The ______ is a federal agency that adopts rules that must be followed by corporations
and other businesses that sell securities through any national exchange or through any means of interstate commerce.
Fill in the blanks with correct word
Securities and Exchange Commission (SEC)
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Which of the following would be seen as a breach of the duty of loyalty by a corporate officer?
A) straight voting B) cumulative voting C) piercing the corporate veil D) self-dealing
Gary and Herman are partners in a lawn mower repair business in Ohio. While Gary is on vacation, visiting his sister in Georgia, his sister's neighbor has trouble with her mower and Gary fixes it for her. She insists on paying him. Gary
a. may keep the payment since he did the work while he was on vacation. b. must turn the money over to the partnership because he earned it doing the kind of work that the partnership does. c. may not accept the money because it would create a conflict of interest. d. may not accept the money because it would mean he was taking a business opportunity away from the partnership.
On the death of a partner:
A) If a partner has a spouse, that spouse becomes a partner. B) The surviving partners must select a new partner to replace the deceased or the partnership is dissolved. C) The partnership is dissolved automatically D) The partnership is dissolved unless the partnership agreement provides otherwise. E) The partnership reverts to a sole proprietorship.
The courts have interpreted the Sherman Act as prohibiting contracts that unreasonably restrain trade
a. True b. False Indicate whether the statement is true or false