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ACC 205/ACC205 FINAL EXAMINATION (100% QUESTIONS)

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1.;Agency is a fiduciary relationship.;A.;True;B.;False;2.;The term "stare decisis" means "reversing the decision.;A.;True;B.;False;3.;Offers for both bilateral and unilateral contracts involve a promise from the offeror.;A.;True;B.;False;4.;A decision from a state supreme court is binding on a lower state court located in the same state.;A.;True;B.;False;5.;A decision from a state supreme court in one state is binding on a trial court judge in another state if the other state has no applicable law on the issue involved.;A.;True;B.;False;6.;A court must have two types of jurisdiction to decide any particular case.;A.;True;B.;False;7.;Subject matter jurisdiction is a court's power to hear certain kinds of cases.;A.;True;B.;False;8.;Concurrent federal jurisdiction means both state and federal courts have jurisdiction over a case.;A.;True;B.;False;9.;To disaffirm a contract, a minor MUST act before reaching the age of majority.;A.;True;B.;False;10.;A contract remains executory as long as any party to the contract has not fully performed.;A.;True;B.;False;11.;An offer for a unilateral contract cannot be accepted by a mere promise to perform.;A.;True;B.;False;12.;Two of the four basic contract requirements are agreement and signature of the parties.;A.;True;B.;False;13.;An implied in fact contract is one based on the conduct of the parties.;A.;True;B.;False;14.;Ease and cost of formation are factors to be considered in the selection of the form under which a business should operate.;A.;True;B.;False;15.;A person who is not an employee, who is employed by the principal to perform a certain task on the principal's behalf, is an independent contractor.;A.;True;B.;False;16.;Shareholders have unlimited liability that can exceed the extent of their capital contributions.;A.;True;B.;False;17.;A general partnership relieves the general partners of liability for the debts and obligations of the partnership.;A.;True;B.;False;18.;Limited partners are liable for partnership debts.;A.;True;B.;False;19.

 

Paper#74258 | Written in 18-Jul-2015

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