Bul 3310 Exam 1 Notes A is a party whose promise is not limited to a single transaction or to a single creditor General Guarantor A is a party who limits his or her promise to a single transaction or to a single creditor Special guarantor general A n is a legal proceeding accompanying an action in court by which a plaintiff may acquire a lien on a defendant s property as a security for the payment of any judgment that the plaintiff may recover Attachment A is the voluntary relinquishment of the right to a mechanic s lien before a notice of lien is filed Waiver A promises to be liable to the creditor only in the event that the surety refuses to perform and thereby defaults Subsurety A provides protection against losses that may result from the failure of a contracting party to perform the contract as agreed Performance bond A provides security for a creditor without involving an interest in the property where the security for the creditor is provided by a third person s promise to be responsible for the debtor s obligation Suretyship Absent an agreement otherwise the members of an LLC have a statutory right to select all the correct answers Inspect the books and records of the LLC dissolve the LLC approve a merger According to the self interest theory good decisions benefit the individual making the decision True Acts which are wrongful in themselves and prohibited by almost all civilizations are classified as crimes Malum in se After his trial Bill was fined 2 500 and sentenced to serve 6 months in the local jail From the sentence we know that the crime he committed was a n Misdemeanor Al and Ben were clients of Big Brokerage Firm BBF They suffered financial losses because of fraudulent securities dealings by BBF Many other clients were victims as well with losses that varied depending on the size of the accounts and the dates of certain trades Al and Ben filed suit against BBF on their own behalf and on behalf of the other clients who suffered losses This suit is an example of a n suit Class action Alan was convicted in a criminal trial of assaulting Ben Ben cannot now sue Alan in tort for personal injuries because Alan is protected against double jeopardy False All legal conduct is ethical False All of the following could be accurate statements about a general partnership except Partnership liabilities in a general partnership are limited to the amount of capital contribution All of the following are considered advantages of doing business as an LLC except Members of the LLC may lawfully avoid filing personal tax returns with the IRS All of the following are functions of an LLc s operating Agreement except To indemnify members of the LLC from liability for any unlawful acts All of the following could be recognized as advantages of doing business as a limited partnership except Limited partners can actively share in management of the partnership without incurring the risks of business liabilities All of the following are rights held by an individual member of an LLC except The right to sell one s interest in the LLC without notifying or consulting the other members of the LLC All of the following are true except A class action suit is one in which a person files suit on his her own behalf and on behalf of all other persons who may have a similar claim A class action lawsuit may be brought on behalf of all purchasers of a defective product A class action lawsuit may be brought on behalf of employees of a particular business The number of people who comprise a class in a class action are frequently very small Class action suits are popular because they often involve matters in which no one member of the class would have a sufficient financial interest to warrant filing a suit The number of people who comprise a class in a class action are frequently very small Article 2A of the Uniform Commercial Code governs the sale of securities False All states have juvenile courts with special procedures for crimes involving minors True American government is based on the concept of which allocates the power to govern between sovereign federal authority and the sovereign states Federalism The American political system which divides the power of government between sovereign states and a sovereign federal government is an example of Federalism Analogical reasoning is different from deductive reasoning True Analogical reasoning relies inferences drawn from previous similar situations True Andrew owned a house painting business with 100 employees Andrew fired Bob because Bob skipped work to attend a political rally If Bob sues Andrew for wrongful termination will he win No Bob will not win the lawsuit Angela is a law student writing a law review article on the economic impact of certain white collar crimes She follows the school of jurisprudence Law and Economics Angelique promotes the idea changes in social mores should inform legal analysis She supports the school of jurisprudence Sociological Anne a resident of New York is suing Bill also a resident of New York in a contract dispute that is governed by New York state law This controversy would be classified as an case Intrastate Ann is the head of the accounts payable department in a large corporation She set up a bank account in the name of a fictitious supplier and deposits a check in it every month She is the owner of the account Because Ann is an employee entrusted with making out checks for her employer what crime has she Committed Embezzlement Any law that treats citizens differently based on race religion or national origin will be reviewed under intermediate scrutiny False Any third party who promises a creditor to be liable for a principal s payment is either a surety or Guarantor Any profits which a surety makes when called upon to perform the principal s duties belong to the surety False An appeals court does not have the power to review the findings of law made by the judge during the trial only the jury s findings of fact False An artisan s lien is always assignable False An improvement to real property necessarily increases the market value of the real property False Arizona cannot have different standards for admitting in state and out of state residents to the practice of medicine because of the Full Faith and Credit Clause False The assembled group of people from which a trial jury will be selected is called the Venire Assume that Big Chicken Grower BCG is sued in a court of equity and the court issues a temporary injunction
View Full Document
Unlocking...