LAW Solution to Questions 1 Which of the following is a distinguishing feature of a common law legal system? After 1 year, she was forced to close the shop because business was so bad. Which of the following statements is true?
Was created by the Federal Mediation Act of If a settlement agreement is not reached in mediation, then the parties hire a new mediator.
A mediator does not make a decision or an award. A settlement agreement is never reached with a mediator. Each shareholder of the corporation will be treated as a limited partner of the limited partnership The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise The liability of the corporate general partner will be limited to the amount of its assets Each shareholder of the corporation will be treated as a general partner of the limited partnership 3 The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times.
The partners have decided to dissolve, although there are few assets remaining in the partnership.
Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors.
Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes this situation?
The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable The provision placing limited partners ahead of general partners is unenforceable, thus all partners would be on an equal footing and ahead of creditors The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification 4 Which of the following is true in the creation of a general partnership?
The name selected cannot indicate that it is a corporation The business cannot operate under a trade name The business name cannot be a fictitious name The business name must have the names of all the partners 5 Martha started a flower shop as a sole proprietor.
After 1 year, she was forced to close the shop because business was so bad. Which of the following statements is true?LAW Week 1 Quiz (Knowledge Check) LAW Week 1 DQ 1. LAW Week 1 DQ 2. LAW Week 1 Individual Assignment The Legal System and ADR Analysis. LAW Week 2 Team Assignment Torts and Criminal Liability Presentation (2 PPT).
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LAW Week 1 Knowledge Check 1. Identify an accurate statement about a sole proprietorship. (a) The regulations set forth in this part implement the Mutual Educational and Cultural Exchange Act of (the "Act"), as amended, Public Law 87–, 22 U.S.C.
, et seq. (). The purpose of the Act is to increase mutual understanding between the people of the United States and the.