Capital Contributions

1) ________ is a general rule of corporate law that provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of their corporation and are not personally liable for the debts and obligations of the corporation.

A) Limited-purpose clause

B) Limited liability of shareholders

C) Preferred shareholder rule

D) Nonparticipating shareholder rule

2) Judges for federal courts are selected ________.

A) by election by the voters within the state where they preside

B) by the president, subject to confirmation by the Senate

C) by the U.S. Supreme Court justices

D) by the sitting federal judges within the same circuit

3) Which of the following statements is true of the U.S. Supreme Court?

A) The U.S. Supreme Court’s decisions are appealable.

B) The U.S. Supreme Court hears appeals only from the federal circuit courts of appeals.

C) The U.S. Supreme Court does not hear any new evidence or testimony in reviewed cases.

D) The U.S. Supreme Court does not grant any oral hearings to the parties.

4) Jill wins a lawsuit against Terry in the Wyoming state court. The court passes a judgment for Terry to pay $20,000 to Jill. Immediately after the case is settled, Terry moves to Colorado, where she owns a house, and refuses to pay Jill the money. Which of the following is the best course of action for Jill?

A) file a lawsuit against Terry in a Colorado state court to enforce the Wyoming court judgment

B) file another case against Terry in the Wyoming state court to collect the money against Terry’s property

C) file a case against Terry in Wyoming to force Terry to sell her house in Colorado to pay the money

D) file a case in the Colorado federal court as this qualifies as a federal question case

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