MCQ Flashcards
Which of these cannot be considered an internal control body:
Board of Directors
Security Exchange Committee
Audit committee
Compensation committee
Security Exchange Committee
Which of the following bodies cannot be qualified as an internal control body?
Board of directors
Board of statutory auditors
Security Exchange Commission
Compensation committee
Security Exchange Commission
Which element is not needed to claim damages?
Reasonable certainty
Try to settle amicably
Foreseeability
Mitigation
Try to settle amicably
Which of the following elements is not necessary to prove a case of fraud:
Intent to defraud
A material misrepresentation
The misrepresentation is justifiably relied upon
Severe monetary loss to the other party
Severe monetary loss to the other party
With reference to patent protection, one or more of the following statements is not correct:
Is granted to new inventions
Under normal circumstances, it is transferable
Is not subject to any expiration term
Is available for abstract ideas
Is not subject to any expiration term
Is available for abstract ideas
With reference to bylaws, one or more of the following statements is not correct:
It governs the internal structure of the corporation
It cannot be amended or modified
Is not necessary upon incorporation
It cannot be amended or modified
Is not necessary upon incorporation
Which one is not necessary for a contract to be valid:
Legality of the matters
Capacity of the parties
Written evidence
Meeting of mind
Written evidence
What is the body indicated by the shareholders to manage the company:
Audit committees
Board of directors
Independent auditors
Don’t remember the last
Board of directors
What are the exceptions for the privity (one or more options):
Guarantee
Third party beneficiaries
Assignees
Creditors
Third party beneficiaries
Assignees
Creditors
Which of the following decisions is typically taken by the shareholders’ meeting in a corporation?
Drafting the merger plan
Approval of financial statements
Employment of key personnel
Appointment of the committees’ members
Appointment of the committees’ members
In a limited partnership, the limited partner is granted with the benefit of limited liability but is prohibited from performing one of the following actions:
Participate at members’ meeting
Inspect the accounting books
Manage the enterprise
Share the profits with the general partners
Manage the enterprise
Which of the following elements is not required to seek compensatory damages?
Reasonable certainty
Foreseeability
Attempt to settle
Mitigation
Attempt to settle
Under contract law, what is the effect of an acceptance that differs from the terms of the offer?
a. It constitutes a counteroffer.
b. It renders the contract void.
c. It automatically terminates the offer.
d. It has no effect on the offer.
It constitutes a counteroffer.
What’s the statute of limitations?
a. It is a law that restricts the sale of certain products.
b. It refers to the period within which a legal claim must be filed.
c. It is a term used in international trade agreements.
d. It determines the validity of a contract.
It refers to the period within which a legal claim must be filed.
Explain what is a “third-party beneficiary” and which
general contractual principle is derogated by it.
a. A third-party beneficiary is someone who provides consideration in a contract.
b. A third-party beneficiary is an individual who can enforce rights under a contract, despite not being a party to the contract.
c. A third-party beneficiary is a person who is responsible for drafting a contract.
d. A third-party beneficiary is a contractual principle that allows parties to modify the terms of an agreement.
A third-party beneficiary is an individual who can enforce rights under a contract, despite not being a party to the contract.
What are the cases of discharge by operation of law?
a. Novation, merger, and release.
b. Breach of contract, termination, and waiver.
c. Performance, agreement, and consideration.
d. impossibility, and bankruptcy, illegality, statute of limitations.
Impossibility, illegality, bankruptcy, statute of limitations.