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business law legal environment

Questions and Answers of Business Law Legal Environment

While crossing a public highway in the city, Joel was struck by a horse-drawn cart driven by Morison’s agent. The agent was traveling between Burton Crescent Mews and Finchley on his employer’s
Serges is the owner of a retail meat marketing business. Without authority, his managing agent borrowed $3,500 from David, on Serges’s behalf for use in Serges’s business. Serges paid $200 on the
Sherwood negligently ran into the rear of Austen’s car, which was stopped at a stoplight. As a result, Austen received bodily injuries and her car was damaged. Sherwood, arts editor for the
Van D. Costas, Inc. (Costas) entered into a contract to remodel the entrance of the Magic Moment Restaurant owned by Seascape Restaurants, Inc. Rosenberg, part owner and president of Seascape, signed
James and Suzanne engaged in the grocery business as partners.In one year, they earned considerable money, and at the end of the year, they invested a part of the profits in oil land, taking title to
Clark, who owned a vacant lot, and Bird, who was engaged in building houses, entered into an oral agreement by which Bird was to erect a house on the lot. Upon the sale of the house and lot, Bird was
ABCD Company is a general partnership. It consists of Dianne, Greg, Knox, and Laura, whose capital contributions were as follows:Dianne, $5,000; Greg, $7,500; Knox, $10,000; and Laura,$5,000. The
Charles and L. W. Clement were brothers who formed a partnership that lasted forty years; then, Charles discovered that his brother, who kept the partnership’s books, had made several substantial
Michael, his mother, and his four siblings orally agreed that they would all play the lottery and that if any one of them should purchase a winning lottery ticket all of them would share the money
Simmons, Hoffman, and Murray were partners doing business under the firm name of Simmons & Co. The firm borrowed money from a bank and gave the bank the firm’s note for the loan. In addition, each
Anthony and Karen were partners doing business as the Petite Garment Company. Leroy owned a dye plant that did much of the processing for the company. Anthony and Karen decided to offer Leroy an
Lauren, Matthew, and Susan form a partnership, Lauren contributing$100,000, Matthew contributing $50,000, and Susan contributing her time and skill. Nothing is said regarding the division of profits.
Adam, Stanley, and Rosalind formed a partnership in State X to distribute beer and wine. Their agreement provided that the partnership would continue until December 31, 2021. Which of the following
Horizon is a large, publicly traded provider of both nursing homes and management for nursing homes. It wanted to expand into Osceola County, Florida. Southern Oaks was already operating in Osceola
John Palmer and Henry Morrison formed the limited partnership of Palmer & Morrison for the management of the Huntington Hotel. The limited partnership agreement provided that Palmer would contribute
A limited partnership was formed consisting of Webster as the general partner and Stevens and Stewart as the limited partners. The limited partnership was organized in strict compliance with the
Fox, Dodge, and Gilbey agreed to become limited partners in Palatine Ventures, a limited partnership. In a signed writing, each agreed to contribute $20,000. Fox’s contribution consisted entirely
Kraft is a limited partner of Johnson Enterprises, a limited partnership. As provided in the limited partnership agreement, Kraft decided to leave the partnership and demanded that her capital
Gordon is the only limited partner in Bushmill Ventures, a limited partnership whose general partners are Daniels and McKenna. Gordon contributed $10,000 for his limited partnership interest and
Albert, Betty, and Carol own and operate the Roy Lumber Company, a limited liability partnership (LLP). Each contributed one-third of the capital, and they share equally in the profits and losses.
Dr. Vidricksen contributed $250,000 to become a limited partner in a Chevrolet car agency business with Thom, the general partner. Articles of limited partnership were drawn up, but no effort was
Namvar Taghipour, Danesh Rahemi, and Edgar Jerez formed a limited liability company to purchase and develop a parcel of real estate. The LLC’s articles of organization designated Jerez as the
After part of the shares of a proposed corporation had been successfully subscribed, the promoter hired a carpenter to repair a building that was intended to be conveyed to the proposed corporation.
