A tenancy by the entireties, created only by a conveyance to a husband and wife, is terminated by divorce
a. True
b. False
Indicate whether the statement is true or false
True
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The amount of income reported for tax purposes
a. is normally greater than the net income reported to stockholders. b. must be computed according to GAAP. c. is used to compute earnings per share. d. may differ from the amount of income determined for financial reporting purposes.
Bulk processing options can have a detrimental effect on performance.
Answer the following statement true (T) or false (F)
Peter, a minor, purchased a car from ACME Motors. Using a fake ID, he misrepresented his age to be 18 . The contract is fully executed. Which of the following is correct?
a. Peter cannot disaffirm the contract because a car is a necessary. b. Peter cannot disaffirm the contract because of his misrepresentation. c. Peter can disaffirm the contract, because a minor must be saved from his own poor judgment, including his lie. d. Either b or c may be applicable depending on the law of the jurisdiction in which the contract was formed.
In CASE 20.1 Smith v. Van Gorkom (1985) discussed in the text, plaintiff-shareholders alleged the directors were grossly negligent in failing to inform themselves adequately before making a decision about a merger. How did the court rule and why?
a. For plaintiff-shareholders, because the board failed to obtain adequate information on merger terms and therefore was not protected by the business judgment rule. b. For directors, because the board was protected by the business judgment rule since there was no conflict of interest. c. For the directors, but the board was not protected by the business judgment rule but rather by the business merger rule. d. For the directors, because the board was protected by the business judgment rule since fraud could not be established.