The Board of Directors of Integral Components Corporation Consists of Frida,Gayla,and

question 61

Multiple Choice

The board of directors of Integral Components Corporation consists of Frida,Gayla,and Hart.A quorum is the minimum number of these directors

• A)who must be at odds in a dispute to call for its resolution.
• B)who must be present to validly transact business.
• C)that the shareholders may remove from office at any one time.
• D)whose positions must be vacant to warrant an election.

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Definitions:

Main-Purpose Rule

A legal principle holding that if the main purpose of a guarantor's promise to pay another's debt is to serve the guarantor's own interests, the promise does not need to be in writing to be enforceable.

Secondary Obligation

An obligation that arises only after a primary obligation has not been fulfilled, often seen in guarantor or surety arrangements.

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by the parties to be enforceable.

Prenuptial Agreements

Agreements made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.