test 1

Question 1

which state has longest history of law

Answer 1

delaware

Question 2

which state is most favorable for corporate statute

Answer 2

Nevada, corporate tax, privacy, limited residency requirement

Question 3

what governs if no partnership agreement existis

Answer 3

uniform partnership act

Question 4

means loosing the liability protection of a corporation

Answer 4

piercing the corporate veil or alter ego

Question 5

include forming the board, filing articles, adopting bylaws, holding meeting

Answer 5

corporate formalities

Question 6

how do you make an s election

Answer 6

tell IRS within 6 months

Question 7

who files DBA

Answer 7

doing buissness as, sole propietershi[ps and partnerships

Question 8

what allows llcs to make ongoing accounting of member contributions

Answer 8

capital accounts

Question 9

Who will venture capitalists go with

Answer 9

corporation then llc

Question 10

who does s corporation

Answer 10

family buisness paying salary

Question 11

act of agreement

Answer 11

assent, signing clicking etc.

Question 12

something of value exchanged between parties

Answer 12

consideration, basically both people gain from it

Question 13

do courts look for adequecy of consideration

Answer 13

no they just look at if it exists not if it was a good deal

Question 14

means that everyone is on the same page and using the same vocabulary

Answer 14

meeting of the minds

Question 15

fine print, under duress

Answer 15

unconscionable, where the sneaky lawyer puts something in the fine print

Question 16

risk is in the contract

Answer 16

ambiguity

Question 17

all details are expressed

Answer 17

express contract

Question 18

dictated by custom

Answer 18

implied contract

Question 19

for contract modification

Answer 19

accord and satisfaction, where insurance comapnies mail you a check for less and you cash it then the terms have been modified

Question 20

preprinted terms

Answer 20

boilerplate

Question 21

states have different laws

Answer 21

choice of law

Question 22

impossiablity of performance

Answer 22

force majure

Question 23

entire agreement is between parties

Answer 23

integration clause, no side agreements evertyhing agreed upon is in the contract

Question 24

stop a wrong

Answer 24

injunction, basically company must stop doing something to pay for wrong

Question 25

must perform

Answer 25

specific performances

Question 26

money, restitution, damages, reliance, consequential

Answer 26

damages

Question 27

lessening the damage of a breach

Answer 27

mitigation, even if your wronged you need to mitigate the damage or try

Question 28

primary purpose of contracts

Answer 28

to limit risk

Question 29

what did parties intend

Answer 29

rules of interpretation

Question 30

power of pen

Answer 30

handwritten over typed over something

Question 31

capital letter

Answer 31

definied terms

Question 32

addds to contract

Answer 32

addendum

Question 33

changes contract

Answer 33

amendment

Question 34

identifying mark to contract

Answer 34

exhibit

Question 35

must be in writing, over 500 dollars, can be performed in a year, transfer of real estate, taking debt, prenup

Answer 35

statute of frauds

Question 36

provides gap fillers for merchants

Answer 36

uniform commercial code

Question 37

common terms form contract inconsistent ones fall out

Answer 37

battle of the forms

Question 38

title passes betwen buyer and seller

Answer 38

implied warranty of title

Question 39

merchant know what they are talking about

Answer 39

fitness for a particular purpose

Question 40

you get what you pay for

Answer 40

inplied warrant of merchantablity