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- Was it good for Jacoby, Meyers, and Koff to set up a general partnership for their Jacoby & Meyers law firm?How did the court evaluate the Prewitt v Numismatic Funding Corporation case?1. Which of the following is an advantage of partnerships? a. Each partner has limited liability for the debts of a business. b. Each partner is responsible only for his or her acts. c. A business continues to exist even after the death of any one partner. d. More capital can be raised since good credit may be available. 2. Which of the following factors should be considered while choosing the proper legal form for a business? a. Packaging of the product b. Location of the factory c. Nature of the business d. Name of the product 3. Once the choice of a legal form for a new business has been made, it cannot be changed until the business is dissolved or sold. a. True b. False 4. An equal partnership between owners is advisable in order to facilitate decision-making. a. True b. False 5. Which of the following is an advantage of a corporation? a. It cannot make use of a business owner's personal property…
- An unmarried cohabitant has the following goals: (1) to leave all of his property to his domestic partner at his death, and (2) to avoid probate. He currently does not have a will, but recognizes that he needs an estate plan. Which of the following techniques will satisfy his goals? A)He should obtain a life insurance policy and name his domestic partner as the beneficiary. B)He should title his real property as tenants in common with his domestic partner. C)He should fully fund a revocable living trust that designates his domestic partner as the beneficiary. D)He should make lifetime gifts in the amount of the annual exclusion to avoid gift tax and preserve his estate tax exclusion amount.Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?If any of the owners decided eventually to sell any or all of their shares and had identified a potential buyer, they all agreed that Ay-Bee-Cee-Dee Corp. should be granted the right to match the offer of the potential buyer and, thereby, buy back the shares rather than allowing that potential buyer to become a part owner of the company. To accomplish this, which of the following types of restrictions on transfer needs to be attached to the shares? Multiple Choice Provision disqualifying purchasers Buy-and-sell agreement Consent restraint Right of first refusal Option agreement
- can you tell and explain me exactly, what is the probable outcome of Caspers’s suit against Daniella?19) The Elle Corporation manufactures fingernail polish. Suzy buys a container of Elle's fingernail polish, applies it to her nails, and suffers a severe allergic reaction. She sues Elle under the implied warranty of merchantability, The test for determining whether Suzy will recover is whether: A) the nail polish she bought was suitable for the needs of the average consumer. B) the nail polish she bought properly performed its function of coloring one's nails. C) such a reaction in an appreciable number of consumers was reasonably foreseeable. D) the ingredient causing the reaction was foreign to the nail polish or natural to it. nating one model, Bobby noticesWhat is the orbita dicta in hoyts v spencer case 1919.