Management 411 Test Banks [211581]2023

Sam is a promoter acting on behalf of a corporation that has not yet been fully incorporated. Under the Revised Model Business Corporation Act, if Sam acts on behalf of the yet-to-be-formed corporation, who is liable in the event of a breach of contract? - -The corporation becomes liable once formed, and Sam will be shielded from liability. -A patent holder should mark its product as patented in order to achieve the fullest protections. Each of the following is an acceptable means of marking the product except - -Placing a P in a circle on the item or its packaging -Thirteen sorority sisters decide to start a dog-walking business. They incorporate under the name Pro Canine Walkers, Inc., and advertise their services throughout the city in newspapers and on flyers they post. All stock is owned by the 13 principals, and none is offered to anyone outside the 13. This corporation would be classified as a - -Privately held corporation -Chris wanted to get a loan from the bank, but he had bad credit. In order to get the money, he convinced Eric to cosign as a surety. Now Chris has stopped making the payments. When is Eric liable for repayment of the loan? - -At any point -Penalties for violations of the Securities Act of 1933 may include each of the following except - -Revocation of the corporate charter for egregious cases -Chapter 13 bankruptcy filings are limited to - -individuals -Which of the following is NOT a factor used by courts to determine whether to pierce the corporate veil? - -Poor management