Business Law

Question 1

Not have capacity to create an agency relationship?

Answer 1

An unincorporated association

Question 2

Actions is required to ensure the validity of a contract between a corporation and a director of the corporation?

Answer 2

the director must disclose the interest to the independent members of the Board and refrain from voting

Question 3

Exempt organization must file annual information returns

Answer 3

Private foundations

Question 4

Attachment of a security interest under the Revised Article 9 takes place when the secured party gives value, the debtor has rights in the collateral, and one of the following is true:

Answer 4

(1) The secured party possesses the collateral
(2) The secured party has control of certain types of collateral
(3) There exists a security agreement in writing or in electronic form