Cans, Inc Finance Assingment Help With Solution
1. Generally, a shareholder of a corporation
a. has a duty of diligence to the corporation.
b. is personally liable for liabilities of the corporation.
c. is not personally liable for the liabilities of the corporation.
d. is entitled to be involved in decisions that impact the profitability of the
2. Cans, Inc. is a corporation. Responsibility for the overall management of Cans, Inc. is entrusted to
a. the board of directors.
b. the corporate officers and managers.
c. the owners of the corporation.
d. the shareholders.
3. Which of the following is true?
a. All contracts must be in writing in order to be valid.
b. A contract for the sale of land must be in writing in order to be valid.
c. A contract for a 6 month property lease must be in writing in order to be valid.
d. A contract for the sale of five dollars’ worth of pickles must be in writing in order to be valid.
4. Based only on the facts below, which of the following contracts must be in writing?
a. Contract to receive lottery payments every year for the rest of my life.
b. Contract to purchase a TV that costs $400 and will arrive at my house tomorrow. I do not have to start paying for the TV until 2015, although I can pay for it sooner if I so choose.
c. Contract to purchase a computer that costs $350. I must pay for it within 2 years from the start of the contract.
d. Contract to sell an antique hat that costs $150. The contract is dated today. Pursuant to the contract, the seller will give the hat to the buyer in 7 weeks and the buyer will provide the money to the seller 11.5 months after that.
5. Adam indicates that he is acting as an agent on behalf of an unidentified client when he enters into a contract with Beth. (In other words, Adam tells Beth that he is signing on behalf of a principal, but does not tell her the name of the principal.) Liability to Bethfor nonper¬formance of the con¬tract may be imposed on
a. Adam only.
b. the unidentified client only.
c. Adam and the unidentified client.
d. none of the above.
6. Rich offers to sell Sorel his bird for twenty dollars. Rich makes a firm offer. He promises he will not revoke the offer for one week. Three days later, he revokes the offer because he realizes that the price is unfair (way below market value). Sorel sues Rich for revoking the offer. This is a common law case. How will the judge rule?
a. The judge will rule in favor of Sorel because Rich breached a firm offer.
b. The judge will rule in favor of Rich because the firm offer did not have consideration.
c. The judge will rule in favor of Rich because the price was unfair.
d. Both (b) and (c).
7. Zaco lost his job working for Moony and was forced to take a position working as a driver for The Incredible Monkey Store (IMS). IMS requires its customers to pay by check. Zaco does not have the authority to change this policy or to change the prices. However, Zaco tells customers on his route that they can pay him with cash at a reduced price. When IMS learns of Zaco’s collections, it takes no action to stop Zaco. Zaco sells a number of items for IMS this way. But after a month, IMS realizes that this is a bad deal – IMS asks for a return of the sold products and is willing to return the money, because it wants to sell those products at the regular price. IMS will probably not be allowed to get the products back due to the doctrine of
a. express authority.
b. emergency authority.
8. Zaco and Moony are best friends and decide to go into business together. They enter into a contract to work together on the development of a movie house for alien pictures. Moony is at first unsure about entering into the contract, but Zaco convinces Moony that the business is going to be extremely profitable. As time goes by, Moony realizes that the contract is not what he expected. It is too much work for Moony, and the business is not even profitable! Zaco does not have many obligations under the contract, and he spends most days tanning his furry body on a beach blanket at the children’s park. (He tries to make friends, but none of the children like him.) Additionally, Moony has found out that Zaco drugged him the day they drafted the contract, and thus Moony did not realize what the contract actually said. Moony wants to get out of the contract. Under the law, which of the following argument(s) can Moony make in order to get out of the contract?
a. The contract is not enforceable because of adverse economic consequences.
b. The contract is not enforceable because results that do not match expectations.
c. The contract is not enforceable because of the lack of Moony’s genuine assent.
d. The contract is not enforceable because Zaco is a weirdo who scares children.
9. Elin, an agent for First Credit Corporation (FC), enters into a contract with Great Expectations, Inc. (GE), supposedly on FC’s behalf. However, Elin did not actually have the power to enter into this contract. This contract will be enforceable if it is ratified by
a. any third party.
10. Glida is an ice cream store in Miami. Glida hires Jim as an employee to drive the Glida ice cream truck around town every afternoon when school ends. Jim is supposed to stay within town limits, but he sometimes takes detours away from town. If Jim gets into an accident while on one of these detours, will the victim of the case be able to successfully sue Glida?
a. Yes, because the truck is owned by Glida.
b. No, because Jim did not have the authority to take the detour. He got into an accident when he was in a place where he wasn’t supposed to be.
c. Maybe, depending on whether this is normal detour and frolic within the scope of employment.
d. Yes, because employers are always responsible for the accidental torts of their employees.
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11. Jonathon is afraid that Zaco is going to kill him. Zaco has been threatening him for weeks! In order to incentive Zaco not to kill him, Jonathon enters into a contract where Zaco agrees that he won’t kill Jonathon for 3 years, and at the end of three years, Jonathon will pay Zaco $100,000. They both sign the contract, and Zaco lives up to his part of the bargain. He does not kill Jonathon. At the end of three years, Zaco demands payment, but Jonathon refuses! Zaco sues Jonathon for breach of contract. Based on the facts given, who will win in court?
a. Zaco will win because Jonathon breached the contract.
b. Jonathon will win because this is a void contract because it has an illegal purpose.
c. Jonathon will win because the contract is invalid because it lacked consideration.
d. Jonathon will win because $100,000 is an unfair price.
