Please see below for the following questions:

Stan claims to be Tonya's agent to Victor. Stan knows he is not Tonya's agent but wants Victor to enter the contract he has created for his own benefit. Victor signs the contract because he believes he will be working with Tonya. Tonya does not ratify the contract. Can Victor sue Stan for his actions? O Yes. Victor can sue Stan for deceit. O No. Because Stan claimed to be Tonya's agent, Victor would have to sue Tonya. O No. Victor must perform the contract. Maybe, if Victor can prove that Stan has done this before O Yes. Victor can sue Stan for negligence.Robert is Quinn's agent, hired to find and purchase an appropriate location for her new factory. Quinn has instructed Robert to pay as little as possible but that there cannot be a waterway on the property because she does not want to deal with flooding. Robert finds the perfect property for a very low price but it has a river on the back corner of property, well away from where the building would be. The river has never risen out of its banks on this property. ls Robert authorized by Quinn to buy the property? 0 No, because Quinn specifically instructed him not to buy this type of property 0 Yes, because Quinn's desire to avoid flooding is met 0 Yes, because the purchase is in Quinn's best interest 0 Yes, because Robert has the authority to purchase property for the factory O No, because Quinn has not seen it yet Which of the following professionals is not an agent of the person who hired them? A financial advisor An accountant O A hockey player 0 A lawyer A realtor 0 Which of the following situations creates a partnership? 0 Two people who jointly own a property sometimes rent it out. 0 An employee's pay is partially based on commission. Two real estate agents share an office and split commissions after expenses are paid. 0 A creditor takes a percentage of the debtor's profits to repay the debt. A doctor and a lawyer have offices in the same building. Walter and Stacey are thinking about working together to open a new car repair business. They want to be a partnership but want to avoid unlimited liability. They believe they can form a limited liability partnership called Auto Repair LLP. Can they form this limited liability partnership? 0 Yes, because they qualify to form a partnership 0 Yes, because limited liability partnership is available to anyone. as long as the name makes it clear that is the organization type 0 No, because they are not professionals qualified to form an LLP under the law 0 Maybe, as long as they have liability insurance. 0 No, because they do not have the appropriate name Which of the following is not an advantage to organizing a business as a partnership? 0 Impossibility of being outvoted on major changes 0 Access to all business records 0 Lower cost from less complex regulation 0 Unlimited liability 0 Few business formalities What is the correct order of distribution of assets upon the dissolution of a partnership? 0 O O O 0 Pay debts, pay partners in profit sharing proportion any remainder Pay debts, repay advances, repay capital investments, pay partners equally any remainder Repay advances, repay capital investments, pay debts, pay partners equally any remainder Pay debts, repay advances, repay capital investments, pay partners in profit sharing proportion any remainder Repay advances, repay capital investments, pay debts, pay partners in profit sharing proportion any remainder In January 2017, William retired from Law Firm without notifying anyone outside the firm. In March 2017, Patricia, a partner at Law Firm, negligently fails to attend court for Client, who suffers a loss. Can William be held liable for Patricia's actions? 0 No. Once William left Law Firm, he was not liable for new wrongdoing by his former partners. 0 Yes. A partner is always liable for the wrongdoing of the other partners, even after retirement. 0 Yes, because William did not tell Client he left Law Firm 0 Maybe. If a new partner entered the partnership, he would automatically replace the William as liable for all wrongdoing at Law Firm. 0 No. Because William retired, he is not liable for any future action of Law Firm. Drew, Edith, and Frank are partners in a restaurant. Frank opens another restaurant without telling his partners. The new restaurant fails and has a large debt. Who is liable for this debt? 0 All three partners personally. Since third parties could have assumed the new restaurant was linked to the old one, all partners are liable. 0 Frank. When he failed to notify his partners about his similar venture, Frank violated his fiduciary duty and must bear the cost alone. 0 The partnership and Frank personally. Since third parties could have assumed the new restaurant was linked to the old one, the partnership is liable, but only Frank took part in the business so he alone has personal liability. Frank. He set up the new business alone so he alone is responsible. The partnership. Since third parties could have assumed the new restaurant was linked to the old one, the partnership is liable. Partnership by estoppel occurs when 0 a partner tells a third party there is a partnership and the third party relies on the statement. 0 two people hold themselves out as partners without filing the appropriate paperwork. 0 two people work together for a long enough time for third parties to assume there is a partnership formed. 0 neither partner denies the existence of a partnership when asked by a third party. 0 one person tells another that they are now partners. What is a sole proprietorship? O A business in which people pool resources to carry on a profit making business A business run by one person who makes all decisions. gains all profits, and suffers all losses (including unlimited liability) A corporation run by a CEO who makes all decisions, gains all profits, and suffers all losses (including unlimited liability) A business owned by one person but run by a business manager 00 O O A business run by a professional who makes all decisions but has a silent investor to share the profits and losses