Question

Lee and Mary want Nick to replace Lee as a party to their contract. They can best accomplish this by agreeing to

an accord and satisfaction.

an assignment.

a novation.

a nullification.

Which of the following is a true statement?

In a limited liability company in the U.S., members cannot participate in management.

In a limited liability company in the U.S. members must participate in management.

The typical state limited liability company (LLC) statute in the U.S. would provide that unless the members agree otherwise, all profits of the LLC will be divided equally.

Corporations do not possess any rights under the U.S. Constitution since corporations are artificial legal entities and not real person

Which of the following is not a correct statement concerning the reasons sufficient to give a court power to dissolve a partnership?

A partnership may be dissolved if one of the partners is declared physically disabled or mentally incompetent.

A partnership may be dissolved because a partner is shown to be not adequately performing his or her part of the partnership contract.

A partnership may be dissolved if the business can only be carried on with substantial continuing losses.

A partnership may be dissolved if one of the partners commits misconduct or gross negligence or materially breaches the partnership agreement. The transfer of rights under a contract to a third party is called: An assignment. An adjudication. A resolution. A delegation to an obligee. Which of the following is a true statement? The trier of fact in a jury trial is the judge. In most trials, the defendant bears the burden of proof. Voir dire is the process by which the judge informs the jury about what law to apply when they decide the case. An appellate court reviews the record of the trial court. The doctrine in negligence law which shifts the burden of proof from the plaintiff to the defendant is: Negligence per se. Res ipsa loquitur. Apparent negligence. Good Samaritan. Which of the following is not a correct statement? The common law of contracts governs all types of contracts in the U.S. without exception. A contract is an agreement between two or more parties that can be enforced in court of law. Pursuant to the objective theory of contracts, the intention to enter into a contract is determined by the objective facts that are interpreted by the “reasonable prudent person” standard. The agreement component of a contract consists of an offer and an acceptance under the common law. Which of the following best describes the overall scheme of pollution regulation in the United States? Exclusively federal law. Exclusively state law with minimal federal oversight. Exclusively state law, but with considerable federal oversight. Primarily federal law, but considerable state law as well. X offers to sell Y a computer. Y sends an acceptance via the mail. This acceptance is generally effective when it is in transit. received. sent or dispatched. written. The "fair use" doctrines applies to: Patent law The employment at-will doctrine Copyright law The National Labor Relations Act.

Answer 1

Ans 1: a novation

Ans 2: The typical state limited liability company (LLC) statute in the U.S. would provide that unless the members agree otherwise, all profits of the LLC will be divided equally.

Ans 3: A partnership may be dissolved because a partner is shown to be not adequately performing his or her part of the partnership contract

Ans 4: An assignment

Ans 5: An appellate court reviews the record of the trial court

Ans 6: Res ipsa loquitur

Ans 7: The common law of contracts governs all types of contracts in the U.S. without exception

Ans 8: Primarily federal law, but considerable state law as well

Ans 9: sent or dispatched

Ans 10: Copyright law