Law 531

1. There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?

Each general partner would receive $50,000, and each limited partner would receive $100,000.

Each general partner would receive $30,000, and each limited partner would receive $120,000.

Each general partner would receive $120,000, and each limited partner would receive $30,000.

All partners would receive $75,000, regardless of whether he or she is a general or limited partner.

2. Which of the following is true of The Federal Arbitration Act?

It permits an appeal for all arbitration awards.

It provides that arbitration agreements are valid, irrevocable, and enforceable.

It governs all types of alternative dispute resolution.

It applies only to breach of contract disputes.

3. Which of the following is true regarding mediation?

If a settlement agreement is not reached in mediation, then the parties hire a new mediator.

A mediator does not make a decision or an award.

A settlement agreement is never reached with a mediator.

Was created by the Federal Mediation Act of 1925.

4. Which of the following is true in the creation of a general partnership?

The business name must have the names of all the partners.

The business name cannot be a fictitious name.

The name selected cannot indicate that it is a corporation.

The business cannot operate under a trade name.

5. Which of the following is one of the major purposes of a settlement conference?

To contest the local court rules

To facilitate the settlement of a case

To conduct discovery...