Pietra Korda and Anna Kim were partners in an IT consulting business, K2 Solutions They operated the business in a building owned by the partnership The partnership purchased the building with the proceeds of a loan from Commerce Bank of Brunswick, which held a mortgage in the building When Korda d...

Pietra Korda and Anna Kim were partners in an IT consulting business, K2 Solutions. They operated the

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Pietra Korda and Anna Kim were partners in an IT consulting business, K2 Solutions. They operated the business in a building owned by the The purchased the building with the proceeds of a loan from Commerce Bank of Brunswick, which held a mortgage in the building. When Korda dissociated from the Kim paid Korda the value of her interest, and Korda gave up all her claims against the and its assets. Korda filed a Statement of Dissociation with the secretary of state, and she gave notice by a letter to Commerce Bank that she had left the Commerce Bank did not respond to the letter. Kim dissolved the filing a Statement of Dissolution, and continued the business under the name K-One Solutions LLC. For two years, Kim made monthly payments to Commerce Bank on the mortgage, paying with checks drawn on K-One Solutions' checking account at Commerce Bank. When Kim defaulted on the mortgage obligation, Commerce Bank sued K2 Solutions, Kim, and Korda. Was Korda liable on the mortgage obligation to Commerce Bank?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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Probably yes Korda would argue that implied novation occurred due to her notice of dissociation ...View the full answer

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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-0071317658

15th edition

Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt

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Question Posted: Jul 16, 2014 08:15 AM

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Pietra Korda and Anna Kim were partners in an IT consulting business, K2 Solutions. They operated the

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Probably yes Korda would argue that implied novation occurred due to her notice of dissociation ...View the full answer

Business Law The Ethical Global and E-Commerce Environment

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