Partnership Test
A bilateral contract has how many promises?
2
The United States Constitution replaced what?
Articles of Confederation
Agency law is typically concerned with what legal issue?
Can the third party sue the principle, based on the actions of the agent?
What document creates the LLC?
Certificate of Organization
Which two substantive bodies of law did we discuss as impacting partnership law?
Contracts and agency law
Transferred intent is a concept that APPLIES / DOES NOT APPLY in negligence.
Does not apply
Which of the following statements is true?
Generally speaking, a act by a partner that is performed conducting business, binds the partnership.
Harry and Sally have no written contract regarding a business entity that they are operating together. Which of the following is a true statement?
Harry and Sally could potentially be operating a partnership.
A limited partnership is a type of partnership. A limited liability company is not a type of partnership.
One of the statements is false.
The general rule regarding when there is personal liability, strictly within the context of corporations, is known as what?
Piercing the corporate veil
When examining whether a partnership exists, the sharing of profits does what?
Raises a presumption of a partnership
Assume that you are a attorney who is trying to prove that a particular partnership exists. In other words, your goal is to show that, based on the evidence, a partnership existed. Which of the following pieces of evidence would benefit you the most?
Ron and Gina are sharing profits.
What were listed as two key pillars of constitutional law?
Separation of powers; federalism
In agency law, the principle is typically who?
The employer
The agency relationship is formed between who?
The principle and the agent
Every contract must have:
a valid offer
A LLC CAN / CANNOT own property.
can
A partnership can be formed for two people to run prostitution company.
false
In a partnership, a formal agreement is required.
false
In a partnership, a writing is required to form the partnership.
false
Revocation is the only way the power of acceptance can be terminated.
false
Specific intent is a concept found in tort law.
false
An invitation for a offer:
is NOT an offer
A corporation is considered a:
legal entity
What does LLC stand for?
limited liability company
If there was a valid offer, then ___
one party signaled that acceptance will conclude the deal
The general rule regarding past consideration is:
past consideration is no consideration
Limited Liability Companies are creatures of:
state law
In agency law, the principle is typically who?
the employer
A rejection means:
the power of acceptance is terminated
If there is no offer, then ____
there can be no acceptance
Negligence is a doctrine found in which body of law?
torts
A unilateral contract has one promise.
true
Generally, rejection is effective:
upon receipt
OFFER + ACCEPTANCE + CONSIDERATION =
valid contract
