Question 1
The state law statue (law) that provides that certain contracts must be in writing to be enforceable in a court of law is the Statue of ______________________.
a	Written covenants
b	Purposes
c	Frauds
d	Guaranty
Question 2
Which element of a contract is met by a bargained-for-exchange?
a	Legality
b	Capacity
c	Agreement
d	Consideration
Question 3
A ________________contract occurs when one (1) person agrees to pay the debts of another person.
a	Main debt exception
b	Mortgage
c	Guaranty
d	Implied in equity
Question 4
Which of the following is a requirement for a valid contract?
a	Offer and acceptance
b	Consideration
c	Legal capacity of the parties.
d	All of the above are elements of a valid contract.
Question 5
All of the following are considered advantages of doing business as a limited liability company except _____________________.
a	The LLC insulates (protects) its members from personal liabilities for the debts of the business.
b	Members of the LLC may lawfully avoid filing personal tax returns with the IRS.
c	The LLC can function much like a general partnership while avoiding many of the risks of a general partnership.
d	The LLC can provide its members voting rights that are proportionate to the members' capital contributions.