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business
business law principles

Questions and Answers of Business Law Principles

2 LAW. What was the dissent’s position on the issue before the court? What were the dissent’s reasons in support of its position?
1 LAW. What did the majority rule with respect to the dispute in this case? On what rationale did the majority base this ruling?
35.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 35.” Click on “Video Questions” and view the video titled Mergers and Acquisitions. Then
35.9 Critical Thinking and Writing Assignment for Business. Insider trading, as you learned, is illegal. Not everyone agrees that it should be, though. A small group of legal scholars believe that
35.8 Critical Legal Thinking. Do you think that the tipper/tippee and misappropriation theories extend liability under SEC Rule 10b-5 too far? Why or why not?
35.7 A Question of Ethics. Melvin Lyttle told John Montana and Paul Knight about a “Trading Program” that purportedly would buy and sell securities in deals that were fully insured, as well as
35.6 Duty to Disclose. Orphan Medical, Inc., is a pharmaceutical company that focuses on treating central nervous system disorders. Its major product was the drug Xyrem. In 2004, Orphan merged with a
35.5 Securities Trading. Between 1994 and 1998, Richard Svoboda, a credit officer for NationsBank N.A., in Dallas, Texas, evaluated and approved his employer’s extensions of credit to clients.
35.4 Case Problem with Sample Answer. In 1997, WTS Transnational, Inc., required financing to develop a prototype of an unpatented fingerprint-verification system. At the time, WTS had no revenue,
35.3 Securities Laws. Scott Ginsburg was chief executive officer (CEO) of Evergreen Media Corp., which owned and operated radio stations. In 1996, Evergreen became interested in acquiring EZ
35.2 Hypothetical Question with Sample Answer. Huron Corp. has 300,000 common shares outstanding. The owners of these outstanding shares live in several different states. Huron has decided to split
35.1 Registration Requirements. Langley Brothers, Inc., a corporation incorporated and doing business in Kansas, decides to sell common stock worth $1 million to the public. The stock will be sold
3 What is insider trading? Why is it prohibited?
2 What are the two major statutes regulating the securities industry? When was the Securities and Exchange Commission created, and what are its major purposes and functions?
1 What is meant by the term securities?
34.10 Critical Legal Thinking. In general, courts are reluctant to grant shareholders’ petitions for corporate dissolution except in extreme circumstances, such as when corporate directors or
34.9 Critical Legal Thinking. A corporation that purchases the assets of another corporation generally is not liable for the obligations and duties of the predecessor corporation. Exceptions to this
34.8 A Question of Ethics. Topps Co. makes baseball and other cards, including the Pokemon collection, and distributes Bazooka bubble gum and other confections. Arthur Shorin, the son of Joseph
34.7 Dissolution. Clara Mahaffey operated Mahaffey’s Auto Salvage, Inc., in Dayton, Ohio, as a sole proprietorship. In 1993, Kenneth Stumpff and Mahaffey’s son, Richard Harris, joined the firm.
34.6 Case Problem with Sample Answer. In January 1999, General Star Indemnity Co. agreed to insure Indianapolis Racing League (IRL) race cars against damage during ontrack accidents. In connection
34.5 Corporate Dissolution. Trans-System, Inc. (TSI), is an interstate trucking business. In 1994, to provide a source of welltrained drivers, TSI formed Northwestern Career Institute, Inc., a
34.4 Successor Liability. In 1996, Robert McClellan, a licensed contractor doing business as McClellan Design and Construction, entered into a contract with Peppertree North Condominium Association,
34.3 Mergers. Tally Ho Co. was merged into Perfecto Corp., with Perfecto being the surviving corporation in the merger. Hanjo, a creditor of Tally Ho, brought suit against Perfecto Corp. for payment
34.2 Hypothetical Question with Sample Answer. Jolson is the chair of the board of directors of Artel, Inc., and Douglas is the chair of the board of directors of Fox Express, Inc. Artel is a
34.1 Consolidations. Determine which of the following situations describes a consolidation: 1 Arkon Corp. purchases all of the assets of Botrek Co. 2 Arkon Corp. and Botrek Co. combine their firms
5 What are the two ways in which a corporation can be voluntarily dissolved? Under what circumstances might a corporation be involuntarily dissolved by state action?
4 What actions might a target corporation take to resist a takeover attempt?
3 Under what circumstances is a corporation that purchases the assets of another corporation responsible for the liabilities of the selling corporation?
2 What are the steps of the merger or consolidation procedure?
1 What is the difference between a corporate merger and a corporate consolidation?
33.9 Critical Legal Thinking. Do corporations benefit from shareholder’s derivative suits? If so, how?
33.8 A Question of Ethics. New Orleans Paddlewheels, Inc. (NOP), is a Louisiana corporation formed in 1982 when James Smith, Sr., and Warren Reuther were its only shareholders, with each holding 50
33.7 Role of Directors. The board of a property management corporation in Oregon meets on a regular basis. In the third quarter of 2003, the company paid each of the directors $6,000. The company did
33.6 Fiduciary Duties and Liabilities. Harry Hoaas and Larry Griffiths were shareholders in Grand Casino, Inc., which owned and operated a casino in Watertown, South Dakota. Griffiths owned 51
33.5 Case Problem with Sample Answer. Digital Commerce, Ltd., designed software to enable its clients to sell their products or services over the Internet. Kevin Sullivan served as a Digital vice
33.4 Inspection Rights. Craig Johnson founded Distributed Solutions, Inc. (DSI), in 1991 to make software and provide consulting services, including payroll services, for small companies. Johnson
33.3 Lucia has acquired one share of common stock of a multimillion-dollar corporation with more than 500,000 shareholders. Lucia’s ownership is so small that she is questioning what her rights
33.2 Hypothetical Question with Sample Answer. Starboard, Inc., has a board of directors consisting of three members (Ellsworth, Green, and Morino) and approximately five hundred shareholders. At a
33.1 Voting Techniques. Algonquin Corp. has issued and has outstanding 100,000 shares of common stock. Four stockholders own 60,000 of these shares, and for the past six years they have nominated a
5 From what sources may dividends be paid legally? In what circumstances is a dividend illegal? What happens if a dividend is illegally paid?
4 If a group of shareholders perceives that the corporation has suffered a wrong and the directors refuse to take action, can the shareholders compel the directors to act? If so, how?
3 What is a voting proxy? What is cumulative voting?
2 Directors are expected to use their best judgment in managing the corporation. What must directors do to avoid liability for honest mistakes of judgment and poor business decisions?
1 What are the duties of corporate directors and officers?
32.7 Video Question. Go to this text’s Web site at www.cengage.com/blaw/blt and select “Chapter 32.” Click on “Video Questions” and view the video titled Corporation or LLC: Which Is
32.6 Critical Legal Thinking. What are some of the ways in which the limited liability of corporate shareholders serves the public interest? Are there any ways in which this limited liability is
32.5 A Question of Ethics. Mike Lyons incorporated Lyons Concrete, Inc., in Montana, but did not file its first annual report, so the state involuntarily dissolved the firm in 1996. Unaware of the
32.4 Improper Incorporation. Denise Rubenstein and Christopher Mayor agreed to form Bayshore Sunrise Corp. (BSC) in New York to rent certain premises and operate a laundromat. BSC entered into a
32.3 Case Problem with Sample Answer. Thomas Persson and Jon Nokes founded Smart Inventions, Inc., in 1991 to market household consumer products. The success of their first product, the Smart Mop,
32.2 Corporate Status. Three brothers inherited a small papersupply business from their father, who had operated the business as a sole proprietorship. The brothers decided to incorporate under the
32.1 Hypothetical Question with Sample Answer. Kora Nayenga and two business associates formed a corporation called Nayenga Corp. for the purpose of selling computer services. Kora, who owned 50
5 How are corporations financed? What is the difference between stocks and bonds?
4 In what circumstances might a court disregard the corporate entity (“pierce the corporate veil”) and hold the shareholders personally liable?
3 What is the difference between a de jure corporation and a de facto corporation?
2 What steps are involved in bringing a corporation into existence? Who is liable for preincorporation contracts?
1 What are the express and implied powers of corporations? On what sources are these powers based?
31.8 Critical Legal Thinking. Although a limited liability entity may be the best organizational form for most businesses, a significant number of firms may be better off as a corporation or some
31.7 A Question of Ethics. Blushing Brides, LLC, a publisher of wedding planning magazines in Ohio, opened an account with Gray Printing Co. in July 2000. On behalf of Blushing Brides, Louis Zacks,
31.6 Limited Liability Companies. An LLC owned a Manhattan apartment building that was sold. The plaintiffs owned 25 percent of the membership interests in the LLC. They filed a lawsuit on behalf of
31.5 Case Problem with Sample Answer. Westbury Properties, Inc., and others (collectively the Westbury group) owned, managed, and developed real property. Jerry Stoker and The Stoker Group, Inc. (the
31.4 Joint Ventures. In 1993, TOG Acquisition Co. attempted to acquire the Orleander Group, a manufacturer of bicycle accessories, but failed for lack of financing. Orleander then granted to Herrick
31.3 Limited Liability Companies. Joe, a resident of New Jersey, wants to open a restaurant. He asks Kay, his friend, an experienced attorney and a New Yorker, for her business and legal advice in
31.2 Hypothetical Question with Sample Answer. Faraway Corp. is considering entering into two contracts, one with a joint stock company that distributes home products east of the Mississippi River
31.1 Limited Liability Companies. John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent. Nothing is
5 What are the essential characteristics of joint stock companies, syndicates, business trusts, and cooperatives, respectively?
