Question

Match the correct term that best describes the situations/sentences below.

Terms:

Private Corporation	11. License
Limited liability	12. Joint & several liability
Actual authority	13. Public Corporation
Officer	14. Due diligence
Apparent authority	15. Limited liability partnership
Oppression remedy	16. Vicarious Liability
General partnership	17. Director
Corporation	18. Sole proprietorship
Limited partner	19. Franchise
Prospectus	20. Fiduciary duty

Sentences:

1. Sally’s Fruit store sells all types of fruit and is open from 9 am to 11 pm. Sally Single puts in a full day there.   #____

2. Farah became the first female CEO of Concepts Inc. #___

3. Monty reviewed all of the audited statements of the accounting firm. He took his responsibilities seriously, and acted in good faith, putting the interests of the company first. #___

4. Ben Fuller and Thomas Claudio have leased a studio to open up a dance school. They hope to attract students for the lessons they plan to sell. #_____

5. ABC Inc. is owned by many different shareholders as its shares on sold on the stock exchang #_____

6. The firm of Jane, Bing and Mary LLP recently rented space in a new building. #_____

7. Joe Fayed has decided to invest in the firm of Dottie, Glass and Eame. He will contribute $100,000 and he hopes that the new venture the firm is going into will be successful. He will not be offering any advice, nor take part in the management of the firm. #_____

8. Jill and Jenny were equal partners. Their ice-cream store didn’t do well and the bank loan went into default. The bank collected the entire amount from Jill. #_____

1. Sharon’s Flower shop Inc. went bankrupt. The only shareholder was Sharon. Sharon’s assets were not used to pay any creditors. #_____

10. Minh entered into an agreement with Felice to authorize Felice to sell Minh’s art paintings on his behalf. #_____

11. Jennifer was often seen in Fred’s Books, helping the owner. She often gave advice or answered the phone. When deliveries were made, Jennifer was often asked to sign. #_____

12. Bill thought that his model for running a convenience store was good. He thought others would be interested in opening similar such stores, using his know-how and trademark. #_____

13. If Zeus wanted to take his company public, he would need to do a number of things including filing one of these. #_____

14. Joe can show that he did everything reasonable in the circumstances to prevent the offence from occurring. #_____

Answer 1

Answer 1
The answer is sole proprietorship
The food is store is operated by him alone and he gives his time individually so this is a sole proprietorship firm.
Answer 2
The correct answer is actual authority.
Farah the was made the CEO of the company , this is called actual authority because this position was given to her by someone else.
Answer 3
The correct answer is fiduciary duty.
Monty reviewed all the audited statements in good faith putting the interest of the company first this is his fiduciary duty because in this duty a person maintains the trust with one or more parties and take care of of the money or assets.
Answer 4
The correct answer is general partnership.
Ben and Thomas together leased Studio and open of a dance school to attract students and lessons they plan to sell together this is a case of general partnership between both of them.

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