12. Janet and Julie work at ABC Interiors. Janet is a designer who works with cli¬ents of ABC on interior design projects. ABC closely supervises all of its design¬ers, and dictates their work schedules. Julie works part-time in the evenings cleaning the offices. Julie is ABC’s
a. agent but not employee.
b. employee and agent.
c. employee or independent contractor, depending on whether ABC controls her work.
d. independent contractor.
13. Based on the information above, ABC’s designers are most likely
b. Independent contractors.
d. None of the above.
14. Which of the following is true?
a. A disadvantage of the limited liability company is double taxation.
b. In a limited partnership, the limited partners are responsible for management decisions.
c. An advantage of the partnership is limited liability.
d. A corporation is more difficult to form than a partnership.
15. According to the law, Joyce works for Kappa Services Corporation as an independent contrac¬tor, and not as an employee, if
a. Joyce says that she works as an independent contractor.
b. Joyce works on a permanent basis.
c. Kappa does not control Joyce’s work.
d. Kappa withholds taxes from its payments to Joyce.
16. Jennifer hires a painter to paint her kitchen. This is a common law contract (what you read about in chapter 12). Pursuant to the contract, the kitchen is supposed to be completed by June 5th. In May, the painter asks Jennifer if he can have 5 extra days to complete the job, because it is difficult to find certain materials that he needs. Jennifer agrees, and they write an amendment to the contract which states that the painter will have until June 10th to complete the job. He finishes the job on June 10th, and he does a great job. But Jennifer sues for breach of contract! How will the court most likely rule?
a. For Jennifer, because the job was not completed by June 5th.
b. For the contractor, because the job was completed before June 10th.
c. For Jennifer, because this is a void contract.
d. For the contractor, because he did a great job.
17. Louis, a certified public accountant, and Maria, an in¬surance salesperson, enter into an agency relationship. How can this relationship be terminated?
a. only by the mutual agreement of both parties.
b. lapse of time.
c. by the act of one party.
d. both (b) and (c).
18. In a limited liability company,
a. the members (i.e. owners) are personally liable for all liabilities of the company.
b. the members (i.e. owners) are not personally liable for liabilities of the company.
c. the members (i.e. owners) experience “double” taxation.
d. none of the above.
19. Angela enters into an agreement with Adam to act as his agent in the sale of illegal drugs. Adam does not sell the drugs, but instead uses the drugs for his own enjoyment. Angela can re¬cover damages from Adam for
a. breach of contract.
b. the price that a reasonable person would be willing to pay for the drugs.
c. Both (a) and (b).
d. nothing because the agreement was illegal.
20. Latem, Inc. is a Delaware corporation that conducts business in many states. Among its shareholders and directors, a dispute arises that the corporation’s articles of incorporation and by-laws and various corporate documents are silent about (i.e. the documents of the corporation do not provide a procedure to resolve the dispute). The dispute concerns company activities that take place in Miami, Florida. The dispute is gov¬erned by
a. the Florida corporation statute.
b. the Delaware partnership statute.
c. the majority vote of the shareholders.
d. the Delaware corporation statute.
21. Trans Inc. hires Alice to drive a truck from New York to California. She is supposed to follow a certain path but stops in Kansas one afternoon so that she can visit her aunt. She drives 150 miles off the path. On her way back to the highway, she gets into an accident 32 miles away from the highway. The jury rules that driving 150 miles off the highway was way too far to be considered within the scope of employment. The jury says that 40 miles is a reasonable distance within the scope of employment (normal detour and frolic), but any distance beyond 40 miles is not within the scope of employment. Which of the following is true?
a. The accident victim can successfully sue Trans Inc. because Alice is an employee and businesses are always responsible for the torts of employees.
b. The accident victim cannot successfully sue Trans. Inc. because the 150 mile detour was not within the scope of employment.
c. The accident victim can successfully sue Trans. Inc. because the accident occurred 32 miles away from the highway.
d. The accident victim cannot successfully sue Trans. Inc. because Alice is the person who was driving the truck, so she alone is responsible.
22. Which of the following is true?
a. In most U.S. states, limited liability partnerships are restricted to certain professions, such as accountants or lawyers.
b. In most U.S. states, limited partnerships are restricted to certain professions, such as accountants or lawyers.
c. Corporations require the purchase of liability insurance.
d. None of the above.
23. Jill introduces Kelly to her friends as “my agent”. Kelly is not Jill’s agent, but pretends to act as Jill’s agent in several business transactions with those friends. Jill may be liable for the business actions
a. under the doctrine of estoppel.
b. because Kelly had express authority.
c. because Kelly had implied authority.
d. because Kelly had emergency authority.
24. Zaco is fired from his high powered position as CEO of Aliens R Us because he harasses many of the human employees. He has a hard time finding a new job, and eventually accepts a position as manager of a computer store in Queens, NY. As part of his managerial position, Zaco has the authority to decide the hours in which the store will be open, even though his contract does not explicitly indicate that he has the power to make this decision. This is an example of
a. apparent authority.
b. illegal authority.
c. express authority.
d. implied authority.
25. Gil is a purchasing agent for H&H Ranch with the authority to buy cat¬tle at a certain auction. After the cattle have been bought, the agency rela¬tionship terminates
b. following notice to all actual cattle sellers.
c. following notice to all potential cattle sellers.
d. following published notice in a local newspaper.
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