LAW 531 Final Exam Correct Answers
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efore making this decision, he had a rational basis for it, and he had no conflicts of<br />
interest regarding this decision. What would be the probable outcome if the shareholders<br />
file a suit?<br />
a) Ted is liable under the ultra vires rule.<br />
b) Ted is liable under the various liability rule.<br />
c) Ted is not liable under the corporate protection rule.<br />
d) Ted is not liable under the business judgment rule.<br />
18. Which of the following is also called “judgemade” law?<br />
a) Statutes<br />
b) Equity<br />
c) Uniform acts<br />
d) Common law<br />
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19. Reggie went to the Napa Valley Harvest Festival, when he stopped at Tracy’s booth<br />
where she was selling paintings of vineyards. Reggie admired a painting of vineyards<br />
that did not appear to be for sale. Reggie said to Tracy, “I will give you $200 for that<br />
painting right now.” Tracy said nothing in response but she gave Reggie the painting,<br />
and Reggie gave her $200 in cash. This is an example of a contract that is now _____.<br />
a) unilateral and executory<br />
b) bilateral and executory<br />
c) bilateral and executed<br />
d) unilateral and executed<br />
20. Under the doctrine of federal jurisdiction, a corporation is:<br />
a) A citizen of only the place where it has been incorporated.<br />
b) A citizen of only the state where it has its principal place of business.<br />
c) A citizen of that state which has enacted a “long arm” statute and thus has jurisdiction.<br />
d) A citizen of both its place of incorporation and the state where it has its principal place of<br />
business.<br />
<strong>Answers</strong> To <strong>LAW</strong> <strong>531</strong> <strong>Final</strong> <strong>Exam</strong> Free Essays <strong>LAW</strong> <strong>531</strong> Week 4 IRAC Brief