BUSA 2106 Exam # 2 Study Guide Lectures: 10-16 Review Chapters 8-10 & 14-15, the book gives good examples that may be presented as an EssayQuestion. Also review the lectures I provided on GradeBuddy.com. Remember you can create a cheat sheet!!!!! Good Luck and I hope this helps EXAM II SAMPLE QUESTIONSMultiple Choice and True/False QuestionsChoose the best answer for each question, using your answer sheet. Read carefully.1. A limited liability company is taxed as a….a. Corporation.b. Partnership.c. Neither a corporation nor a partnership. d. Either a corporation or a partnership.2. Ellie publishes a book entitled First Place, which includes an entire chapter from Frank’s copyrighted book Great Racecar Drivers without his permission. Ellie may be sued for copyright infringementa. Only if consumers are confused.b. Only if Ellie and Frank are competitors.c. Only if consumers are confused and Ellie and Frank are competitors.d. Regardless of whether consumers are confused or Ellie and Frank are competitors.3. To be legally sufficient, consideration must include a bargained-for exchange of something of value to the parties.a. True b. False4. A contract for the following, if it is breached, would qualify for specific performance, which is a type of equitable remedya. House-painting services. b. Ten thousand blue pens.c. A one-of-a-kind sculpture by a deceased artist. d. An economy car.5. In winding up a limited partnership, non-partner creditors are paid before either the general or limited partners are reimbursed for their capital contributions.a. Trueb. FalseShort Answer QuestionsWrite a short answer (1-2 short paragraphs) to each question. In each answer, be sure to answer each question asked, explain your reasoning, refer to the relevant laws, elements, doctrines, or tests by name,and show the steps of your analysis. If your answer requires a fact that is not included in the question, you may assume or “make up” that fact, but be sure to make your assumptions clear in your answer. Use the back of the sheet if you need more space. Also know how to identify what category is being asked in the essay question. This will help you to know where to look for the information on your cheat sheet that will help you answer the question. 1. Smith-Jones Co. was a limited partnership organized under the laws of Kansas. Paula Smith was the sole general partner, and Richard Jones was the limited partner. Jones acted as a silent partner who provided $10,000 in capital for the partnership, but took no part in the day-to-day management or control of the partnership, employment or discharge of employees, the purchase or sale of inventory, or any other business of the partnership business. Smith-JonesCo. applied for a loan. The bank refused to grant credit to the partnership until Jones signed as the guarantor of the debt, so Jones signed. Smith-Jones Co. eventually defaulted on the debt and Paula Smith declared bankruptcy. The bank sued Jones to recover the debt.a. If Jones had made no mistakes in this scenario, what would his liability have been to the bank for the debt? Why? In your answer, refer to any relevant legal rules by name. Explain your reasoning and identify any assumptions that you make. If Jones had made no mistakes then he would only lose his investment and the bank couldn’t try to get any more money from him. b. Under this actual scenario, what is Jones’ liability, and why? In your answer, refer to any relevant legal rules by name. Explain your reasoning and identify any assumptions that you make. In this actual scenario since he stepped out of his role of limited partnership, which would prevented him from beingsued for the rest of the recoveries by the bank. Also he can be found liable 1. His name is a part of the company’s name. 2. He signed his name as a guarantor of the debt. 3. As well it’s possible that the limited partnership wasn’t properly registered with the state. *And if any one of these are the case then the Limited partnership forfeit is rights to be protected under the LP*- Try answering question 2 and Review the Reading quizzes on desire 2 learn2. Professor Cohen discovers an article entitled “Website Privacy Policies” that is perfect for his Web Design course. The article was written by Jerri Doe and published and sold by a large publishing company, Academic Publishers, Inc. Without asking for permission from the author or publisher, Professor Cohen has his university copy center make 65 copies of the entire article, and distributes them to the 65 students in his class at no charge.a. Has Professor Cohen broken any type of intellectual property law? If so, identify the law and describe what the law is intended to cover. To answer this question define what intellectual property law is and that should help you. b. What people or entities could sue Professor Cohen? In addition to Professor Cohen, is there any other defendant that could be sued? What type of infringement would each defendant be sued for? Think about you helped Professor Cohen with having enough copies to distribute out to his class also think about who is affected by the distribution of the FREE articles.c. Acting as the judge, do your own analysis, use the facts, and apply the legal rules to decide who Use what you have read and learned in the