Which of the following statements most accurately describes the legal principleestablished in the case of Solomon v. Solomon?
A) In the case of fraud, the owners of a company may be personally liable for all debts incurred by it.
B) Directors must act in good faith and exercise their powers in the best interests of the company
C) Directors owe fiduciary duties to the company
D) A company has a separate legal existence from its owners
E) A company may survive the death of its members
D
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Under current GAAP, the rate of interest assigned to non-interest-bearing notes is
A. the borrower's incremental borrowing rate. B. the lender's incremental borrowing rate. C. the interest rate for long-term government securities. D. the prime rate.
MFN stands for "most favored nation" status under GATT
Indicate whether the statement is true or false
Defenses against strict liability include(s):
a. product abuse b. assumption of risk c. sophisticated user d. all of the other specific choices are possible e. none of the other choices; there is no defense for strict liability
Kelly borrowed $3,000 with an interest rate of 7.2%. The time is based on 90 days in a 360-day year and the loan was taken out on August 19. The note has been discounted 14% on October 10. What are the proceeds?