C. A. Nimocks was a promoter engaged in organizing the Times Printing Company. On September 12, on behalf of the proposed corporation, he made a written contract with McArthur for her services as
Todd and Elaine purchased for $300,000 a building that was used for manufacturing pianos. Then, as promoters, they formed a new corporation and resold the building to the new corporation for $500,000
Wayne signed a subscription agreement for one hundred shares of stock of the proposed ABC Company, at a price of $18 per share. Two weeks later, the company was incorporated in a state that has
Julian, Cornelia, and Sheila petitioned for a corporate charter for the purpose of conducting a retail shoe business.They complied with all the statutory provisions except having their charter
Arthur, Barbara, Carl, and Debra decided to form a corporation for bottling and selling apple cider. Arthur, Barbara, and Carl were to operate the business, while Debra was to supply the necessary
A corporation is formed for the purpose of manufacturing, buying, selling, and dealing in drugs, chemicals, and similar products. The corporation, under authority of its board of directors,
Dr. North, a surgeon practicing in Georgia, engaged an Arizona professional corporation consisting of twenty lawyers to represent him in a dispute with a Georgia hospital. West, a member of the law
Oahe Enterprises was formed by the efforts of Emmick, who acted as a promoter and contributed shares of Colonial Manors, Inc. (CM), stock in exchange for stock in Oahe. The CM stock had been valued
Frank McAnarney and Joseph Lemon entered into an agreement to promote a corporation to engage in the manufacture of farm implements. Before the corporation was organized, McAnarney and Lemon
Green & Freedman Baking Company (Green & Freedman)was a corporation that produced and sold baked goods. It was owned by the Elmans. The terms of a collective bargaining agreement required Green &
Ronald Nadler was a resident of Maryland and the CEO of Glenmar Cinestate, Inc., a Maryland corporation, as well as its principal stockholder. Glenmar leased certain space in the Westridge Square
Harold Lang Jewelers, Inc., a Florida corporation, through its single employee, had sold and consigned merchandise to jewelry stores in western North Carolina for almost thirty years.Lang’s
Olympic National Agencies was organized with an authorized capitalization of preferred stock and common stock.The articles of incorporation provided for a 7 percent annual dividend for the preferred
XYZ Corporation was duly organized on July 10.Its certificate of incorporation provides for a total authorized capital of$1 million, consisting of ten thousand shares of common stock with a par value
Hyperion Company has an authorized capital stock of one thousand shares with a par value of $100 per share, of which nine hundred shares, all fully paid, were outstanding. Having an ample surplus,
For five years, Henry and James had been engaged as partners in building houses. They owned the equipment necessary to conduct the business and had an excellent reputation.In March, Joyce, who
Paul Bunyan is the owner of noncumulative 8 percent preferred stock in the Broadview Corporation, which had no earnings or profits in 2016. In 2017, the corporation had large profits and a surplus
Alpha Corporation has outstanding four hundred shares of $100 par value common stock, which has been issued and sold at $105 per share for a total of $42,000. Alpha is incorporated in State X, which
International Distributing Export Company (IDE) was organized as a corporation on September 7, 2011, under the laws of New York and commenced business on November 1, 2011.IDE formerly had existed as
Brown, the president and director of a corporation engaged in owning and operating a chain of motels, was advised on what seemed to be good authority that a superhighway was to be constructed through
A, B, C, D, and E constituted the board of directors of the X Corporation. While D and E were out of town, A, B, and C held a special meeting of the board. Just as the meeting began, C became ill. He
Bernard Koch was president of United Corporation, a closely held corporation. Koch, James Trent, and Henry Phillips made up the three-person board of directors. At a meeting of the board, Trent was
Zenith Steel Company operates a prosperous business. In January, Zenith’s CEO and president, Roe, who is also a member of the board of directors, was voted a $1 million bonus by the board of
X Corporation manufactures machine tools. Its two principal competitors are Y Corporation and Z Corporation. The five directors of X Corporation are Black, White, Brown, Green, and Crimson. At a duly
Mitchell, Nelson, Olsen, and Parker, experts in manufacturing baubles, each owned fifteen of one hundred authorized shares of Baubles, Inc., a corporation of State X, whose incorporation statute does
Acme Corporation’s articles of incorporation require cumulative voting for the election of its directors. The board of directors of Acme Corporation consists of nine directors, each elected
Neese, trustee in bankruptcy for First Trust Company, brings a suit against the directors of the company for losses the company sustained as a result of the directors’ failure to use due care and
Minority shareholders of Midwest Technical Institute Development Corporation, a closed-end investment company owning assets consisting principally of securities of companies in technological fields,
Riffe, while serving as an officer of Wilshire Oil Company, received a secret commission for work he did on behalf of a competing corporation. Can Wilshire Oil recover these secret profits and, in
Muller, a shareholder of SCM, brought an action against SCM over his unsuccessful negotiations to purchase some of SCM’s assets overseas. He then formed a shareholder committee to challenge the
Klinicki and Lundgren, both furloughed Pan Am pilots stationed in West Germany, decided to start their own articles of incorporation airline company. They formed Berlinair, Inc., a closely held
Cutler Company was duly merged into Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by Stone Company for the balance of
Smith, while in the course of his employment with the Bee Corporation, negligently ran the company’s truck into Williams, injuring him severely. Subsequently, the Bee Corporation and the Sea
Johnson Company, a corporation organized under the laws of State X, after proper authorization by the shareholders, sold its entire assets to Samson Company, also a State X corporation.Ellen, an
Zenith Steel Company operates a prosperous business. The board of directors voted to spend $20 million of the company’s surplus funds to purchase a majority of the stock of two other
Mildred, Deborah, and Bob each own one-third of the stock of Nova Corporation. On Friday, Mildred received an offer to merge Nova into Buyer Corporation. Mildred, who agreed to call a shareholders’
Kemp & Beatley was a company incorporated under the laws of New York. Eight shareholders held the corporation’s outstanding one thousand five hundred shares of stock. Dissin and Gardstein together
All Steel Pipe and Tube is a closely held corporation engaged in the business of selling steel pipes and tubes. Leo and Scott Callier are its two equal shareholders. Scott is Leo’s uncle. Leo is
The shareholders of Endicott Johnson who had dissented from a proposed merger of Endicott with McDonough Corporation brought a proceeding to fix the fair value of their stock. At issue was the proper
McLoon, Morse Bros., and T-M Oil Companies were closely held companies entirely owned by members of the Pescosolido family, under the leadership of Carl Pescosolido, Sr. His sons, Carl Jr., and
Finley Motor Company sells an automobile to Sara and retains a security interest in it. The automobile is insured, and Finley is named beneficiary. Three days after the automobile is totally
On September 5, Wanda, a widow who occasionally teaches piano and organ in her home, purchased an electric organ from Murphy’s music store for $4,800, trading in her old organ for$1,200 and
Aaron bought a television set for personal use from Penny.Aaron properly signed a security agreement, and paid Penny$125 down, as their agreement required. Penny did not file, and subsequently Aaron
Allen, Barker, and Cooper are cosureties on a $750,000 loan by Durham National Bank to Kingston Manufacturing Co., Inc.The maximum liability of the sureties is as follows: Allen—$750,000,
Peter Diamond owed Carter $500,000 secured by a first mortgage on Diamond’s plant and land. Stephens was a surety on this obligation in the amount of $250,000. After Diamond defaulted on the debt,
Paula Daniels purchased an automobile from Carey on credit. At the time of the sale, Scott agreed to be a surety for Paula, who is sixteen years old. The automobile’s odometer stated fifty-two
Stafford Surety Co. agreed to act as the guarantor of collection on a debt owed by Preston Decker to Cole. Stafford was paid a premium by Preston to serve as surety. Preston defaults on the
Campbell loaned Perry Dixon $70,000, which was secured by a possessory security interest in stock owned by Perry. The stock had a market value of $40,000. In addition, Campbell insisted that Perry
a. Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Benson’s taxes are discharged by the proceedings.b. Benson obtained property from Anderson on
A debtor went through bankruptcy under Chapter 7 and received his discharge. Explain which of the following debts were completely discharged and which remain as future debts against him.a. A claim of
Rosinoff and his wife, who were business partners, entered bankruptcy. A creditor, Baldwin, objected to their discharge in bankruptcy on the grounds thata. the partners had obtained credit from
John Bunker has assets of $130,000 and liabilities of $185,000 owed to nine creditors. Nonetheless, his cash flow is positive and he is making payment on all of his obligations as they become due. I.
