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LAW531 LAW/531 WEEK 1 QUIZ
Category : Law
Posted on 10/25/2014 at 6:59:39 AM
 
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LAW531 LAW/531 WEEK 1 QUIZ
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Posted on 10/25/2014 at 6:59:39 AM
 
Posted By : Bestmind
   
 
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1. When parties agree in advance to adhere to an arbitrator’s decision and award, it is known as binding arbitration appealable arbitrator discretion mediation 2. Which of the following is true of a corporation? Corporation shareholders are subject to unlimited personal liability. Corporation owners are only taxed once on earnings. A corporation terminates upon the death of an owner. A corporation is a separate legal entity. 3. Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true? Martha’s business creditors can collect only the $50,000 of business assets. Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business. Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000. Martha is personally liable for the additional $75,000 owed to business creditors. 4. Which of the following is true of The Federal Arbitration Act? It permits an appeal for all arbitration awards. It provides that arbitration agreements are valid, irrevocable, and enforceable. It governs all types of alternative dispute resolution. It applies only to breach of contract disputes. 5. Which of the following is true about the choice of business entity for an entrepreneur? The choice is determined solely by whether th

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10201425315906LAW531 LAW 531 Week 1 Quiz.doc


 
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