Florida Atlantic University Name ___________________ Business Law II * BUL 4422 PRINT LEGIBLY Professor Gaffney * Spring 2014 Examination #2 * Chapters 36-43 Version 519-typ-7610
Instructions: Place the letter of the most correct answer to the question on the line next to the question’s number. You may wish to circle the correct answer in your test booklet as well.
Be sure not to use “t” or “f” for true of false, you will be marked wrong if you do (use “a” or “b”)
ANSWER SHEET
1. _____ 11. _____ 21. _____ 31. _____ 41. _____51. ____
2. _____ 12. _____ 22. _____ 32. _____ 42. _____ 52. ____
3. _____ 13. _____ 23. _____ 33. _____ 43. _____ 53. ____
4. _____ 14. _____ 24. _____ 34. _____ 44. _____ 54. ____
5. _____ 15. _____ 25. _____ 35. _____ 45. _____ 55. ____
6. _____ 16. _____ 26. _____ 36. _____ 46. _____ 56. ____
7. _____ 17. _____ 27. _____ 37. _____ 47. _____ 57. ____
8. _____ 18. _____ 28. _____ 38. _____ 48. _____ 58. ____
9. _____ 19. _____ 29. _____ 39. _____ 49. _____ 59. ____
10. _____ 20. _____ 30. _____ 40. _____ 50. _____ 60. ____

CERTIFICATION: By submitting this Answer Sheet for grading, I herby certify, on your academic honor, that I did not share, discuss, write about, or communicate in any way, the contents of the examination - with anyone (other than Professor Gaffney) prior to submission.

Florida Atlantic University Name ___________________ Business Law II * BUL 4442 PRINT LEGIBLY Professor Gaffney * Spring 2014 Examination #2 * Version 519-typ-7610
As per the syllabus, this exam is worth a maximum of thirty (30) course points. There are sixty (60) Questions, and each question is worth one (1/2) point. Thus, your final score (on this exam) will be some number out of 30 (e.g., 23.5/30).
Instructions: For the Multiple Choice questions, place the letter of the most correct answer in the blank next to the question number on the attached answer sheet. In addition, circle the letter of the correct answer in your text booklet. Note: ONLY the “most” correct answer gets credit. Be sure to check all answers to determine if a “multiple” (e.g., “a and c”) answer is appropriate. If you have any questions or comments, just note them next to question in your exam booklet (you may turn that in if you wish to). IMPORTANT: DO NOT use “T” for true “F” for false – it will be marked wrong.

1. A corporation whose shares are not “publically traded” will be considered and taxed as sole proprietorship or partnership, dependent on how many shares of “common” stock the corporation has issues as of the date of the IRS filing.
a. true b. false
2. Gaffney, Capital LP, is a limited partnership. Its limited partners include more than 150 sophisticated investors, and investment professionals. Brandi is one of these limited partners. Brandi will lose her limited liability if she -
a. does not participate in the firm’s management
b. invests in the United fund, a Gaffney competitor
c. votes on the firm’s sale
d. files form M-670 in accordance with section 23(b)(2) of the ULPA
e. acts as the firm’s manager
f. does any (or all) of the above the above
g. none of the above (Brandi will not lose her limited liability for doing any of the above)
3. Robert starts-up, and assumes all