Submitting resolution that are social or political in nature

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Reference no: EM132159206

1. Jeremy decided to relocate to New Jersey. Jeremy hired Ready Realtors to find a buyer for his house in California and manage the sale of the house. The agency relationship between Jeremy and Ready Realtors must be in writing.

True

False

2. A corporation that officially states in its Articles of Incorporation that its purpose is "to engage in any lawful activity for the corporations may be organized under the General Corporate Law of the State of California" has not sufficiently defined the corporation's purpose, which must be more narrowly defined.

True

False

3. Judy believed that Ray and Don were partners in an automotive repair business. Ray and Don were not partners. Ray owned the business as a sole proprietor. Ray, however, allowed Don, his unemployed brother-in-law, to be around the business. When Judy was having her car repaired, Ray told her "my partner over there, Don, will give you a ride to work this morning so you can leave your car here. He will give you a ride back here after work and your car will be done." Judy allowed Don to drive her to work. While riding with Don, Don accidentally ran a stop light and caused an accident. Judy was hurt and claims that both Don and Ray are liable to her. Is she right?

a. No. Don was a dissociated partner.

b. Yes. This illustrates a partnership by estoppel.

c. No. Don was not a partner in the business.

d. No. There was no intent to have a partnership

4. Shareholders are prohibited from submitting resolutions that are social or political in nature.

True

False

5. The Sarbanes-Oxley Act makes it a crime to retaliate against someone who blows the whistle on any federal offense.

True

False

Reference no: EM132159206

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