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.