4 What is a joint venture? How is it similar to a partnership? How is it different?
3 What are the two options for managing limited liability companies?
2 How are limited liability companies formed, and who decides how they will be managed and operated?
1 What advantages do limited liability companies offer to businesspersons that are not offered by sole proprietorships or partnerships?
30.11 Critical Thinking and Writing Assignment for Business. Sandra Lerner met Patricia Holmes at Holmes’s horse training facility, and they became friends. One evening, while applying nail polish
30.10 Critical Legal Thinking. Given the extensive liability of partners, why would any entrepreneur choose to do business with another, or others, as a general partnership?
30.9 A Question of Ethics. In 1991, Hassan Mardanlou and Ali Ghaffarian signed a lease for 3960 South State Street in Salt Lake City, Utah. Ghaffarian paid $6,000 for the first and last months’
30.8 Partnership Dissolution. Nine minority partners each owned one-half of a percent of J&J Celcom, a partnership with AT&T, which owned the rest. Using its majority power, AT&T voted to buy out the
30.7 Indications of Partnership. In August 2003, Tammy Duncan began working as a waitress at Bynum’s Diner, which was owned by her mother, Hazel Bynum, and her stepfather, Eddie Bynum, in Valdosta,
30.6 Partnership Status. Charlie Waugh owned and operated an auto parts junkyard in Georgia. Charlie’s son, Mack, started working in the business part-time as a child and full-time when he left
30.5 Case Problem with Sample Answer. At least six months before the 1996 Summer Olympic Games in Atlanta, Georgia, Stafford Fontenot, Steve Turner, Mike Montelaro, Joe Sokol, and Doug Brinsmade
30.4 Fiduciary Duties. Charles Chaney and Lawrence Burdett were equal partners in a partnership in Georgia known as BMW Partners. Their agreement was silent as to the effect of a partner’s death on
30.3 Distribution of Partnership Assets. Shawna and David formed a partnership. At the time of the partnership’s formation, Shawna’s capital contribution was $10,000, and David’s was $15,000.
30.2 Hypothetical Question with Sample Answer. Dorinda, Luis, and Elizabeth form a limited partnership. Dorinda is a general partner, and Luis and Elizabeth are limited partners. Consider each of the
30.1 Partnership Formation. Daniel is the owner of a chain of shoe stores. He hires Rubya to be the manager of a new store, which is to open in Grand Rapids, Michigan. Daniel, by written contract,
5 What are the key differences between the rights and liabilities of general partners and those of limited partners?
4 What advantages do limited liability partnerships offer to businesspersons that are not offered by general partnerships?
3 What is meant by joint and several liability? Why is this often considered to be a disadvantage of the partnership form of business?
2 What are the rights and duties of partners in an ordinary partnership?
1 What are the three essential elements of a partnership?
29.9 Critical Thinking and Writing Assignment for Business. Jordan Mendelson wants to start a kitchen franchise business in which customers come to the business, assemble gourmet dinners, and then
29.8 Critical Legal Thinking. Suppose that a franchisor requires the franchisee to purchase a particular type of van that will be used to deliver the franchised carpet-cleaning services to the
29.7 A Question of Ethics. In August 2004, Ralph Vilardo contacted Travel Center, Inc., in Cincinnati, Ohio, to buy a trip to Florida in December for his family to celebrate his fiftieth wedding
29.6 Sole Proprietorship. James Ferguson operates “Jim’s 11-E Auto Sales” in Jonesborough, Tennessee, as a sole proprietorship. In 1999, Consumers Insurance Co. issued a policy to “Jim
29.5 Case Problem with Sample Answer. Walid Elkhatib, a Palestinian Arab, emigrated to the United States in 1971 and became a U.S. citizen. Eight years later, Elkhatib bought a Dunkin’ Donuts,
29.4 The Franchise Contract. On August 23, 1995, Climaco Guzman entered into a commercial janitorial services franchise agreement with Jan-Pro Cleaning Systems, Inc., in Rhode Island for a franchise
29.3 Franchising. Maria, Pablo, and Vicky are recent college graduates who would like to go into business for themselves.They are considering purchasing a franchise. If they enter into a franchising
29.2 Hypothetical Question with Sample Answer. Omega Computers, Inc., is a franchisor that grants exclusive physical territories to its franchisees with retail locations, including Pete’s Digital
29.1 Control of a Franchise. National Foods, Inc., sells franchises to its fast-food restaurants, known as Chicky-D’s. Under the franchise agreement, franchisees agree to hire and train employees
5 What is wrongful termination? In what types of situations do courts typically find that a franchisor has wrongfully terminated a franchise?
4 What terms and conditions are typically included in a franchise contract?
3 What laws govern a franchising relationship?
2 What is a franchise? What are the most common types of franchises?
1 What advantages and disadvantages are associated with the sole proprietorship?
28.9 Critical Legal Thinking. What policy is served by the law that employers do not have copyright ownership in works created by independent contractors (unless there is a written “work for

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