Which of the following is not true about corporate
directors?
|
the initial board is often specified in the articles of
incorporation |
|
directors are subject to a fiduciary duty of loyalty |
|
directors must always act to preserve the corporation |
|
directors may be removed from office for breach of duty |
|
all of the other choices are true |
The New York Stock Exchange is an example of a stock
exchange where:
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the stock of sole proprietorships can be traded |
|
the stock of public corporations can be traded |
|
the stock of private corporations can be traded |
|
the stock of public corporations cannot be traded |
|
the stock of public corporations can be sold but not
bought |
Professional corporations are now allowed:
|
in a few of the more business friendly states |
|
none of the other choices are correct |
The owner of a sole proprietorship:
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is legally the same as the business |
|
is taxed the same as the business |
|
may hire any number of employees |
|
is legally the same as the business and is taxed the same as
the business |
|
is legally the same as the business and is taxed the same as
the business and may hire any number of employees |
The governing committee of a corporation is
the:
In general, if there is an error in a contract and if
the other party should have known of the error:
|
the contract cannot be enforced to allow one party to profit
from a simple error |
|
the contract will still be enforced so long as both parties had
the chance to read the contract |
|
some states will still enforce the contract |
|
the state Supreme Court will have to decide if the contract
should be enforced |
|
none of the other choices are correct
|