Business Law I

Question1: an elite preschool has a long waiting list of children whose parents want to enroll them there. the preschool has a requirement that the child be "potty trained" and no longer wearing diapers. this requirement is:

a. a novation b. void c. duress d. Scienter

Question2: a partnership is a

a. tax paying entity b. tax reporting entity c. tax reporting and tax paying entity d. neither a tax reporting nor a tax paying entity

Question3: a subchapter S or S corporation is: a.

a special class of close corporation under the MBCA b. an IRS tax treatment option for corportions owned by a limited number of shareholders c. a not-for-profit corporation d. none of the above

Question4: state statutes covering LLPs typically state that if the procedures for forming an llp are not compiied with, the business will be treated as a(n)

a. limited partnership b. general partnership c. S corporation d. non-recognized legal entity

Question5: A force majeure clause would apply to which of these items?

a. leases b. sales of used goods c. warranties in leases d. statute of frauds issues