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Question
A limited liability company can be taxed as a partnership.Answer
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Like the bylaws of other corporations, the bylaws of Farmland Equipment, Inc.,
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An S corporation is treated the same as a regular corporation for tax purposes
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Cecilia's Day Spa, LLC, is a member-managed limited liability company. If the law in Cecilia's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to
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CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherÂwise, participants in the firm's management will be considered to include
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Kelly, the owner of Llama Farms, a sole proprietorship, wants to obtain additional busiÂness capital but to maintain control. This can best be acÂcomplished by
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c. unenforceÂable because the dollar amount is missing.
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If, as Brad claims, the consideration in this problem is inadequate, it may indicate a lack of
a. accord in Brad's satisfaction with the value of the deal.
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d. "heft," "substance," or "weight" in the terms of the contract.
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A covenant not to compete in the sale of an ongoing business is unenforceable.
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If there is a statute that prohibits a certain action, a contract to do it is unenforceable.
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On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to employ her to audit BNI's financial stateÂments for the current year for $1,000. In the letter, BNI stated that Carol had ten days to accept. On May 5, Carol sent BNI a fax that stated, "The price for the audit seems too low. Would you consider paying $1,200?" BNI received the fax. The next day, Dan offered to conduct the audit for $800. On learning of Dan's offer, Carol immediately e-mailed BNI, agreeÂing to do the work for $1,000. BNI received this e-mail on May 7. Explain why BNI and Carol do, or do not, have a contract.
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Michelle gives out a business card with an e-mail address on it. According to the comments that accompany the UETA, it may be reasonable to infer that Michelle has consented to
a. transact business electronically.
b. submit to the jurisdiction of any selected forum.
c. accept and respond to any correspondence sent to that address.
d. nothing.
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Howie enters into a contract with Ida over the Internet to buy soybeans as a hedge against falling prices in corn. Neither party prints out a hard copy. Under the Electronic Signatures in Global and National Commerce Act (E-SIGN Act), this contract can
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b. be "denied legal effect" unless a hard copy is printed.
c. be "denied legal effect" until it is executed.
d. not be "denied legal effect" because it is only in electronic form.
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Magic Math Corporation makes business accounting software, which is packaged with a shrink-wrap agreement. National Distribution Company distributes the software to retailers, including an Office Stuff store, where Peg buys a package of it. The parties to the shrink-wrap agreement are
a. Magic Math and National Distribution only.
b. Magic Math and Peg only.
c. Magic Math, National Distribution, Office Stuff, and Peg.
d. Office Stuff and Peg only.
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a. in transit.
b. received.
c. sent.
d. written.
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Sunshine Cell Phone Company offers to buy a laser printer, with a case of paper and an extra carÂtridge, from Office Products, Inc. (OPI), for $200. Paul, OPI's representative, says, "Okay, but no paper and no extra carÂtridge." Paul has
a. accepted the offer.
b. made a counteroffer without rejecting the offer.
c. rejected the offer and made a counteroffer.
d. rejected the offer without making a counteroffer.
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Brick Products, Inc., files a suit against City Trucking Service for breach of contract, based on what Brick claims was City's offer. For a court to deÂtermine if a contract has been breached, under the common law, the offer must include terms that are
a. exactly precise.
b. reasonably definite.
c. unequivocally approximate.
d. vague or uncertain.
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Fanny tells Eden that she will sign a lease if it includes a clause permitting Fanny to exÂtend the lease at the same amount of rent. Fanny's intent to sign the lease is determined by reference to Fanny's
a. assumptions.
b. beliefs.
c. unspoken opinions.
d. words and action.
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If an offeror does not expressly authorize a certain mode of acceptance, then acceptance may be made by any reasonable means.