Area 2: Business Law

Patterson (Principal) hired Aris (Agent) to manage an apartment complex. The employment contract explicitly stated Aris could not hire maintenance workers without Patterson's prior approval. Despite this, Aris hired a plumber to fix a burst pipe in an emergency. Patterson refused to pay. Is Patterson liable?

Under the doctrine of Respondeat Superior, which of the following acts by an employee would most likely result in the employer being held liable?

On June 1, Offeror mailed an offer to Offeree. On June 3, Offeror mailed a revocation. On June 4, Offeree received the offer and immediately mailed an acceptance. On June 5, Offeree received the revocation. On June 6, Offeror received the acceptance. Is there a contract?

Under the Statute of Frauds, which of the following oral contracts is legally enforceable?

Seller (a merchant in Chicago) sells goods to Buyer (in New York) with shipping terms 'F.O.B. Chicago'. The goods are destroyed in transit. Who bears the risk of loss?

Under UCC Article 2, the 'Perfect Tender Rule' allows a buyer to reject goods if they fail to conform to the contract in any respect. To which of the following does this rule NOT apply?

A surety pays a debt owed by the principal debtor to the creditor. Which right allows the surety to now 'step into the shoes' of the creditor and exercise the creditor's rights (such as enforcing a lien) against the debtor?

Creditors want to file an involuntary Chapter 7 bankruptcy petition against Debtor Corp. Debtor Corp has 15 creditors with total unsecured claims of 0,000. What is the minimum requirement to file the petition?

A bankruptcy trustee may set aside a 'preferential transfer' made by the debtor. Which of the following payments made by a debtor 60 days before filing for bankruptcy would most likely NOT be considered a preferential transfer?

Which of the following debts is generally dischargeable in a Chapter 7 bankruptcy?

Which of the following is a key advantage of a Limited Liability Company (LLC) over an S Corporation?

Under Regulation D, Rule 506 of the Securities Act of 1933, which of the following statements is correct regarding the exemption from registration?