The business law topics of contracts, agency, property, and trusts are governed primarily by the common law
a. True
b. False
Indicate whether the statement is true or false
True
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Nick is admitted to an existing partnership by investing cash. Nick agrees to pay a bonus for his ownership interest because of the past success of the partnership. When Nick's investment in the partnership is recorded
A) his capital account will be credited for more than the cash he invested B) his capital account will be credited for the amount of cash he invested C) a bonus will be credited for the amount of cash he invested D) a bonus will be distributed to the old partners' capital accounts.
The overall effect of laddering activities is to:
A) Streamline the linkage and sequencing between activities and keep project resources fully employed. B) Summarize some subsets of the activities identified in the overall project network. C) Allow the project team to disaggregate the overall project network into logical summaries. D) Allow the project manager to more fully deploy resources and complete the project with zero slack.
Fact Pattern 37-1ADesi starts up eSites, an Internet service, and leases office space in a building owned by Fred. The lease requires Desi to pay Fred a base rental of $1,250, plus 10 percent of eSites' profits, each month. The term is two years. Desi hires Gwen to work at eSites' tech support desk at an hourly wage of $12.50, plus a commission of 10 percent of the profits. The term is also two years.Refer to Fact Pattern 37-1A. Desi and Gwen are
A. not partners, because Gwen does not have an ownership interest or management rights in eSites. B. not partners, because the pay includes an hourly wage. C. not partners, because the pay includes only 10 percent of the profits. D. partners in a partnership for two years.
Fay is mentally incompetent but has not been so adjudged by a court. Any contract Fay enters into is?
A) voidable if Fay has a lucid interval at the time of contracting.? B) voidable if Fay lacks the capacity to comprehend the consequences C) voidable if the other party does not realize that Fay is incompetent. D) unavoidable.