What is the agreement between Joshua and LeBron Ranch?

  

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Business Administration 391: Business Law I
Final Examination
1.
Joshua runs a cattle breeding business and owes the LeBron Ranch $1,000. Joshua agrees to
pay the LeBron a percentage of his profits each month until the debt is paid. This agreement is
A.
B.
C.
D.
2.
Susie and Reggie form Justin Bieber, Inc. Ultimate responsibility for policymaking decisions
necessary to the management of the corporation rests with Justin Biebers
A.
B.
C.
D.
3.
the clothing worn by the staff
partnership books and records
the tax returns filed by other partners
any and all client files
Cortina Corporation handles investment accounts for small to medium size employers. In
most circumstances the law would prohibit Cortina from subjecting its employees to
A.
B.
C.
D.
5.
Incorporators
Officers
Shareholders
Board of Directors
Melissa is a junior partner in a law firm. As a partner, she has a right of inspection that
permits her to review
A.
B.
C.
D.
4.
a delegation
a partnership
a delegation
a shareholder
drug tests
electronic monitoring
lie-detector tests
searches of their desks, filing cabinets, or officers
For the Age Discrimination to apply
A.
B.
C.
D.
the age discrimination must have been intentional
the employee must be at least 25 years old
the age discrimination cannot be intentional
the employee must be at least 40 years old
6.
Best Buy Company manufacturers smart phones. Best Buy is like most corporations in that its
officers are hired by the firms
A.
B.
C.
D.
7.
Ralph is a director of Happy Days, Inc. Without telling Richard, Ralph goes into business
with Sad Days, Inc., in competition with Richard. Ralph is liable for
A.
B.
C.
D.
8.
Poison pill
Scorched earth tactic
Pac-Man defense
Crown jewel
Lori remodels Craigs home. Craig doesnt pay Lori in a timely manner. Lori has the
following options:
A.
B.
C.
D.
10.
Breach of the duty of loyalty
Breach of the duty of duty of care
Violating the business judgment rule
Indemnification of the corporation
Ravenous Corporation wants to gain control of Meek Company. The companies negotiate for
several months, without coming to terms. Ravenous decides to pursue a takeover attempt.
Meek decides to resist. Meek issues its stockholders additional shares at a low price so as to
make Ravenouss takeover attempt prohibitively expensive. This is a
A.
B.
C.
D.
9.
Board of Directors
Incorporators
Shareholders
None of the above
Ultra Vires
Guaranty
Surety contract
Mechanics lien
Apple Corporations employment handbook states that employees will be dismissed only for
good cause. Jill, an employee, is dismissed because her supervisor didnt like her dress. If
Jill sues Apple, a court could hold that
A.
B.
C.
D.
There is an implied contract on the terms in the manual
There is no contract because Tom doesnt have a formal written agreement
That Tom can file a Title VII suit based on the protected class of being a bad dresser
Tom was not qualified because he did not sign a written employment agreement
11.
Jill is seventeen years old. Jill
A.
B.
C.
D.
12.
Cheap Things, Inc. employs 550 workers in six states. Cheap Things, Inc. cannot discriminate
in the hiring of employees for reasons of
A.
B.
C.
D.
13.
For the entire amount of the loan, regardless of whether Cortina can pay
For half of the loan and Cortina the other half
For the entire amount of the loan only after the bank tries to collect from Cortina
Has no liability because these types of loans are illegal
Fast Food, Inc. licenses Greg to operate a restaurant under the Fast Food name. This is
A.
B.
C.
D.
16.
Thirty-five
Fourty
Sixty
Unlimited
Cortina Asset Management wants to expand into London but they dont have the capital. The
bank asks that one of their clients, Mr. X, guarantee the loan for expansion. Mr. X executes a
guaranty of Cortinas loan. Mr. X is liable:
A.
B.
C.
D.
15.
Height
Educational background
Union affiliation
None of the above
Lisa works at Build-A-Bear at Mayfair mall. She is the store manager and earns $35,000 a
year. The maximum number of hours that Lisa can work per week without overtime pay is
A.
B.
C.
D.
14.
Cannot work in a hazardous occupation
Cannot work during school hours
Must obtain a permit to work
None of the above
A chain-style business operation franchise
A distributorship franchise
A manufacturing or processing-plant franchise
None of the above
Quick Pizza is operated as a partnership. For tax purposes, Quick Pizza
A.
B.
C.
D.
Is a tax-paying entity
Is not required to pay taxes
Pays of the taxes if there are two partners
Pays of the taxes if there are three partners
17.
Under which act would Justin be charged with insider trading
A.
B.
C.
D.
18.
