What is the doctrine of ultra vires? What is the effect of an ultra vires contract?
Ultra vires acts are without legal authorization, because the act is not within the scope and type of acts that the corporation is legally empowered to perform. Traditionally, ultra vires acts were unenforceable as null and void. Today, courts allow the ultra vires defense when the contract is wholly executory on both sides. Most corporate statutes today give corporations broad powers and most corporate charters use general language to outline the activities in which the corporation proposes to engage. Thus, the doctrine is of less importance today than in the past.
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The list of secondary sources at the end of a report can be labeled "References" when
A) it contains fewer than 10 items. B) it contains more than 50 items. C) it is incomplete. D) you want the tone of your report to be conversational. E) you include works consulted but not mentioned in your report.
According to the ACFE study, which of the following is the most common form of occupational fraud?
a. bid-rigging. b. fraudulent statements. c. corruption. d. asset misappropriation.
The contribution of equipment by a stockholder in exchange for common stock is an example of ________.
A) investing activity B) financing activity C) operating activity D) non-cash investing and financing activity
Cycle inventory is used because
A) the world is perfectly predictable. B) demand is uncertain and may exceed expectations. C) it involves making a trade-off between the costs of having too much inventory and the costs of losing sales due to not having enough inventory. D) it focuses on processes that are external to the firm.