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Test Bank For The Law of Corporations and Other Business Organizations 6th Edition by Angela Schneeman

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Test Bank For The Law of Corporations and Other Business Organizations 6th Edition by Angela Schneeman

 Introduction to Agency and Business Organizations…………………………………………………………. 112 Sole Proprietorships……………………………………………………………………………………………………… 114 Partnerships ………………………………………………………………………………………………………………… 116 Limited Partnerships …………………………………………………………………………………………………….. 119 Limited Liability Partnerships and Limited Liability Limited Partnerships ………………………….. 121 Limited Liability Companies …………………………………………………………………………………………. 123 Corporations ……………………………………………………………………………………………………………….. 125 Incorporations ……………………………………………………………………………………………………………… 127 The Corporate Organization ………………………………………………………………………………………….. 129 The Corporate Financial Structure………………………………………………………………………………….. 131 Public Corporations and Securities Regulations……………………………………………………………….. 133 Mergers, Acquisitions, and Other Changes to the Corporate Structure ………………………………… 136 Foreign Corporation Qualification………………………………………………………………………………….. 138 Corporate Dissolution …………………………………………………………………………………………………… 140 Employee Benefits and Employment Agreements ……………………………………………………………. 142
111
©2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
CHAPTER 1Introduction to Agency and Business Organizations

MULTIPLE CHOICE1. Agency is a legal relationship in which

  1. the principal acts on behalf of the agent.
  2. the principal becomes personally liable forall actions of the agent.
  3. awrittencontractmustspecifyallauthorityof the agent.
  4. the agent acts for or represents the principalby the principal’s authority.

ANS: D2. When used in relation to the agency relation- ship, the master

  1. retains some control over his or her servant (employee).
  2. gives his or her servant (employee) full discretion to act on the master’s behalf.
  3. hires the employee for a specific task for which the master is not responsible.
  4. is not liable for any actions taken on his or her behalf by the servant (employee).

ANS: A3. A special type of power of attorney designed to continue for certain purposes even after the incapacity of the principal is referred to as aA. specialpowerofattorney.B. willpowerofattorney.C. durablepowerofattorney. D. generalpowerofattorney.ANS: C4. An agency relationship may not be createdA. byexpresscontract.B. byconductoftheprincipalandagent.C. without the principal’s knowledge or con-sent.D. byratification.ANS: C5. When the principal intentionally or negligently causes a third party to reasonably believe that an individual is acting as the principal’s agent, and the third party relies on that belief, thenA. no agency relationship exists.B. anexpressagencyagreementiscreated.112©2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

C. thepurportedagentassumespersonalliabil- ity for his or her actions.D. an apparent agency may exist.ANS: D6. An agent’s duties to the principal includeA. thedutyofloyalty.B. thedutytoactwithoutcompensation.C. the duty to perform any tasks requested bythe principal.D. thedutytocompensatetheprincipal.ANS: A7. The principal’s duties to the agent do not include

  1. the duty to compensate the agent as agreed on.
  2. thedutytocooperatewiththeagent.
  3. thedutytoexercisereasonablecaretoavoidplacing the agent in harm’s way.
  4. the duty to always put the agent’s interestsfirst.

ANS: D8. A principal is not liable for the torts of his or her agent if the

  1. tort is committed by the agent acting in the scope of his or her employment by the principal.
  2. agent’s action is unrelated to the agency relationship.
  3. principal is negligent or reckless in super- vising the agent.
  4. agent is acting under the principal’s direc- tion when committing the tort.

ANS: B TRUE/FALSE

  1. Disputes concerning agency law are typically resolved under the contract or common law of the state where the agency was created.ANS: T
  2. A power of attorney need not be put in writing.

