Question16

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Contracts/UCC. Betty sells Lane a Karl Marx commemorative gold coin and arranges for FedEx to deliver it to Lane at his residence. Unfortunately, the FedEx driver pockets this coin (steals it) and disappears. As between Betty and Lane, who bears the risk of loss?

Select one:

a.Betty

b.Betty, if this was a shipping contract

c.Betty, if this was a destination contract

d.Lane

Question17

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Contracts/UCC. Don is an ad executive who sells his Cadillac to Peggy for $10,000. She has told Don that she really needs the car to accelerate fast, but Don says nothing about the acceleration. One month later, Peggy is driving by the golf course near her home when she sees Duck lining up his shot. She tries to race past, but the car is sluggish and Duck's ball smashes her windshield. Peggy sues Don for breach of express warranty (EW), implied warranty of merchantability (IW/M) and implied warranty of fitness for particular purpose (IW/F). Who wins?

Select one:

a.Peggy: breach of IW/F

b.Peggy: breach of IW/M and IW/F

c.Peggy: breach of EW and IW/F

d.Don: no actionable warranties

Question18

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Agency. Betty hires Jiang to deliver merchandise from Betty's business to its customers using a store van. Jiang is in the midst of delivering an antique hookah (water-cooled smoking device) in Gotham when she hears that Bolivarian revolutionaries have besieged the Mayor's Office. Jiang quickly drives the van to the Mayor's Office to join the cause, but on the way she negligently hits Bert. Bert sues both Jiang and Betty. What result?

Select one:

a.Jiang is directly liable

b.Betty is vicariously liable

c.Both Jiang and Betty are liable

d.Neither Jiang nor Betty is liable

Question19

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Organizations. Harry, George and Bert have formed a general partnership, but their agreement is a little vague, with no express terms for profit-sharing, tax, management or compensation. Harry is the managing partner and contributed $10,000. George is an ordinary partner and contributed $20,000. Bert is a "silent" partner (holding his partnership interest as an investment only) and contributed $70,000. Harry wants to expand the business, and calls for a vote. What willBert'svoting share be?

Select one:

a.0%(silent partner / no right to vote at all)

b.0%(silent partner / no right to vote on management)

c.33%(1 of 3 general partners)

d.70%(proportionate to contribution)

Question20

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Organizations. Betty has formed Bicycle Fish, Inc., a California C Corporation. Betty has issued 10,000 shares of common stock. She holds 6,000 shares, and she has sold 2,000 shares each to Bert and Roger. It's been a good year for the Fish, which made a profit of $200,000, and the board declares a dividend of $5/share, the remaining profit to be retained by the corporation. What are the tax consequences for thecorporation?

Select one:

a.No tax liability

b.Tax liability on dividends

c.Tax liability on retained earnings

d.Tax liability on all earnings