Business Law 2

Agency framework contains discussion about all but which of the following?

The principal laws of agency are concerned with all but which of the following?

The most common agency relationships involve a _______ principal.

When an agent hires a principal, and the third party is aware that a principal exists, the agent is not required to identify this ___________ principal.

Sam Superstar hired Angie Agent to negotiate a contract for him. In order for Angie Agent to gain more athletes as clients, she entered into an agreement with Sam Superstar that Angie would only disclose that Angie has other famous athletes. In these circumstances, Athlete Superstar is a (n) ____________principal.

When the principal’s identity is not disclosed, but the third party is aware that a principal exists, the principal is _______.

Jim was called to active duty in the military. Knowing that he would be out of the country for a year or more, he hired Peg to sell his house. Peg is Jim's______________.

Mike is a sole proprietor who buys, sells and repairs kilns and other equipment used in pottery making. He has an arrangement with Kirk to deliver the repaired kilns as needed back to the owners. Kirk is considered a _________.

A third party need not use reasonable care and diligence to make sure that an agent is acting within the scope of his or her employment.

Officers of corporations have limited actual authority to sell the real property and intangible assets of the corporation.

The general manager of a business will have the express actual authority to perform duties that are not expressly authorized in the employment agreement.

Implied authority cannot be derived from the words or conduct of an agent.

It is not the duty of an agent to notify third parties when his agency is terminated.

The terms apparent authority and ostensible authority are synonymous to describe the authority of a principal.

The issue of whether or not ratification has occurred is a question to be decided by the judge.

A principal does not ratify a contract by accepting the benefits of the contract.

The doctrine of reciprocity allows for an employee to quit at any time for any reason or that an employer can terminate an employee at any time as well.

The good cause exception has been generally accepted as an exception under the employment at will doctrine.

Sid's Sub Shop hired Ted to manage the shop starting January 1, 2007. This is an employment at will contract.

To be protected by the public policy exception to employment at will, the public policy that the employee acts to advance must be tied to employment law only.

An employee can be terminated under an employment at will contract for refusing to commit an illegal act.

An employee who works for an employer for a number of years is considered to have a good clause exception to the at-will employment.

More courts today are recognizing that employers who require an employee to sign an agreement each year that they are an at-will employee will indicate a good cause relationship.

The good cause exception to employment at will arises during the course of a worker's employment based on the way the employee provides evidence that he/she was terminated for good reason.

Federal law addresses workplace bullying as a form of discrimination.

The law governing harassment in the private sector workplace has developed on a common law basis in federal district courts.

An independent contractor may not file a complaint under Title VII if he or she was not hired by a customer because of gender discrimination.

Title VII applies to sole proprietorships, regardless of the number of people a business employs.

Title VII caps the amount of damages a plaintiff may collect from a defendant with 50 or fewer employees at $10,000.

An employee who wins a disparate treatment discrimination case may be awarded only compensatory damages.

Title VII protections against discrimination in employment applies also to independent contractors.

An employee must first file a complaint with a district court before pursuing a private right of action against his employer for Title VII violations.

Which of the following statements about proprietorships is true?

If two or more persons go into a partnership agreement, the rules and duties the partners will agree to is which of the following?

John and Tom were partners in Commercial Properties Limited. The business had two prosperous years, but then the following year experienced substantial loss, and has suddenly found itself in great debt. Which of the following is true about John and Tom?

Which of the following is an advantage of a general partnership?

Which business entity requires the filing of articles of partnership?

If two or more individuals agree to engage in a single business transaction, that can be formal or informal, this is considered which of the following?

Joe hired Jason to restore the engine of his classic car. In return, Jason agreed to accept payment based on the winnings at the classic car show. Joe agreed to share the winnings as payment. This is classified as a(n):

A joint venture’s characteristics include all but which of the following?

A partnership cannot be created by an implied agreement between the parties.

Partnerships cannot use the term "Company" in their names.

A person may become a partner only if he/she makes a capital contribution.

A partner's capital contribution must consist of a tangible good.

Debbie, a partner in a hair salon, has purchased property for a 2nd salon location. Under RUPA, the 2nd salon location real property is now considered partnership property.

Partnerships are prohibited from purchasing life insurance policies on each partner to fund the purchase of partner's interest in the partnership if a partner dies.

A marshaling agreement normally specifies the terms under which a withdrawing or deceased partner's interest will be bought out.

A dormant partner is one who participates in the management of the business and whose identity is not known to third parties.

Partnerships are not allowed to agree to an unequal vote in management decisions.

All partners have equal rights in the management of the business.