Reference no: EM133297991

Question 1

The state law statue (law) that provides that certain contracts must be in writing to be enforceable in a court of law is the Statue of ______________________.

a Written covenants

b Purposes

c Frauds

d Guaranty

Question 2

Which element of a contract is met by a bargained-for-exchange?

a Legality

b Capacity

c Agreement

d Consideration

Question 3

A ________________contract occurs when one (1) person agrees to pay the debts of another person.

a Main debt exception

b Mortgage

c Guaranty

d Implied in equity

Question 4

Which of the following is a requirement for a valid contract?

a Offer and acceptance

b Consideration

c Legal capacity of the parties.

d All of the above are elements of a valid contract.

Question 5

All of the following are considered advantages of doing business as a limited liability company except _____________________.

a The LLC insulates (protects) its members from personal liabilities for the debts of the business.

b Members of the LLC may lawfully avoid filing personal tax returns with the IRS.

c The LLC can function much like a general partnership while avoiding many of the risks of a general partnership.

d The LLC can provide its members voting rights that are proportionate to the members' capital contributions.