BUS 540 Business Law for Managers

[Note: Select only the correct option (a, b, c, d) for each question, No need to explain the question and it's answer]

Question 19 Limited liability companies are taxed on a: Not yet answered Select one: Marked out of 1.00 O a. Pass-through basis Flag O b. Double level basis question O c. Joint and several liability basis O d. Gross sales basis Question 20 Provisions in a contract are generally: Not yet answered Select one: Marked out of 1.00 O a. Promises Flag O b. Conditions question O c. Either promises or conditions O d. Neither promises nor conditionsQuestion 11 How many judges or justices are usually on the US Supreme Court? Not yet answered Select one: Marked out of 1.00 O a. 9 Flag O b. 7 question O c. 5 O d. 3 Question 12 If someone delivers goods to a third party to sell them on the owner's behalf for a fee, this arrangement is Not yet called: answered Marked out of Select one: 1.00 O a. an assessment Flag question O b. a consignment c. a bailment O d. a saleQuestion 13 In strict liability under products liability all of the parties in the chain of distribution are liable to the injured Not yet consumer. Parties in the chain of distribution would include: answered Marked out of Select one: 1.00 O a. The manufacturer Flag question O b. The distributor O c. The retailer O d. All of the above Question 14 In the 1930s the government created a new agency whose purpose was to guarantee a certain amount of Not yet deposits in most American banks. This agency is called: answered Marked out of Select one: 1.00 O a. The FDIC Flag question O b. The Federal Reserve O c. The Office of the Comptroller of the Currency O d. The State Banking AgencyQuestion 15 In the area of products liability, a manufacture defect would reference: Not yet answered Select one: Marked out of 1.00 O a. a poor design of the product Flag O b. the poor construction or assembly of the product question O c. an error in the law O d. a mistake by the distributor. Question 16 In the United States, many, but not all home purchases, are secured by a security interest in the real property Not yet purchased. The security interest in often referred to as: answered Marked out of Select one: 1.00 O a. a conveyance Flag question O b. a mortgage or deed of trust O c. a grant deed O d. a leaseQuestion 17 Joan is very grateful to her niece Lauren for helping her at a party last month. Joan promises to give Lauren Not yet $250 next Friday when Joan gets paid. Lauren accepts Joan's promise. On Friday, Joan changes her mind and answered decides not to give Lauren the money. Is there a contract between Joan and Lauren? Marked out of 1.00 Select one: Flag question O a. No, because there was no consideration for Joan's promise. O b. Yes, because Lauren helped Joan at a party. O c. No, because Lauren and Joan are related to each other. O d. Yes, because Lauren relied on Joan's promise. Question 18 John and Susan own the only gas stations in town. One day John and Susan met for lunch to discuss how they Not yet could make more money. John suggested that they both increase the price of gas by $0.50. If they did it at answered the same time, they could both make more money. Susan agreed and they carried out their plan. What crime Marked out of is John and Susan most likely guilty of? 1.00 Flag Select one: question O a. Price-fixing O b. Fraud O C. Extortion O d. No crimes, business owner can charge anything they want at any time