Which type of bankruptcy exist as a reorganization
A.
B.
C.
D.
19.
Securities Act of 1933
Securities Act of 1934
Securities Act of 1935
Sarbanes-Oxley
Chapter 7
Chapter 11
Chapter 12
Chapter 13
The entity where someone is most free to make business decisions and run the day-to-day
business exists with:
A.
B.
C.
D.
20.
Workers compensation only covers worker who
A.
B.
C.
D.
21.
Are injured on the job
Successfully sue their employers for negligence
Whose injuries occurred on the job and were intentional
Who are completely disabled
The Family Medical Leave Act applies to employees who have more than
A.
B.
C.
D.
22.
Partnership
Sole proprietorship
Limited liability company
Corporation
Five employees
Ten employees
Fifty employees
One thousand employees
Sue applies for a job with Regular Stores, Inc., but is not hired. Sue believes that she was not
hired for reasons of discrimination. If Sue files a suit against Regular Stores and a case is
established, she
A.
B.
C.
D.
Loses the suite
Wins the suit if Regular Stores cannot prove that they didnt hire for other reasons
Wins the suit regardless of Regular Stores response
Wins the suit only if the EEOC issues a right to sue letter
23.
Which of the following is NOT criteria used to determine whether a worker is categorized as
an employee versus an independent contractor
A.
B.
C.
D.
24.
National Manufacturing Corporation (NMC) is a private employer involved in a Title VII
employment discrimination suit. Punitive damages may be recovered against NMC only if the
employer
A.
B.
C.
D.
25.
Is not a member of a protected age group
Is not qualified for Phils position
Often makes discriminatory statements
None of the above
Which of the following items will NOT be discharged in bankruptcy
A.
B.
C.
D.
27.
Acted with malice or reckless indifference
Can easily afford to pay the amount
Has one hundred or more employees
None of the above
Phil, a fifty-year-old, is replaced in his job at Reinhardt Company by Chaz, a twenty-two-yearold. To succeed with an age-discrimination claim against Reinhardt, Phil will have to show
that Chaz
A.
B.
C.
D.
26.
How much control the employer exercises over the details of the work
How much the person is paid
How long the person is employed
Whether the employer supplies the tools at the place of work
Student loans
Cash advances totaling more than $500
401k accounts
Primary automobile loans
Pets Pizza Inc., grants a franchise to Randy to operate a Petes pizza restaurant. Petes Pizza
may charge Randy
A.
B.
C.
D.
A license fee only
A price for supplies only
A license fee and a price for supplies
None of the above
28.
Which of the following factors will the court consider when determining whether to pierce the
corporate veil
A.
B.
C.
D.
29.
How many employees exist
Whether the company is set up to make a profit
Whether the owner also owns other businesses
Whether the owner influences employees in their day-to-day operations
Sam is a shareholder of Urban Sales, Inc. (USI). A court might hold Sam personally liable for
USIs debts if
A. Sams personal interests are commingled with USIs interest to the extent that USI has no
separate identity
B. USI calls more than the required number of shareholders meetings
C. USI is over capitalized
D. Any of the above
30.
Gamma Corporation and Omega Corporation, like other business corporations, most likely
issue securities to
A.
B.
C.
D.
31.
Coast-to-Coast Distribution, Inc., is a direct-mail distribution company. Like most
corporations, Coast-to-Coasts employees include its
A.
B.
C.
D.
32.
Board of directors
Officers
Shareholders
None of the above are employees
Frosty Drinks Corporation distributes soft drinks in the Midwest. Frostys board of directors
can delegate some of its functions to the firms
A.
B.
C.
D.
33.
Increase their market share
Increase their visibility
Obtain financing
Reduce their production costs
Incorporators
Officers
Shareholders
None of the above
Ace Tool Corporation and Best Hardware Company combine so that all that remains after the
papers have been signed is Ace Tool Corporation. This is
A.
B.
C.
D.
A consolidation
A merger
A purchase of assets
A purchase of stock
34.
Delta Corporation merges with Echo Corporation. It is agreed that Echo will absorb Delta. On
merging
A.
B.
C.
D.
35.
Digital Equipment Corporation and Electronics, Inc., plan to consolidate. The plan must be
approved by
A.
B.
C.
D.
36.
The Securities Act of 1933
The Securities Act of 1934
The Securities Act of 1940
The Securities Act of 1992
Gail, a salesperson for International Sales, Inc. (ISI), learns that ISI will increase the dividend
it pays to shareholders. Gail buys 1,000 shares of ISI stock. When the price of the stock
increases, Gail sells her shares for a profit. Gail would not be liable for insider trading if the
