LAW 531 Final Exam Correct Answers

discussion, six directors voted in favor of the contract and two voted against it. Ginger
voted for the contract. Which of the following is true?
a) The contract is valid since it was approved by a majority of a quorum of the board.
b) The contract becomes void if the corporation proves that the contract was unfair to it.
c) The contract is voidable unless Ginger proves that the contract is fair to the corporation.
d) The contract between Ginger and the corporation is illegal and invalid.
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11. A limited partnership:
a) May not have a corporation as a general partner.
b) May be taxed either as a partnership or as a corporation.
c) May be created by default.
d) Dissolves when a partner dies.
12. A method of alternative dispute resolution in which a neutral third party helps the parties
reach a resolution of the dispute by facilitating communication, clarifying areas of
agreement, helping see each other’s viewpoints, suggesting settlement options, but who
cannot make decisions that bind the parties, is called _______.
a) minitrial
b) conciliations
c) arbitration
d) mediation
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13. Jacobs put an old typewriter in the trash. The trash collector, Land, took the typewriter,
fixed it up, and sold it to Jones for $750. Jacobs contends that he is entitled to some or
all of the $750 that Land received from Jones. Based on these facts:
a) Jacobs is entitled to recover the typewriter from Jones.
b) Land is entitled to keep the full $750 because Jacobs had abandoned the typewriter.
c) Jacobs is entitled to the $750 because Land paid Jacobs no consideration for the
typewriter.