12 May WHICH OF THE FOLLOWING IS TRUE REGARDING MEDIATION?
Which of
the following is true regarding mediation?
Was created by the Federal Mediation Act of 1925.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.
2) What is
the effect of having a corporation as the general partner of a limited
partnership?
Each shareholder
of the corporation will be treated as a limited partner of the limited
partnershipThe limited
liability of the corporation will result in the limited partners having
greater liability than they would otherwiseThe liability of
the corporate general partner will be limited to the amount of its assetsEach 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 enforceableThe provision
placing limited partners ahead of general partners is unenforceable, thus
all partners would be on an equal footing and ahead of creditorsThe
distribution, as called for in the agreement, would be enforceable if it
had been included in any filings related to the limited partnershipThe 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 corporationThe business
cannot operate under a trade nameThe business
name cannot be a fictitious nameThe 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. At that time, the
business assets totaled $50,000, but the business liabilities totaled $125,000.
Which of the following statements is true?
Once Martha
terminates the sole proprietorship, she is no longer liable for the
$50,000Marthas
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.Martha is
personally liable for the additional $75,000 owed to business creditorsMarthas
business creditors can collect only the $50,000 of business assets
6)
Which form of alternative dispute resolution occurs when the
parties choose an impartial third party to hear and decide their dispute?
ArbitrationMinitrialConciliationMediation
7)
Which of the following is true of The Federal Arbitration Act?
It provides that arbitration agreements are valid,
irrevocable, and enforceable.It permits an appeal for all arbitration awardsIt applies only to breach of contract disputesIt governs all types of alternative dispute resolution
8)
Fred and Ginger are general partners in a business. They decide to
purchase a building for the partnership. Ginger will put up the money for the
building, and Fred will complete the remodeling. While inspecting the building,
Fred is informed that the building is packed full of asbestos. He fails to tell
Ginger of the presence of the substance. They buy the building and go into
business. During the remodeling of the building, people from the neighborhood
begin complaining about the dust from the building. Some of them even threaten
to sue. Who is liable?
Both Ginger and Fred are liable, regardless of the
circumstances, by virtue of the fact that they are partnersNeither Ginger nor Fred are liable personally, nor is the
partnership, as they did not put the substance in the buildingFred is liable because he was put on notice of the presence
of the substance. Ginger is not liable because she did not have actual
knowledgeGinger is liable because she is the one who purchased the
building. Fred is not liable, even though he had actual knowledge, because
he did not purchase the building
9)
George has served Mary with a complaint alleging breach of
contract. Mary has never been sued before and as such, she seeks your advice on
what to do with the complaint. You advise that she
answer Georges complaint by admitting or denying the
allegations George has asserted against hershould not respond to Georges complaint as an answer implies
an admissionwrite a letter to the judge saying that George is mistakenanswer Georges
complaint but do not provide any affirmative defenses that George can use
against her
10)
There are two general partners, each of whom contributes $5,000 in
capital to a limited partnership. 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 theRevised Uniform Limited Partnership Act (RULPA),
how much would each partner receive?
Each general partner would receive $30,000, and each limited
partner would receive $120,000Each general partner would receive $50,000, and each limited
partner would receive $100,000All partners would receive $75,000, regardless of whether he
or she is a general or limited partnerEach general partner would receive $120,000, and each limited
partner would receive $30,000
11)
Which type of business formation
is typically reserved for professionals such as accountants, lawyers, and
doctors?
Limited
Liability Company (LLC)Limited
Liability Partnership (LLP)S-CorporationFranchise
12) Which of
the following is one of the major purposes of a settlement conference?
To
conduct discovery for a caseTo contest the local court rulesTo facilitate the settlement of a caseTo structure a
settlement payment schedule
13)
When parties agree in advance to adhere to an arbitrators
decision and award, it is known as
Mediationarbitrator discretionbinding
arbitrationappealable
14) Which of
the following is true about the choice of business entity for an entrepreneur?
The choice is
determined solely by the amount of capital investedThe
choice is determined solely by whether the primary business is services or
goods.The choice is
determined by the Internal Revenue Service based on all the facts and
circumstancesThe
choice takes into account many factors, including finding an option that
has all the characteristics desired
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