npartment from Town Homes, Inc. The lease, which ends on May 31, does not includ

Question

npartment from Town Homes, Inc. The lease, which ends on May 31, does not include an option id and Town do not discuss whether Sid can stay on at the end of the term. On June 1, Sid 85. Sid rents an for r renewnl, and a. no right to remain b, a right to remain contingent on notice from Town c. an implied option to renew the term d. a right to remain subject to notice to Town 8oConvenience Mart, Inc, is a closely held corporation. Convenience Mart is a. generally allowed to restrict the transfer of its stock b. cligible to make public offerings of securities c, exempt from filing a certificate of incorporation taxed in the same manner as a partnership 87. Inez and Jason are the sharcholders and directors of Kleen Kustodial Corporation. Lily and Moe are Kleen's officers. As with other corporations, the responsibility for the overall management of Kleen rests wi the officers. b. the owners. c. the board of directors. d. the shareholders 88. Sophie and Tiny incorporate their beverage-container business as U-Twist Products, Inc. The first board of directors may be appointed by the firm's a. officers. b. shareholders. incorporators. board of directors. d. 89. Bret and Courtney form Delite Day Care, Inc. Ultimate responsibility for policy decisions necessary to the management of corporate affairs rests with Delite's a. shareholders b. incorporators c. board of directors. d. officers. Omega Corporation makes and markets digital timers, clocks, and related products. Like other business corporations, Omega issues securities to a. increase its market share. b. reduce its production costs. c. obtain financing. d. safeguard its facilities. 90. 1. Property Management Corporation (PMC) owns several apartment buildings in two states. Regardin standards for maintenance of the buildings, PMC should consult a. the previous owners the long-term tenants the applicable city ordinances and state statutes b. c. d. the Uniform Landlords' Maintenance Manual. 10

Explanation / Answer

Question 85:- Sid rents an apartment from Town Homes, Inc. The lease, which ends on May 31, does not include an option for re¬newal, and Sid and Town do not discuss whether Sid can stay on at the end of the term. On June 1, Sid has

Answer:- (a) NO right to remain.

Question 86:- Convenience Mart, Inc., is a closely held corporation. Convenience Mart is

Answer:- (a) generally allowed to restrict the transfer of its stock.

Question 87:- Inez and Jason are the shareholders and directors of Kleen Kustodial Corporation. Lily and Moe are Kleen's officers. As with other corporations, the responsibility for the overall management of Kleen rests with

Answer:- (c) the board of directors.

Question 88:- Sophie and Tiny incorporate their beverage-container business as U-Twist Products, Inc. The first board of directors may be appointed by the firm's

Answer:- b. incorporators.

Question 89:- Bret and Courtney form Delite Day Care, Inc. Ultimate responsibility for policy decisions necessary to the management of corporate affairs rests with Delite's

Answer:- (c) board of directors.

Question 90:- Omega Corporation makes and markets digital timers, clocks, and related products. Like other business corporations, Omega issues securities to

Answer:- (c) obtain financing.

Question 91:- Property Management Corporation (PMC) owns several apartment buildings in two states. Regarding standards for maintenance of the build¬ings, PMC should consult

Answer:- the applicable city ordinances and state statutes.

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