12 May WHICH FORM OF ALTERNATIVE DISPUTE RESOLUTION OCCURS WHEN THE PARTIES CHOOSE AN IMPARTIAL THIRD PARTY TO HEAR AND DECIDE THEIR DISPUTE?
There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?o Each general partner would receive $50,000, and each limited partner would receive $100,000.o Each general partner would receive $120,000, and each limited partner would receive $30,000.o All partners would receive $75,000, regardless of whether he or she is a general or limited partner.o Each general partner would receive $30,000, and each limited partner would receive $120,000. What is the effect of having a corporation as the general partner of a limited partnership?o The liability of the corporate general partner will be limited to the amount of its assets.o Each shareholder of the corporation will be treated as a general partner of the limited partnership.o The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise.o Each shareholder of the corporation will be treated as a limited partner of the limited partnership Which of the following is true regarding mediation?o Was created by the Federal Mediation Act of 1925.o A settlement agreement is never reached with a mediator.o If a settlement agreement is not reached in mediation, then the parties hire a new mediator.o A mediator does not make a decision or an award. Which of the following is true of arbitration?o A resolution may or may not be reached.o A judicial referee makes recommendations to the parties.o Parties can introduce evidence to support their case.o One party usually drops the case. Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?o Arbitrationo Mediationo Minitrialo Conciliation 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?o 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.o The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership.o The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable.o The provision placing limited partners ahead of general partners is unenforceable, thus all partners would be on an equal footing and ahead of creditors. Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?o Martha is personally liable for the additional $75,000 owed to business creditors.o Marthas business creditors can collect only the $50,000 of business assets.o Marthas business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business.o Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000. Which of the following is true of The Federal Arbitration Act?o It permits an appeal for all arbitration awards.o It applies only to breach of contract disputes.o It governs all types of alternative dispute resolution.o It provides that arbitration agreements are valid, irrevocable, and enforceable. Assuming that statutory requirements have been met, what is protected under merchant protection statutes?o Merchants are protected from false imprisonment claims of persons detained on suspicion of shoplifting. o Merchants are protected from product disparagement claims of their competitors.o Merchants are protected from negligence claims on their business premises.o Merchants are protected from the intentional torts of their customers. Which of the statements below best describes the concept of Enterprise Risk Management? o Management of a single function of an organization that, upon implementation and testing, is then processed entity wideo An approach that capitalizes on human intervention as processed through real change leaderso People, systems, and processes working together across the organizations to systematically thin about and manage a wide range of risks that could impede achieving organizational objectives/opportunityo A process affected by an entitys leaders, management, and other personnel that is designed to identify potential events that may affect the entity, and to manage risk Diane bought an action figure for her son David from Terrences Toy Shop. The packaging did not mention that the toy contained small detachable parts. David accidentally swallowed and choked on one of the detachable parts and had to be taken to the hospital. On which of the following product liability charges can Diane sue Terrences Toy Shop for damages?o Nuisanceo Fraudo Misrepresentationo Negligence Dorothy purchases a chair that was made by Woode Designs, Inc. While making the chair, the legs were not fixed properly to the base. When Dorothy sits on the chair, it breaks and she is injured. In a strict liability lawsuit, which of the following can Dorothy cite as a defect in the chair?o Failure to warno Failure to provide adequate instructionso Defect in designo Defect in manufacture The failure to design an automobile that will properly protect the occupants from a persons body striking something inside their automobile is known as the o defective design doctrineo failure to design doctrineo crashworthiness doctrine o quality control doctrine Mary was getting a ride home in Johns new car. On the way, a malfunctioning brake caused an accident and both Mary and John were injured. Which of the following statements is true of this situation?o Mary can file a strict liability lawsuit against John.o Mary can recover damages for her injury under a theory of strict liability against the manufacturer of Johns car.o John can file a negligence lawsuit against the dealership from which he bought the car.o Mary can file a negligence lawsuit against the dealership that sold John his car. According to the doctrine of ________, the plaintiff is not required to prove that the defendant breached a duty of care.o assumption of risko contributive negligenceo comparative negligenceo strict liability Making false statements about a competitors products, services, property, or business reputation could make a company liable for o misappropriation of the right to publicityo intentional misrepresentationo disparagemento tort of appropriation Which of the following is a key element of successful Enterprise Risk Management?o Nondisclosure agreementso Legal counselo Strong investment strategieso Management commitment Which of the following is the best statement of the test applied in determining if a defendants actions were the proximate cause of the plaintiffs injuries?
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