The Board of Directors of a Corporation

question 2

Multiple Choice

The board of directors of a corporation:

• A) Are elected by the corporate registrar.
• B) Are responsible for day-to-day operations of the business.
• C) Do not have the power to bind the corporation to contracts, due to lack of mutual agency.
• D) May not also be executive officers of the corporation, due to the separate entity principle.
• E) Are responsible for and have final authority for managing corporate activities.

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Definitions:

Remedy

in law, signifies the means by which a court of law enforces a right, imposes a penalty, or makes some other court order to impose its will in respect to a particular legal failure or injury.

Seller

An individual or entity that offers goods or services for sale to buyers in exchange for money or other compensation.

Lessor

The party in a lease agreement who owns the asset or property and grants its use to another party for a specific period, under certain conditions.

Original Buyer

The first individual or entity that purchases a product or service directly from the seller or manufacturer.