JURI 570 Quiz Corporations

JURI 570 Quiz Corporations, Debtor-Creditor Relations, and Business Regulation

Module 7: Week 7 — Module 8: Week 8.

1. Under the Statutory Close Corporation Supplement to the MBCA, a close corporation must have bylaws on file with the Office of the Secretary of State or some other public office.
2. The combination of two or more corporations’ total assets, title to which is vested in one of them, which is known as the surviving corporation, is a:
3. The purpose of Federal Contract Compliance Programs is to require affirmative steps to provide opportunities for handicapped people in federal programs.
4. The Rehabilitation Act prohibits discrimination on the basis of handicap in federal programs but does not require federal contractors and agencies to take affirmative action to hire qualified handicapped persons.
5. A sale of substantially all of the assets of a corporation in the ordinary course of business of the corporation will not require shareholder approval.
6. In some states and under the RMBCA, cumulative voting is permissive, not mandatory.
7. If the board delegates to a committee its duty to select a new company president:
8. A union’s “secondary activity” is a:
9. The Norris-La Guardia Act gave federal courts the power to issue injunctions in nonviolent labor disputes.
10. If a secured party moves within the state after filing the financing statement, the filing becomes ineffective.
11. Upon the surety’s payment of the principal debtor’s entire obligation, the surety obtains all of the rights the creditor has against or through the principal debtor. The term for the surety’s “stepping into the shoes” of the creditor is known as:
12. The Lanham Act has been amended by the:
13. Which of the following statements about corporate dissolution is incorrect?
14. Shares in a publicly held corporation typically are:
15. Unemployment insurance is funded by employer taxes; federal taxes generally pay administrative costs and state contributions pay for the actual benefits.
16. A person who intentionally and knowingly uses a counterfeit mark may receive:
17. With respect to the board of directors of a corporation, which of the following is NOT correct?
18. Which of the following is NOT a method by which a security interest be perfected in collateral?
19. Federal trademark protection:
20. A compulsory share exchange:
21. Cumulative voting is permitted so the majority of shareholders can keep control of the board of directors.
22. Who administers the federal unemployment compensation laws?
23. The Worker Adjustment and Retraining Notification Act requires an employer to provide how much advance notice of a plant closing or mass layoff?
24. Theodore, as treasurer of Valleyview Corporation, had the duty to invest corporate earnings as he deemed best for the company. When Valleyview Corporation went public, the new board decided that a committee of the officers would make such investment decisions. If Theodore thereafter unilaterally contracted to purchase investment securities with corporate earnings as he had done many times before, such contract would be valid:
25. In many states, dissolution that is nonjudicial may be brought about when:
26. Which of the following may be used to redress the ultra vires acts committed by a corporation?
27. In a “closed shop,” an employee:
28. Dayton Hardware Store and Leighton Bank enter a loan agreement in which Leighton agrees to lend $10,000 on the security of Dayton’s existing store equipment. A security agreement is executed and a financing statement is filed, but no funds are advanced. A week later, Dayton enters a loan agreement with Ramos Bank in which Ramos agrees to lend $10,000 on the security of the same store equipment. The funds are advanced, a security agreement is executed, and a financing statement is filed. A week later, Leighton Bank advances the agreed $10,000. Dayton defaults on both loans. In this case:
29. The delivery of personal property to a creditor as security for the payment of a debt is:
30. Which of the following is correct regarding the characteristics of a corporation?
31. Which of the following is correct regarding the removal of Mr. X from the board of XYZ?
32. Automatic perfection would occur in which situation (assuming a written security agreement)?
33. In order to be the subject of a suit for copyright infringement, the copyright:
34. A statutorily secured monopoly right that is issued to inventors or discoverers of useful new devices or processes is known as a:
35. Which of the following is NOT included in the rules of priority established by Article 9?
36. An officer who breaches the fiduciary duty to the corporation will be:
37. Which of the following is prohibited under federal labor laws?
38. The Equal Pay Act requires that employees of American Indian ancestry and employees of Italian ancestry be paid equally for equal work.
39. Under which of the following provisions of the U.S. Constitution is a corporation not a “person”?
40. UCC Article 9 defines a secondary obligor as being a consignee.
41. UCC Article 9 applies to secured transactions in which the debtor provides a security interest to secure payment of a debt, such as pledging warehoused goods to a creditor or the creditor’s having a mechanic’s lien against the debtor’s property.
42. Under the RMBCA, the articles of incorporation must include all EXCEPT which one of the following?
43. The Lanham Act prohibits “palming off” but not “reverse palming off.”
44. Shareholder approval of a fundamental change in a corporation would normally need to be unanimous.
45. A short-form merger:
46. A shareholder may not vote without being at the shareholder meeting.
47. If a foreign corporation wishes to avoid transacting business in Arkansas, it would be careful NOT to do which of the following in Arkansas?
48. Morales, president of Tradewind Industries, Inc., would have actual implied authority to:
49. Which of the following is a prerequisite for requesting appraisal rights?
50. Larson & Son manufactured welders that frequently malfunctioned, setting clothing on fire and causing serious burns. Larson & Son sold all of its assets to Swenson Co., which continued to manufacture the Larson welder product line. Eighteen months after Swenson’s purchase, one of Larson’s customers sued Swenson for injuries caused by a welder purchased from Larson, one year prior to the purchase by Swenson. Under the circumstances, Swenson Co.: