T F Securities law regulation at the federal level is an exercise of the federal police power. T F Federal securities law completely preempts the securities laws of the States. An agent signs the agent's signature rather than the principal's and the agent is personally liable on a contract if the agent signs with the intent to bind the principal, and if the agent fully discloses both the principal and the agency, and if the agent is outside the agent's scope of authority. All agents must have express authority signed by the principal if the agent is to bind the principal to a contract that may take longer than one year to complete 15. All agents always have the power to terminate their agency.
All corporations have un limited personal liability.
T F Limited partners and ordinary shareholders typically are not material, but general partners as well as shareholders in a close corporation are material parties. For most purposes a general partnership is not a legal person. T F Partners are jointly and severally liable for torts of individual partners while performing partnership activities. T F A corporation may be a general partner in either a general partnership or in a limited partnership. Upon dissolution of a general partnership, the partnership must give notice of the dissolution to those likely to deal with the partners.