Section 1
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Brook moved from Denver to San Francisco to take a job with an advertising agency. His employment contract stated that he was "at will and could be terminated at any time." After 28 months with the company, he was fired without explanation. Which of the following statements is true?
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Date created
Mar 1, 2020
Cards (67)
Section 1
(50 cards)
Brook moved from Denver to San Francisco to take a job with an advertising agency. His employment contract stated that he was "at will and could be terminated at any time." After 28 months with the company, he was fired without explanation. Which of the following statements is true?
He could be fired for any reason except a bad reason.
Ownership in a partnership is not transferrable. TF
True
Duty of loyalty is:
A duty of an agent
When an agent has authority to perform acts that are necessary to accomplish an assignment, it is called:
Implied authority
Assuming all other requirements are met, a corporation may elect to be treated as an S corporation under the Internal Revenue Code if it has:
100 or fewer stockholders
Statute that prohibits discrimination against the disabled
ADA
When two parties make no agreement in advance about the duration of their agreement, it is called:
Agency at will
Statute that prohibits age discrimination
ADEA
Shareholders have the right to manage the corporate business. TF
Fale
An employee who discloses illegal behavior on the part of his employer
Whistleblower
Finn learns that, despite his stellar records, he is being paid less than other salespeople at Barry Co. So he decides to start his own company. During his last month on the Barry payroll, he tells all of his clients about his new business. He also tells them that Barry is a great company, but his fees will be lower. After he opens the doors of his new business, most of his former clients come with him. Is Finn liable to Barry?
Yes, Finn has violated his duty of loyalty to Barry
Statute that prohibits discrimination on the basis of race, color, religion, sex for equal work.
Title VII
Someone painting the outside of a building you own crashed through a window, injuring a visiting executive. Which of the following questions would your lawyer not need to ask to determine if the painter was your employee?
Had you checked the painter's references?
States that an employer may not fire a worker for refusing to violate the law, performing a legal duty, exercising a legal right, or supporting basic societal values
Public policy rule
One of the primary goals of the Code is to teach the debtor a lesson. TF
False
Most companies use a very broad purpose clause in their charter. TF
True
Payment made within the year before a petition is filed with the goal of hindering creditors:
Fraudulent transfer
Sole proprietorships must file a tax return. TF
False
Generally, a corporation's articles of incorporation must include all of the following except:
Quorum requirements
Venture capitalists often require companies they own to become LLCs before going public. TF
False
Debtor's promise to pay a debt after discharge:
Reaffirmation
Each of the Code's Chapters has one of two objectives - rehabilitation or liquidation. TF
TRUE
Permission from the EEOC for a plaintiff to proceed with a case
Right to sue letter
In both a limited partnership and a limited liability partnership, the partners are not personally liable for the debts of the partnership. TF
Fale
A federal statute that ensures safe working conditions
OSHA
Debtors are not liable for money owed before the filing:
Discharge
A limited liability company:
Must register with state authorities
A corporation can be formed in any state or under the federal corporate code. TF
Fale
Creditors of a partnership must first seek recovery from partnership assets before going after the personal assets of a partner. TF
True
A whistleblower is:
always protected when filing suit under the False Claims Act
A limited liability partnership:
Protects the partners from liability for the debts of the partnership
Joint and several liability means that:
A creditor of the partnership can recover the full amount owed from the partnership or from any partner
Property that individual debtors can keep for themselves:
Exempt Property
Happens when an employee is fired for a bad reason
Wrongful discharge
A company must include in its proxy materials the names of all shareholder nominees for the board of directors. TF
False
Which of the following duties does an agent not owe to her principal?
Duty to reimburse
George was furious when Hermione left the company in the middle of a very busy sales period. He vowed that he would get even with her. Another employer called to check Hermione's references. Which of the following statements should George make, if his goal is to limit his company's potential liability?
Hermione worked for this company for a year and a half. Her title was chief knowledge officer. (This is true.)
Under the duty of care, directors will be liable if they:
Engage in illegal behavior that is profitable to the company
A promoter is liable for any contract he signs on behalf of a corporation before it is formed, unless:
The other party agrees to a novation
Generally, a corporation's bylaws include all of the following except:
Par value of the stock
A federal statute that regulates wages and limits child labor
FLSA
When two parties agree in advance on the duration of their agreement, it is called:
Term agreement
Under the FMLA:
Both men and women are entitled to take a leave of absence from their jobs for childbirth, adoption, or a serious health condition of their own or in their immediate family.
Statute that prohibits an employee from being paid at a lesser rate than employees of the opposite sex for equal work.
Equal Pay Act
A corporate stockholder is entitled to which of the following rights?
Approve dissolution
Shareholders and stockholders are the same thing. TF
True
When behavior by a principal convinces a third party that the agent is authorized, even though she is not, it is called:
Apparent authority
Which of the following statements is true under the public policy doctrine?
An employee can be fired for threatening a coworker.
An employee without an explicit employment contract
Employee at will
Payment to a creditor immediately before filing:
Voidable preference
Section 2
(17 cards)