The causes of dissolution and the priorities in the distribution of assets for a limited partnership are not the same as those of a general partnership
Indicate whether the statement is true or false
True
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Which of the following is a disadvantage of lean production and just-in-time (JIT) manufacturing systems?
A) Increased customer delivery time B) Increased product defects C) Decreased flexibility of manufacturing facilities D) Increased reliance on fewer suppliers
Profits and losses from a Limited liability company (LLC) do not have to be distributed in the same proportion
Indicate whether the statement is true or false
An Ontario company and a New Jersey company enter into a contract with each other
The contract has a venue clause naming Ontario, and a governing law clause naming Rhode Island, and a mediation clause which states that in the event of a dispute the parties must attempt mediation before suing. Which of the following statements is TRUE? A) Any lawsuit over the contract will be heard in Ontario. B) Any lawsuit over the contract will be governed by the laws of Rhode Island. C) Any lawsuit over the contract will be governed by the laws of Ontario D) Both A and B E) None of the above
Jane is the owner of a hair salon in a strip mall. Lucy is the owner of the shop next door to Jane and is concerned that owing to all the chemicals handled by Jane in her business, her salon could be damaged by fire
Lucy encourages Jane to take out a contact of insurance to protect her business but when Jane showed no inclination to do so, Lucy herself tried insure Jane's building. Can Lucy do this? A) Yes, because Lucy's business could be destroyed if a fire started on Jane's premises. B) No, because Lucy has no insurable interest in Jane's premises C) Yes, because under the principle of good neighborliness, the law allows one neighbour to insure the property of another. D) Yes because anyone can take out insurance on anything they wish. E) Only if she can prove that Jane is being negligent in not getting the insurance herself.