Vermont Bar Exam (UBE — MBE Component) - Vermont Bar Exam (UBE

Question 1

Under the Model Business Corporation Act (MBCA), what is the minimum number of incorporators required to form a corporation?

One Two Three Five

Correct Answer:

One

Question 2

The business judgment rule protects directors who make decisions that:

Result in profit for the corporation Were made in good faith, with due care, and in the honest belief the action was in the corporation's best interest Were approved by a majority of shareholders Were made only after consulting independent legal counsel

Correct Answer:

Were made in good faith, with due care, and in the honest belief the action was in the corporation's best interest

Question 3

When will a court most likely pierce the corporate veil and hold shareholders personally liable?

Whenever the corporation is insolvent When the corporation fails to hold annual shareholder meetings When the corporate form is used as a sham or to perpetrate fraud, and there is such unity of interest that the corporation and shareholder are indistinguishable Whenever the corporation has fewer than three shareholders

Correct Answer:

When the corporate form is used as a sham or to perpetrate fraud, and there is such unity of interest that the corporation and shareholder are indistinguishable

Question 4

A shareholder's preemptive right allows the shareholder to:

Vote on all corporate transactions above a certain value Receive dividends before other shareholders Purchase newly issued shares in proportion to their current ownership before they are offered to outsiders Inspect all corporate books and records at any time

Correct Answer:

Purchase newly issued shares in proportion to their current ownership before they are offered to outsiders

Question 5

An act performed by a corporation outside the scope of its stated purposes in the articles of incorporation is known as:

Ultra vires Intra vires A breach of the duty of care A violation of the business judgment rule

Correct Answer:

Ultra vires

Exam overview

About this Exam

Prepare with the Vermont Bar Exam (UBE — MBE Component) practice quiz. This question bank includes 30 questions covering procedure, vermont, corporation, rule, and civil. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Vermont Bar Exam (UBE — MBE Component)

This practice set contains 30 questions from the matching question bank and focuses on procedure, vermont, corporation, rule, and civil. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Vermont Bar Exam (UBE — MBE Component)

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