Quiz 1

Good Essays
Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable?
Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners.
Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?
Limited Liability Partnership (LLP)
There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?
Each general partner would receive $30,000, and each limited partner would receive $120,000.
Which of the following is true of The Federal Arbitration Act?
It provides that arbitration agreements are valid, irrevocable, and enforceable.
Which of the following is true of a corporation?
A corporation is a separate legal entity.
Which of the following is true in the creation of a general partnership?
The name selected cannot indicate that it is a corporation.
Which of the following is true of arbitration?
Parties can introduce evidence to support their case.
Which of the following is one of the major purposes of a settlement conference?
To facilitate the settlement of a case.

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