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3.) Which of the following is true of arbitration?
A resolution may or may not be reached.
One party usually drops the case.
Parties can introduce evidence to support their case.
A judicial referee makes recommendations to the parties.
4.) Which form of alternative dispute resolution occurs when the parties choose
an impartial third party to hear and decide their dispute?
Mediation
Conciliation
Arbitration
Minitrial
5.) Which of the following is true of a corporation?
A corporation terminates upon the death of an owner.
Corporation shareholders are subject to unlimited personal liability.
A corporation is a separate legal entity.
Corporation owners are only taxed once on earnings.
6.) The Black Squirrel limited partnership has been in operation for many years,
but has recently fallen on hard times. The partners have decided to dissolve,
although there are few assets remaining in the partnership. Shortly after the
partnership filed its certificate of limited partnership, the partners had the foresight
to incorporate into their partnership agreement a provision that, in the event of
dissolution, the assets would be distributed in payment of claims first to limited
partners, then to general partners, then to creditors. Hilda is a limited partner and
feels relieved that she will receive at least a portion of her capital. Henry, one of
the general partners, said that this provision is void and unenforceable. Which of
the following best describes this situation?
The distribution, as called for in the agreement, would be enforceable if it had
been included in any filings related to the limited partnership.
The distribution of assets in the event of dissolution is one of the few provisions