A partner has implied authority to:
a. hire and fire employees necessary for operation of the business.
b. purchase property necessary for the business.
c. receive performance of obligations due the partnership.
d. bring legal actions to enforce claims of the partnership.
e. All of these.
e
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The functional currency of a foreign unit whose receivables and payables are denominated in foreign currency and not usually remitted to parent company is the ______________________________
Fill in the blank(s) with correct word
A ________ is the easiest and least expensive way to create a business organization
A) sole proprietorship B) general partnership C) public corporation D) limited liability company
Regarding differences under the UCC in the treatment of merchants and nonmerchants, which is
true? A) Article 2 contains several provisions that either apply only to merchants or impose a greater duty on merchants. B) The UCC applies to merchants, but not to nonmerchants. C) The consideration requirement has been eliminated for contracts between merchants, but is still present in contracts involving at least one nonmerchant. D) The UCC requires merchants' contracts to be in writing, but not those of nonmerchants.
Most states have __________ statutes, which can subject an out-of-state defendant to jurisdiction within the state
a. in personam b. in rem c. long-arm d. diversity