Karen has filed a voluntary petition for a Chapter 7 proceeding.The total value of Karen’s estate is $35,000. Ben, who is owed$18,000, has a security interest in property valued at $12,000.Lauren
Freelin Conn filed a voluntary petition under Chapter 7 of the Bankruptcy Code on September 30, 2018. Conn listed BancOhio National Bank as having a claim incurred in October of 2017 in the amount of
Yolanda Christophe filed a bankruptcy petition under Chapter 13.Her scheduled debts consist of $11,100 of secured debt,$9,300 owed on an unsecured student loan, and $6,960 of other unsecured debt.
A landlord owned several residential properties, one of which was subject to a local rent control ordinance. The local rent control administrator determined that the landlord had been charging rents
Krieger is a 53-year-old woman who has not held a job in over twenty-five years. Prior to that period, she did not earn more than $12,000 a year in her working career. Krieger is living with her
Robert Marrama filed a voluntary bankruptcy petition under Chapter 7.In the filing, Marrama made a number of statements about his principal asset, a house in Maine, which were misleading or
Acme Realty, a real estate development company, is a limited partnership organized in Georgia. It is planning to develop a two-hundred-acre parcel of land for a regional shopping center and needs to
Bigelow Corporation has total assets of $850,000; sales of $1,350,000; and one class of common stock with 375 shareholders and a class of preferred stock with 250 shareholders, both of which are
Intercontinental Widgets, Inc., had applied for a patent for a new state-of-the-art widget that, if patented, would significantly increase the value of Intercontinental’s shares. On September 1,
Nova, Inc., sought to sell a new issue of common stock. It registered the issue with the SEC but included false information in both the registration statement and the prospectus. The issue was
Venable Corporation has seven hundred and fifty thousand shares of common stock outstanding, which are owned by 2,640 shareholders. The assets of Venable Corporation are valued at more than $10
W. J. Howey Co. and Howey-in-the-Hills Service, Inc., were Florida corporations under direct common control and management. The Howey Company owned large tracts of citrus acreage in Florida. The
Between December 4 and December 17, John Malone, a director and large shareholder of Discovery Communications, Inc., engaged in sales of Discovery’s “Series C” stock totaling 953,506 shares and
James Herman O’Hagan was a partner in the law firm of Dorsey & Whitney in Minneapolis, Minnesota. In July 1988, Grand Metropolitan PLC, a company based in London, England, retained Dorsey & Whitney
Keller, a professor of legal studies at Rhodes University, is a diligent instructor. Late one night, while reading a newly published, copyrighted treatise of one thousand eight hundred pages written
Jennings conceived a secret process for the continuous freeze-drying of foodstuffs and related products and constructed a small pilot plant that practiced the process. However, Jennings lacked the
Conrad and Darby were competitors in the business of dehairing raw cashmere, the fleece of certain Asiatic goats. Dehairing is the process of separating the commercially valuable soft down from the
Sally, having filed locally an affidavit required under the assumed name statute, has been operating and advertising her exclusive toy store for twenty years in Centerville, Illinois.Her advertising
Ryan Corporation manufactures and sells a variety of household cleaning products in interstate commerce. On national television, Ryan falsely advertises that its laundry liquid is biodegradable.Has
Gibbons, Inc., and Marvin Corporation are manufacturers who sell a variety of household cleaning products in interstate commerce.On national television Gibbons states that its laundry liquid is
T.G.I. Friday’s, a New York corporation and registered service mark, entered into an exclusive licensing agreement with Tiffany& Co. that allowed Tiffany to open a Friday’s restaurant in Jackson,
Napster, Inc. (Napster) facilitates the transmission of MP3 files between and among its users. Through a process commonly called “peer-to-peer” file sharing, Napster allows its users to(a) make
Bernard L. Bilski and Rand A. Warsaw sought patent protection for a claimed invention that explains how buyers and sellers of commodities in the energy market can protect, or hedge, against the risk
Gooddecade manufactures and sells automobile parts throughout the eastern part of the United States. Among its fulltime employees are 220 fourteen- and fifteen-year-olds. These teenagers are employed
Janet, a twenty-year-old woman, applied for a position driving a truck for Federal Trucking, Inc. Janet, who is 5940 tall and weighs 135 pounds, was denied the job because the company requires that

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