1. Corporations have perpetual existence.
2. The advantage to an S corporation is
3. All the business forms listed below have limited liability EXCEPT the
4. A bailment was created for the parties' mutual benefit. This means that the bailee must use ordinary care with the property.
5. While shopping at the mall, Everett's wallet fell out of his pocket. Jon found the wallet. The wallet is abandoned property and Jon may keep it.
6. In Chapter 11 bankruptcy only the debtor may propose plans of reorganization.
7. Under all chapters of the Bankruptcy Code, most of the debtor’s assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.
8. Which of the following is a primary goal of the Bankruptcy Code?
9. The Trademark Law Treaty made it more difficult to apply for trademarks around the world.
10. The Supreme Court has held that parody of copyrighted material is a violation of copyright law.
11. A proxy is a vote that is mailed in, like an absentee ballot.
12. A corporation must have a registered agent within the state of incorporation only if the corporation maintains an office in that state.
13. When a corporation accepts legal responsibility for a contract, it is called novation.
14. The landlord's duty to provide quiet enjoyment of the premises and the landlord's duty to deliver and maintain the premises in a habitable condition are one and the same.
15. Tom rented an apartment from Margaret on a month-to-month basis, with rent due on the first of the month. This type of tenancy is known as a "tenancy at will."
16. The Federal Trade Commission Act considers the terms “deceptive” and “unfair” to be synonymous when determining what practices should be prohibited.
17. Electronic payments via a telephone, computer, or wire transfers are not regulated by the government.
18. The Fair Debt Collection Practices Act prohibits which of the following practices?
19. An Environmental Impact Statement must be prepared for every major federal action that significantly affects the quality of the environment.
20. Which agency establishes rules for treating both hazardous and nonhazardous forms of solid waste?
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