TRUE OR FALSE

1. ______ A shareholder of a corporation can be personally liable for a corporations debts if there is a piercing of the corporate veil. 2. ______ A shareholder of a corporation manages the day-to-day operations of the corporations. 3. ______ A limited liability company is an unincorporated business entity that combines the most favorable attributes of general partnerships, limited partnerships, and corporations. 4. ______ A limited liability company can only be managed by a member owner of that limited liability company. 5. ______ All partners of a limited liability partnership are limited partners and their liability is limited to their capital contributions. 6. ______ A contract is defined as an agreement that is enforceable by a court of law or equity. 7. _____ A unilateral contract is a contract in which the offerors offer can be accepted only by the performance of an act by the offeree, a promise for an act. 8. _______A written contract is a valid contract even if the contract consent is obtained by duress, undue influence or fraud. 9. ______ A contract offer can be accepted by someone other than the offeree (the person the offer was made to). 10. _____The Court in Facebook v. Winklevoss held that the settlement agreement entered into by both parties was enforceable as the Winklevosses had signed a release of all claims against Facebook.