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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 />

Want to download the Complete Answer..?? Click <strong>LAW</strong> <strong>531</strong> Week 3 IRAC Brief<br />

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

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