Bar Exam Uniform Quiz
20 questions · no time limit
0:00
BUSINESS ASSOCIATIONS AND RELATIONSHIPS
Question 1 of 20
No time limit
Current
Answered
Flagged
Not seen
PASSAGE
A woman is the sole shareholder of a corporation that owns a small art gallery. The corporation leases its gallery space. The woman personally guarantees the corporation's lease with the landlord. The corporation also owes $20,000 to a local artist for a commissioned sculpture. The gallery performs poorly, and the corporation defaults on both its lease and its debt to the artist. The corporation has no assets. The woman has always been careful to keep corporate and personal finances separate, and the corporation was reasonably capitalized at its inception.
In a suit by the artist to hold the woman personally liable for the $20,000 debt, what is the woman's best defense against a veil-piercing claim? Select one.
YOUR PROGRESS
20
QUESTIONS
Ready when you are
Answer in any order. Your progress shows here as you go.
QUESTIONS
KEYBOARD
Pick an answer ABCD
Next question ↵→
Previous ←
Flag for review F
Answers save as you go · flagged questions come back at the end