ANS: F

Test Bank for “The Law of Corporations and Other Business Organizations,” 6th Edition by Angela Schneeman

Overview: The 6th Edition of The Law of Corporations and Other Business Organizations by Angela Schneeman provides a thorough examination of the legal frameworks that govern corporations and various types of business entities. This comprehensive text covers the formation, operation, and dissolution of corporations, as well as other business organizations such as partnerships, limited liability companies (LLCs), and sole proprietorships. The accompanying test bank is an essential resource for both educators and students, offering a wide range of questions that test understanding, critical analysis, and practical application of corporate and business law principles.

Content Details:

  1. Introduction to Business Organizations:
    • Overview of different business entities, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.
    • Discusses the advantages and disadvantages of each business structure and the legal implications of choosing one over the others.
  2. Formation and Structure of Corporations:
    • Detailed examination of the steps involved in forming a corporation, including filing articles of incorporation and creating bylaws.
    • Discusses the roles and responsibilities of corporate officers, directors, and shareholders.
    • Explores corporate governance principles, including fiduciary duties and the legal requirements for board meetings and resolutions.
  3. Corporate Financing and Securities Regulation:
    • Analysis of the methods corporations use to raise capital, including issuing stocks and bonds.
    • Overview of securities regulation, including the Securities Act of 1933 and the Securities Exchange Act of 1934.
    • Discusses the role of the Securities and Exchange Commission (SEC) in regulating the securities market and ensuring compliance with securities laws.
  4. Corporate Operations and Management:
    • Examination of the day-to-day operations of a corporation, including the management of corporate assets and the execution of corporate decisions.
    • Discusses the legal requirements for maintaining corporate records and the implications of corporate compliance.
    • Explores the legal issues related to corporate mergers, acquisitions, and reorganizations.
  5. Partnerships and Limited Liability Companies (LLCs):
    • Detailed exploration of the legal framework governing partnerships, including general partnerships, limited partnerships, and limited liability partnerships (LLPs).
    • Overview of the formation, operation, and dissolution of LLCs, including the legal protections offered to LLC members.
    • Discusses the advantages of partnerships and LLCs compared to other business entities and the legal considerations involved in choosing these structures.
  6. Dissolution and Liquidation:
    • Examines the legal procedures for dissolving a corporation or business entity, including voluntary and involuntary dissolution.
    • Discusses the process of liquidating corporate assets and distributing the proceeds to creditors and shareholders.
    • Explores the legal implications of bankruptcy and the rights of creditors and debtors during the liquidation process.
  7. Agency and Employment Law:
    • Overview of the legal principles governing agency relationships, including the duties and responsibilities of agents and principals.
    • Discusses employment law issues related to business organizations, including hiring practices, employment contracts, and workplace discrimination.
    • Explores the legal implications of employee benefits, workplace safety, and labor relations.
  8. Ethics and Corporate Responsibility:
    • Analysis of the ethical considerations in corporate governance and business operations.
    • Discusses the role of corporate social responsibility (CSR) in modern business practices and the legal implications of ethical decision-making.
    • Explores the impact of corporate ethics on public perception and regulatory compliance.

Interactive Features of the Test Bank:

  • Multiple-Choice Questions: Assess students’ understanding of the legal principles governing business organizations and their application in various scenarios.
  • True/False Questions: Test basic knowledge of corporate law concepts and the legal requirements for different business entities.
  • Short Answer Questions: Encourage students to explain legal issues related to business organizations in a clear and concise manner.
  • Essay Questions: Provide opportunities for in-depth analysis and critical thinking on complex legal topics, allowing students to explore the implications of corporate law in real-world situations.
  • Case Studies: Present real-life legal challenges faced by business organizations, challenging students to apply their knowledge and propose practical legal solutions.

Conclusion:

The test bank for the 6th Edition of The Law of Corporations and Other Business Organizations by Angela Schneeman is a vital resource for mastering the complexities of corporate and business law. It offers a robust set of questions that reinforce the theoretical aspects of the subject while preparing students for the practical challenges of navigating the legal environment of business. This test bank is an invaluable tool for educators seeking to enhance their students’ understanding of the legal frameworks that shape the operation and management of business organizations in today’s dynamic legal landscape.

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