LDR 531 Complete Class NEW

LAW 531 Week 1 Quiz

LAW 531 Week 1 Quiz

1.) George has served Mary with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that she

answer George's complaint but do not provide any affirmative defenses that George can use against her

should not respond to George's complaint as an answer implies an admission

write a letter to the judge saying that George is mistaken

answer George's complaint by admitting or denying the allegations George has asserted against her

2.) 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.

3.) Which of the following is true of arbitration?

A resolution may or may not be reached.

One party usually drops the case.

Parties can introduce evidence to support their case.

A judicial referee makes recommendations to the parties.

4.) Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?

Mediation

Conciliation

Arbitration

Minitrial

5.) Which of the following is true of a corporation?

A corporation terminates upon the death of an owner.

Corporation shareholders are subject to unlimited personal liability.

A corporation is a separate legal entity.

Corporation owners are only taxed once on earnings.

6.) The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes this situation?

The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership.

The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification.

The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable.