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Question
Suretyship is the legal relationship formed when someone agrees to pay another's debt if the debtor does not pay.Answer
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Related questions
Q:
Which of the following is an incorporated form of business?
A.A sole proprietorship
B.A limited liability company
C.A corporation
D.A limited partnership
Q:
A partnership is dissolved by court order if:
A.the partnership agreement expires in accordance with the time provided in the agreement.
B.a partner is guilty of conduct prejudicial to the business.
C.a partner dies.
D.the partnership goes bankrupt.
Q:
Under the Uniform Partnership Act, whenever a partner withdraws from the general partnership, the partnership
A.gets converted into a member-managed limited liability company.
B.gets converted into a limited partnership.
C.gets converted into a manager-managed limited liability company.
D.must dissolve.
Q:
If a limited liability company elects to be manager-managed:
A.the owners themselves will manage the day-to-day operations of the company.
B.the governance in the company is like a general partnership.
C.the owners will elect officers to run the company.
D.the power to bind the LLC attaches to its members.
Q:
If a limited liability company elects to be member-managed:
A.the governance in the company is like a general partnership.
B.the power to bind the LLC attaches to the managers.
C.the governance in the company is more like a corporation.
D.the owners will elect officers to run the company.
Q:
The most important duty of the principal toward his agent is to:
A.indemnify the agent for expenses incurred within the scope of the agency.
B.compensate the agent according to the terms of the contract.
C.maintain a relationship of trust and confidence.
D.act with reasonable skill and care.
Q:
If an agent has always done a certain act that was not expressly authorized by the principal, but the principal has acquiesced in the conduct, the principal assents to the conduct. The authority granted to the agent in such a way is known as an _____ authority.
A.apparent
B.implied
C.express
D.inherited
Q:
With reference to the two characteristics of an agency relationship, the principal's right to control the agent and the fiduciary nature of the relationship, the relationship between a trustee and a beneficiary:
A.is fiduciary in nature but lacks control.
B.is subject to control but lacks the fiduciary nature.
C.is subject to control and is fiduciary in nature.
D.lacks both, the fiduciary nature as well as control.
Q:
What is meant by perfecting a security interest? What is the difference between attachment of a security interest and perfection of a security interest?
Q:
What are the two types of intangible collateral?
Q:
A debtor usually meets with his or her creditors in a " _____ " meeting, so named because of the section of the bankruptcy code which requires such a meeting.
A.108
B.189
C.218
D.341
Q:
James has taken a loan of $10,000 from a bank with Julia and Robert as his sureties. However when the money becomes due, James is unable to pay the amount. Robert, as one of James' sureties, pays the entire amount to the bank. Robert, now, has the right to receive a proportionate share of this obligation from Julia. This right is known as the right of ___.
A.reimbursement
B.exoneration
C.contribution
D.subrogation
Q:
Explain the Parol Evidence Rule.
Q:
Discuss undue influence as a challenge to mutual assent.
Q:
What are quasi contracts? Explain with the help of an example.
Q:
With reference to assignment, the one to whom rights are assigned is a(n) _____.
A.obligee
B.assignee
C.delegator
D.obligor
Q:
If an incompetent party enters into a contract, the contract will be:
A.a contract implied in law.
B.an express contract.
C.a quasi contract.
D.a void contract.
Q:
_____ is exerting pressure through threats or use of physical force, economic disadvantage, exposure of private matters, etc., to get a party to enter into a contract.
A.Duress
B.Undue influence
C.Fraud in execution
D.Gap filling
Q:
Which of the following statements best describes the mailbox rule?
A.Unless otherwise agreed, an acceptance is effective when it is sent if it is sent correctly.
B.If no time is specified in the offer, then the law will impose a reasonable time based on the circumstances.
C.A change in the offer by offeree will only be considered a counteroffer if the offeree intends it to be so.
D.If an offer is made but before it can be accepted the subject matter of the offer becomes illegal, the offer is terminated.
Q:
Which of the following statements is definitely true regarding an option contract?
A.It is also known as a quasi contract.
B.It is created when the parties enter into the agreement by their actions rather than because they have actually discussed the matter.
C.It lacks mutual assent.
D.An option contract only buys the offeree time to accept or reject the offer.
Q:
If the contract does not have legal subject matter or there was fraud in the execution in entering into the agreement, then the contract does not actually exist at all. This is called a(n) _____ contract.
A.implied in fact
B.unilateral
C.quasi
D.void
Q:
With reference to a valid contract, _____ indicates that the offeror is extending an offer and the offeree is accepting the offer.
A.capacity to enter into a contract
B.mutual assent
C.legality
D.consideration
Q:
In contracting to buy a car, you agree to exchange money you otherwise would not have to give the dealer in exchange for title and possession of a car the dealer would not otherwise have to give you. This is an example of the _____ requirement of a valid contract.
A.mutual assent
B.legality
C.capacity to enter into a contract
D.consideration
Q:
According to which of the following requirements of a valid contract those under the legal age of contracting (generally 18), those who are intoxicated or otherwise under the influence of mind-altering drugs or those who are mentally incompetent cannot enter into a valid contract?
A.Mutual assent
B.Legality
C.Capacity to enter into a contract
D.Consideration
Q:
Contracts implied in fact are known as quasi contracts.
Q:
With reference to judicial review, what is a de novo review?
Q:
What is an executive agency? Give an example of an executive agency. What is the difference between an administrative agency and an executive agency?
Q:
Why is the knowledge of administrative law important?
Q:
Discuss briefly the Internal Revenue Service (IRS) in the context of administrative law.
Q:
Which of the following functions is performed by Internal Revenue Service (IRS)?
A.Enforcing federal antitrust and consumer protection laws
B.Preserving the nation's history by overseeing the management of all federal records
C.Collecting taxes
D.Providing trade expertise to both the legislative and executive branches of government