31)Which of the following is a reporting requirement for unions under the Labor

Question

31)Which of the following is a reporting requirement for unions under the Labor Management Reporting and Disclosure Act?

32)If a partner acts as an agent for the partnership, the resulting contract:

33)Zen Distilleries, a tobacco wholesaler, operates in a state where individual sales are prohibited for wholesalers. However, if one of the partners sells two cartons of cigarettes to an individual, the contract is likely to be:

34)Which of the following is true of nominal partners?

35)Which of the following are justifiable reasons for a court to decree a partnership as dissolved?

36)A stock corporation is an example of a _____ corporation.

Explanation / Answer

31) C. Unions are required to disclose the full extent of their assets and liabilities.

32) B. would not be binding on the other partners

33) D) enforceable in a court of law.

Selling cartons to an individual qualifies for a wholesale trade. Therefore, the contract is enforecable

34) B) They are held liable as full partners in some cases.

Nominal partners are not involved to day to day operations or management decisions. They just lend credibility to the firm and are paid fee for their services. However, they are as much liable as full partners.

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