information about the dividend was
A.
B.
C.
D.
39.
Manufacturing arrangement
distributorship
chain-style business operation
global initiative
Mike is a stockbroker. Which law regulates Mike?
A.
B.
C.
D.
38.
Their boards of directors only
Their shareholders only
Their board and their shareholders
None of the above
When a manufacturer licenses a dealer to sell its product this is known as
A.
B.
C.
D.
37.
Delta will continue as the surviving corporation
Echo will continue as the surviving corporation
A new distinct corporation is formed
Both corporations are dissolved
Material when she sold the stock
Public before she bought the stock
Public after she bought the stock
Too speculative when she bought the stock
Computer Networks, LLC, is a limited liability company. Unless indicated otherwise on
Computer Networks federal tax form, the firm will be taxed as
A.
B.
C.
D.
A corporation
A partnership
A sole proprietorship
None of the above
40.
Ron, an employee of Standard Company, is injured. For Ron to receive workers
compensation, the injury must be
A.
B.
C.
D.
41.
Panther Co. is worried Badger, Inc. is interested in a hostile takeover. Panther has no interest
in merging or becoming part of Badger. The Directors of Panther negotiate retirement
packages in case they cant stop the merger to try and fight the merger. This strategy is known
as
A.
B.
C.
D.
42.
to collect severance pay equal to twelve weeks of health insurance coverage
continue their health insurance at Megas expense for 18 months
continue their health insurance at their own expense for 18 months
lose their health insurance immediately
Ann is an employee of Beta Communications Corporation. Ann attempts to resolve a genderbased discrimination claim with Beta, whose representative denies the claim. Anns next best
step is to
A.
B.
C.
D.
44.
Pac-Man
Golden Parachute
Poison Pill
White Knight
Mega Corporation provides health insurance for its employees. When Mega closes one of its
offices and terminates the employees, COBRA allows the employees
A.
B.
C.
D.
43.
Accidental and arise out of a preexisting disease or condition
Accidental and occur on the job or in the course of employment
Intentional and arise out of a preexisting disease or condition
Intentional and occur on the job or in the course of employment
Ask the Equal Opportunity Employment Commission (EEOC) whether a claim is justified
File a lawsuit
Forget about the matter
Secretly sabotage the company operations for revenge
Ann owns Enterprises, Inc., a sole proprietorship. Anns liability for the obligations of the
business is
A.
B.
C.
D.
Limited by state statute
Limited to the amount of her original investment
Limited to the total amount of capital Ann invests in the business
Unlimited
45.
Holly owns International Imports. She hires Jay as a salesperson, agreeing to pay $10,00 per
hour plus 10 percent of his sales. Holly and Jay are
A. Partners for the duration of Jays employment
B. Partners, because Holly pays Jay an hourly wage
C. Not partners, because Jay does not have an ownership interest or management rights in the
business
D. Partners because Jay receives a commission, not a share of the profits
46.
Responsibility for the overall management of Beta, Inc., a corporation, is entrusted to
A.
B.
C.
D.
47.
Pat is a director of Quick Buy, Inc. Without informing Quick Buy, Pat goes into business with
Fast Sales, Inc. to compete with Quick Buy. This violates
A.
B.
C.
D.
48.
The business judgment rule
The duty of loyalty
The mailbox rule
Pats appraisal rights
Bill is considering forms of business organizations for his Web-site consulting firm. Most
states require that a limited liability company have
A.
B.
C.
D.
49.
The board of directors
The corporate officers and managers
The owners of the corporation
The promoters of the corporation
No members
At least one member
At least five members
A board of directors
Frank, an officer of Gamma, Inc., learns that Gamma has developed a new source of energy.
Frank tells Gail, an outsider. They each buy Gamma stock. When the development is
announced, the stock price increases, and they each immediately sell their stock. Subject to
liability for insider trading is
A.
B.
C.
D.
Frank only
Gail only
Frank and Gail
None of the above
50.
Anns Retail, a womens clothing store, hires female attendants to assist clients in the stores
dressing rooms. Larry, a male, applies for, and is refused, a job as an attendant. Larry then
sues Anns Retail for employment discrimination under Title VII. Against the suit, the store
has
A.
B.
C.
D.
An affirmative action defense
An after-acquired evidence defense
A bona fide occupational qualification defense
A business necessity defense

