty ignition Points out of switch. In her suit against GM 1.00 \\V Flag queStiO" O a. Bella will likely win because she fully recovered and therefore has no injury. 0 b. Bella will likely win because GM designed and manufactured an unreasonably dangerous product. can't prove the accident was due to a faulty ignition switch. 0 c. GM will likely win because the car was so mangled that Bella 0 d. GM will likely win because Bella did not purchase the car directly from GM. Question 30 Not yet answered Points out of 1.00 F Flag question Fabio's trucking company owes $35,000 to the bank and another $67,000 to the credit union. Fabio decides to incorporate the company and transfer the debt to the new corporation. After six months the trucking corporation files for bankruptcy, seeking to discharge all of the debt. If the bank and credit union try to hold Fabio personally liable O a. The court would not because Fabio obviously tried to make a profit and shouldn't be punished for failing. O b. The court would not because the debt belongs to a corporation. 0 c. The court would if the judge uses the same bank and credit union. 0 d. The court would, piercing the corporate veil because the corporation was created solely to avoid paying the debt. 6212 PM Wed Dec 16 ?@90%- H onlinehfccedu HFC Online a My Courses V This Course V Student Services V HFC Online Vide, Question 3 Not yet answered Points out of 1.00 \\V Flag question Question 4 Not yet answered Points out of 1.00 \\V Flag question Question 5 Not yet answered Points out of 1.00 \\V Flag question Stan and Trudy are partners in Bejeweled, a popularjewelry store. If a creditor successfully sues Bejeweled, Stan and Trudy for a business debt, and wins, Trudi will be 0 a. 33% personally responsible for the debt. 0 b. 50% personally responsible for the debt. 0 c. 100% personally responsible for the debt. 0 d. Not personally liable for the debt. Dr. Kevorkian followed the standard of care when he transplanted Nolan's nose, but poor Nolan developed complications and his nose fell off. In his negligence suit against Dr. Kevorkian, Nolan 0 a. may win if the jury finds that Dr. Kevorkian did not behave as a reasonable surgeon should have behaved. O b. will lose because he assumed the risk by agreeing to the surgery. 0 c. will lose because losing a nose is not a recognized legal injury. 0 d. will lose because losing a nose is not a recognized legal injury. Two cars, driven by Fred and Barney, collide. At trial, thejury determines that the accident was 90% Fred's fault and 10% Barney's fault. Barney's losses total $100,000. If he lives in a state that uses comparative negligence, Barney will recover O a. $100,000 0 b. $0 0 c. $10.00 0 d. $90,00 6213 PM Wed Dec 16 "3' G} 90% - H onlinehfccedu HFC Online a My Courses V This Course V Student Services V HFC Online Vide. QueStion14 Earth Movers, lnc., uses dynamite to prepare land for highway projects. Not yet Strict liability is imposed on this activity because answered Points out of O a_ 1.00 . _ _ . The actIVIty Is Inherently dangerous. \\V Flag question 0 b. Earth Movers is a corporation. 0 c. The government pays for highway construction. 0 d. The activity is inherently negligent. QUESUO\" 15 Jerry was a limited partner in a strip mall. Norman was the general Not yet partner. The business loses a large lawsuit and is forced to dissolve. answered Jerry is Points out of 1.00 \\V Flag question 0 a. Liable to Norman for failing to contribute his labor. 0 b. 100% personally liable because he is a partner. 0 c. Liable for 50% of the debt since there are only 2 partners. 0 d' Liable to the extent of his capital contribution because he is a limited partner. Previous page Next page o 01 Ii7 navinntinn 6214 PM Wed Dec 16 ?@90%- H onlinehfccedu HFC Onllne a My Courses V This Course V Student Services V HFC Online Vide, Question 26 Not yet answered Points out of 1.00 \\V Flag question Question 27 Not yet answered Points out of 1.00 \\V Flag question Question 28 Not yet answered To pay for college, Maleficent made late-night deliveries for Insomnia Cookies. After delivering her last cookie, on her way home from work, Maleficent accidently plows her car into Betsy, causing serious injury. In Betsy's suit against Maleficent and Insomnia Cookies 0 a. Insomnia Cookies need not indemnify Maleficent for her legal expenses because she was not acting within the scope of her duties. 0 b. Insomnia cookies must pay for Betsy's injuries because Maleficent was acting within the scope of her authority. 0 c. Betsy cannot sue because she is a college student. 