Which of the Following Is Not One of the Standards

question 53

Multiple Choice

Which of the following is not one of the standards that a business must meet to qualify for status as a subchapter S corporation?

• A) The business must be a subsidiary of another corporation.
• B) All shareholders must agree to have the corporation formed as a subchapter S corporation.
• C) It can have no more than 100 members (husbands and wives count as one member).
• D) It can have only one class of stock issued and outstanding.
• E) The shareholders must be U.S. citizens.

Identify the legal remedies available for victims of misrepresentation and how these remedies vary depending on the type of misrepresentation.

Comprehend the principles of contract rescission and the specific conditions under which it is available or not.

Understand the concept of privity of contract and its implications for third parties.

Grasp the legal doctrine of the parol evidence rule and its exceptions.

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Definitions:

Sensorimotor

The developmental stage in early childhood where learning is achieved through physical interactions and experiences with the environment.

Puberty

The period during which adolescents reach sexual maturity and become capable of reproduction, marked by hormonal changes and physical development.

Primary Sex Characteristics

The main physical features that differentiate males and females, involved directly in reproduction.

Kohlberg

A psychologist best known for his theory of stages of moral development, which suggests that moral reasoning evolves through specific stages.