Introduction:
Business Law I Final Examination covers a range of topics, including agreements, corporation management, partnerships, employee rights, and control acquisition. The examination tests the knowledge of business administration students on legal concepts and principles. In this article, we will explore some of the questions from the exam and provide expert answers that will help readers understand the subject better.

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Description:
The following are some of the exam questions and their answers that cover different aspects of business law. First, we discuss an agreement between Joshua and the LeBron Ranch and the responsibilities of policymaking in a corporation. Next, we touch on the law that prohibits subjecting employees to certain conditions and the rights of partners to inspect. Then, we talk about age discrimination, company officers’ hiring, directors’ liability, and payment options for contractors. Lastly, we wrap up with control acquisition and employment termination issues. Our answers are informative and provide a clear understanding of the legal concepts that are relevant to business administration students. We hope that this article will help readers achieve their academic goals and succeed in their careers.

Headings:
1. Joshua’s Agreement with the LeBron Ranch
2. Corporation Policymaking
3. Prohibited Employee Conditions and Partner Inspections
4. Age Discrimination, Officer Hiring, and Director Liability
5. Payment Options for Contractors and Control Acquisition
6. Employment Termination and Business Law

Objectives: To test the knowledge of the students regarding various legal concepts in business administration.

Learning Outcomes: By the end of the examination, the students will be able to:

1. Understand the legalities of business agreements and analyze the implications of different types of contracts.

2. Identify the roles and responsibilities of different stakeholders in a corporation.

3. Understand the rights of employees in different settings and analyze the legal implications of employer actions.

4. Analyze the legal implications of actions taken by different stakeholders in a corporation.

5. Apply legal concepts to analyze different business scenarios.

Heading: Business Contracts and Agreements
Objective and Learning Outcome:

Objective: To evaluate the students’ knowledge of various types of business agreements and analyze the legal implications of different agreements.

Learning Outcome: By the end of this section, the students will be able to identify different types of business agreements and comprehend their legal implications.

Heading: Corporate Governance and Stakeholder Roles
Objective and Learning Outcome:

Objective: To evaluate the students’ knowledge of corporate governance and the roles and responsibilities of different stakeholders.

Learning Outcome: By the end of this section, students will be able to identify the roles and responsibilities of various stakeholders in a corporation and comprehend their legal obligations.

Heading: Employment Law and Employee Rights
Objective and Learning Outcome:

Objective: To evaluate the students’ understanding of employment law and employee rights in different settings.

Learning Outcome: By the end of this section, students will be able to analyze the legal implications of employer actions and understand employees’ rights in different settings.

Heading: Legal Implications of Business Actions
Objective and Learning Outcome:

Objective: To evaluate the students’ ability to analyze the legal implications of actions taken by different stakeholders in a corporation.

Learning Outcome: By the end of this section, students will be able to analyze the legal implications of actions taken by different stakeholders in a corporation and comprehend the legalities of different business scenarios.

Heading: Applying Legal Concepts in Business Administration
Objective and Learning Outcome:

Objective: To test the students’ ability to apply legal concepts to analyze different business scenarios.

Learning Outcome: By the end of this section, students will be able to apply the legal concepts learned in the course to analyze different business scenarios and comprehend the legalities of different business situations.

Solution 1:
Title: Cortina Corporation’s Employees and Law Restrictions

Cortina Corporation, a company that handles investment accounts for small and medium-sized employers, is prohibited by law to subject its employees to certain actions. In most circumstances, drug tests, electronic monitoring, lie-detector tests, and searches of their desks, filing cabinets, or offices are strictly prohibited. Violation of these laws could lead to serious legal and financial consequences for the company. Cortina Corporation needs to carefully analyze the laws applicable in their area to ensure compliance with all relevant regulations.

Solution 2:
Title: Breach of Duty in the Workplace

Breach of the duty of loyalty, duty of care, violating the business judgment rule, and indemnification of the corporation are critical issues for organizations and their employees. Lori, who remodeled Craig’s home and wasn’t paid timely, has several options to consider. These options may include legal action for a breach of the duty of loyalty or the duty of care, violating the business judgment rule, or requesting indemnification of the corporation. Employers and employees should be aware of the potential legal consequences of their actions and avoid any breach of duties in the workplace.

Suggested Resources/Books:
1. “Business Law: Text and Cases” by Kenneth W. Clarkson, Roger LeRoy Miller, and Frank B. Cross.
2. “The Legal Environment of Business: A Managerial Approach” by Sean P. Melvin.
3. “Business Law Essentials” by Ronald A. Anderson.
4. “Contract Law for Dummies” by Scott J. Burnham.
5. “Employment Law for Business” by Dawn D. Bennett-Alexander and Laura P. Hartman.

Similar Asked Questions:
1. What are the different types of agreements that can be made to repay a debt in business?
2. Who holds ultimate responsibility for policymaking decisions in a corporation?
3. What are the limitations in subjecting employees to certain activities in a business?
4. What rights and privileges do partners have in reviewing business records and files?
5. What are the requirements for age discrimination to apply in the workplace?

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