0 d. Insomnia Cookies must indemnify Maleficent for her legal expenses because she was acting within the scope of her duties. Burbank, Inc. announces that it intends to merge with Hollywood, Inc. The Board of Burbank spends a week searching for other potential buyers. Finding none, they consent to the merger, which is completed in 8 days. When the shareholders of Burbank sue, claiming the Directors breached their fiduciary duty, a court will likely O a. Do nothing because of the business judgment rule. 0 b. Pierce the corporate veil because the Directors failed to protect Hollywood's shareholders. O c. Review the purchase price and change it if it is inadequate. Q d. Pierce the corporate veil because the Directors failed to protect Burbank shareholders. Misha and Nguyen are shareholders of Outsourcing Solutions, Inc. Misha's written authorization to Nguyen to vote her shares at a shareholders' meeting is 6212 PM Wed Dec 16 '3' G} 90% - H onlinehfccedu HFC On|ine a My Courses ' This Course V Student Services V HFc Online Vide, Quesuorn Sedona buys Go!, an herbal supplement made from leaves of the rare Not yet Go plant. The manufacturer's website claims that the product, which answered contains 65% of Go plant extract, will increase her energy by 50%. Points out of After consuming the supplement for a week, Sedona discovers that Go! 1.00 contains only 5% of the herb. If Sedona sues the manufacturer for fraud \\V Flag question 0 a. She is likely to win if she can prove that the manufacture misrepresented the product regardless of intent or motive. O b. She is likely to lose because she assumed the risk when she purchased the product. 0 c. She is likely to win if she can prove that the manufacturer intentionally misrepresented the supplement. 0 d. She is likely to lose because she did not read the Yelp! reviews. Quesuon 2 Boris and Doris are partners in a coffee shop. When coffee goes out of Not yet fashion and no one drinks it anymore, they decide to dissolve the answered business After liquidating all of their assets Points out of 1.00 \\V Flag 0 a. They must pay their creditors before they split any remaining question equity. 0 b. They are entitled to receive guaranteed distributions from the partnerships before creditors are paid. 0 c. They must pay creditors and shareholders, forfeiting any equity because the business failed. 0 Q d. They divide the money in equal shares between creditors and I owners. 6114 PM Wed Dec 16 HFC Online a My Courses ' This Course V Student Services ' HFC Online Videt Question 28 Not yet answered Points out of 1.00 \\V Flag question Question 29 Not yet answered Points out of 1.00 l? Flag question 90%- H onlinehfccedu Misha and Nguyen are shareholders of Outsourcing Solutions, Inc. Misha's written authorization to Nguyen to vote her shares at a shareholders' meeting is O a. A voting trust. 0 b. Not allowed. 0 c. A violation of their fiduciary duties. 0 d. A proxy. ClearCall, Inc. makes cell phones which spontaneously burst into fire and burn people's ears. ClearCall admits that they substituted a known, poor quality, Lithium battery for the better battery the designers intended. Erna is injured when her cell phone suddenly bursts into flames. In her strict product liability suit against ClearCall, she is likely to allege O a. Inadequate warnings. O b. A manufacturing defect. O c. A design defect. Q d. Nothing if she didn't buy the phone directly from Clearcall. 6113 PM Wed Dec 16 HFC Online a My Courses V This Course V Student Services V HFC Online Vida. V V ?@90%- H onlinehfccedu Question 21 Not yet answered Points out of 1.00 \\V Flag question Question 22 Not yet answered Points out of 1.00 \\V Flag question Question 23 Not yet answered Points out of Merrill teaches people to skydive by jumping out of an airplane with the students. During her first dive Julie freezes in terror and grabs onto Merrill's parachute, preventing it from opening. Merrill's parents sue the sky-dive company for wrongful death. The company's best defense is O a. Assumption of risk. 0 b. The Dram Shop Act. 0 c. The Good Samaritan Statute. Q d. Contributory negligence. Mieko is a shareholder of Natural Gas, Inc. Natural Gas uses cumulative voting to elect directors. This means that the number of Mieko's votes is determined by the number of 0a. The number of shareholder meetings that Mieko has attended. The number of shareholder meetings that Mieko has attended. 0 b. Years that Mieko has been a shareholder. O 0. Members of the board to be elected multiplied by the total number of voting shares that Mieko holds. 0 d. Shareholders present at the shareholders' meeting. Merriweather and Sadweather are partners. One day, feeling particularly sad, Sadweather purchases a 55" LED television and a leather couch for their office. Merriweather objects and refuses to pay. Which of the following is true? 6214 PM Wed Dec 16 HFC On|ine a My Courses ' This Course V Student Services V HFc Online Vide, Question 23 Not yet answered Points out of 1.00 \\V Flag question Question 24 Not yet answered Points out of 1.00 \\V Flag question 790%- H onlinehfccedu O c. Members of the board to be elected multiplied by the total number of voting shares that Mieko holds. 0 d. Shareholders present at the shareholders' meeting. Merriweather and Sadweather are partners. One day, feeling particularly sad, Sadweather purchases a 55" LED television and a leather couch for their office. Merriweather objects and refuses to pay. Which of the following is true? 0 a. The partnership must pay for the items because Sadweather is an agent of the partnership. 0 b. Sadweather must remove the television from the office. 0 c. The partnership will deduct the cost of the furniture from Sadweather's share of the profits. 0 d. The partnership does not need to pay for the items because Merriweather did not pre-approve the purchase. Rafi, a director of Super Service Station, Inc. does not attend a board meeting for three years. During that time, Twyla, Super's president, makes improper loans that cost the company $100,000. Rafi is most likely O a. Not liable because missing meetings is an honest mistake. O b. Not liable because missing meetings is only poorjudgment. O c. Liable for violating his fiduciary duties. 0 d. Liable for failing to usurp a corporate opportunity. 6112 PM Wed Dec 16 ?@90%- H onlinehfcoedu HFC On|ine a My Courses ' This Course V Student Services V HFc Online Vide, Question 8 Not yet answered Points out of 1.00 \\V Flag question Question 9 Not yet answered Points out of 1.00 \\V Flag question Question 10 Not yet answered 0 c. A bonus for smart financial maneuvers to avoid paying creditors. Q d. A discharge for Solar Fuel in bankruptcy. Paloma, president of Taco Time, Inc. needs money to buy a bigger house. She gets a personal loan from 3/5th Bank and cosigns the note in the name of Taco Time. After Paloma defaults on the loam and the bank sues Taco Time for payment, the shareholders are likely to O a. sue the bank for allowing Paloma to borrow the money in the first place. 0 b. hold Paloma personally liable because corporate presidents are always liable for business debt. 0 c. hold Paloma personally liable because she acted ultra vires. Q d. promote Paloma for her business acumen. Wanda owns shares of Fisheries, Inc. She believes the officers and directors are mismanaging the corporation. If Wanda and the other shareholders win a Derivative lawsuit against Fisheries, Inc., 0 a. The money from the judgement will be given to charity. 0 b. The money from the judgment will be divided among the shareholders. O c. The money from the judgment will be returned to Fisheries, Inc. 0 d. The money from the judgment will be put into a trust for future shareholders. Alex is a director of ABC, Inc. Alex wants to personally make a major purchase from Bravo Co. If it knew of the opportunity, ABC might be also interested in making that same purchase. Alex must: Question 6 Not yet answered Points out of 1.00 t7 Flag question Question 7 Not yet answered Points out of 1.00 Y7 Flag question George and Ringo are partners and in GR Recording Studios. They lease their studio from Mick Jagger. One month before their partnership ends, Mick invites Ringo to open a recording studio with him. If Ringo accepts, 0 a. Ringo has violated his fiduciary duty to George by not including him in the new partnership. 0 b. Ringo has not violated his fiduciary duty to George because Mick is entitled to chose his partners. 0 c. Ringo has not violated his fiduciary duty to George because their partnership was about to end. 0 d. Ringo has violated his fiduciary duty to George because they were childhood friends from Liverpool. Resa is the sole shareholder of Solar Fuel Corporation. She uses Solar Fuel's funds to pay his personal expenses, creates Thermal Power Corporation to engage in the same business as Solar Fuel, transfers Solar Fuel's assets to Thermal Power, and petitions Solar Fuel into bankruptcy. This most likely warrants O a. A piercing of the corporate veil. O b. Imprisonment for fraud. 0 c. A bonus for smart financial maneuvers to avoid paying creditors. Q d. A discharge for Solar Fuel in bankruptcy. 6214 PM Wed Dec 16 "5' G} 90% - H onlinehfccedu HFC Online a My Courses V This Course V Student Services V HFC Online Vide, - QUQSUO\" 31 John, Joan, Janet, and Jean are siblings and each owns 25% of the Not yet family corporation. They are also directors and officers of the answered corporation. At Sunday family dinners they often talk about the Points out of business. Sometimes, when a relative needs money, the corporation 1-00 "lends" the cash interest free. If a creditor sues them personally to 'l' Flag recover corporate debt, a court is likely to question 0 a. shield them from personal liability because they are shareholders of a corporation. 0 b. hold them personally liable because they are owners of the corporation. 0 c. shield them from liability because it is nice of them to let relatives borrow corporate money, 0 cl. hold them personally liable because they are treating the business more like a partnership than a corporation. QUESUO\" 32 Mindy parks her car at the top of a hill but leaves it in neutral. The car Not yet rolls down the hill and injures Orphan Annie, who was standing at the answered bottom texting on her phone. In Annie's negligence lawsuit against Points out of Mindy, 1.00 'l' Flag 0 a. Mindy is liable because, by leaving her car in neutral, she queStiO\" obviously intended to injure Annie. 0 b. Mindy is not liable because leaving her car in neutral was not the proximate cause of Annie's injuries. 0 c. Mindy is liable because by leaving the car in neutral, it is foreseeable that Annie would be injured. 0 d. Mindy is not liable because, by leaving the car in neutral, it is not foreseeable that Annie would be injured. Question 35 Not yet answered Points out of 1.00 V Flag question Squigword owns 68% of outstanding shares of Waterworld, Inc. The remaining shares are owned by Bob and Patrick. At the annual meeting of shareholders O a. Bob's and Patrick's votes have more weight because they are 2 against 1. O b. The shareholders typically draw straws to see who wins. 0 c. Squigword's vote has more weight because he owns more of the corporation. 0 d. All three shareholders' votes have equal weight, just like a partnership. 6:13 PM Wed Dec 16 90% A online.hfcc.edu E HFC Online My Courses * This Course * Student Services * HFC Online Vide Question 16 Marnee sews and sells decorative quilts at local art fairs. All her profits Not yet are invested in her personal account and she pays the taxes. Marnee answered understands that she would be personally liable if she is sued. Marnee's Points out of business is most likely a 1.00 Flag O a. Private corporation. question O b. Limited partnership. O c. Publicly traded corporation. O d. Sole proprietorship. Question 17 Ali and Alecia are promoters of a new u-pick farm named AA-Apples. Not yet Before incorporating, Ali and Alecia draft a document that identifies the answered number of directors and officers, their responsibilities, explains the Points out of rights of shareholders, the structure of the business, and how many 1.0 shares form a quorum. This document is called Flag question O a. Articles of incorporation. O b. Bylaws. O c. Articles of Organizaiton. O d. A partnership agreement.Question 11 Not yet answered Points out of 1.00 '7 Flag question Morticia sells her waterfront property, worth $2 million, to Fester, Inc. in exchange for stock of the same price. Later, Fester's shareholders learn that the property was only worth $1 million. Which of the following is true? 0 a. Fester Inc. must sell the waterfront property and give the proceeds to Morticia. O b. Morticia must pay Fester Inc. the difference in price between the value of the property when she purchased it and the value of the property when she sold it to Fester Inc. in exchange for shares of stock. 0 6' Nothing happens. The parties are free to contract and Morticia made a good deal whereas Fester, Inc. made a bad deal. 0 cl. Morticia must pay Fester Inc. the difference in price between the value of the property and the value of the stock she received. Question 25 Not yet answered Points out of 1.00 \\7 Flag question Sisters Sugar Cane, Candy Cane, and Peppermint Cane inherit the family corporation from their parents. Although the bylaws restrict the transfer of shares, Sugar wants to sell. This restriction is O a. Prohibited unless reasonable as to distance and duration. 0 b. Usually found in the Bylaws of closely held corporations. 0 c. Void against public policy. 0 d. Voidable by the Chairman of the SEC