A parents' group in a small town formed an association to run a little league baseball team. Tom and Mary were members of the association, which was never incorporated. Tom was elected president of the association and ordered some uniforms for the team. When the uniforms were not paid for, the baseball supply company sued Tom and Mary for the contract price. Regarding the liability of Mary:
______.
A) Mary is liable because she is a member of an unincorporated association.
B)Mary is not liable because members of an unincorporated association have no personal liability.
C)Mary is liable if she authorized or ratified the purchase.
D)Mary is liable but only for 50% of the outstanding debt.
C
You might also like to view...
Which of the following has two main clauses, at least one of which contains a subordinate clause?
A) A passive sentence B) A simple sentence C) A compound sentence D) A complex sentence E) A compound-complex sentence
Mustin, Inc purchased equipment for $50,000 . The equipment had an estimated useful life of eight years and an estimated residual value of $6,000 . After five years of use, the estimated residual value is changed to $9,000 . Assuming straight-line depreciation, depreciation expense in year 6 would be
a. $4,500. b. $5,500. c. $5,125. d. $7,500.
5-year Treasury bonds yield 5.5%. The inflation premium (IP) is 1.9%, and the maturity risk premium (MRP) on 5-year bonds is 0.4%. What is the real risk-free rate, r*?
A. 2.59% B. 2.88% C. 3.20% D. 3.52% E. 3.87%
Actual authority consists of both express and implied authority
a. True b. False Indicate whether the statement is true or false