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business
essentials of business law

Questions and Answers of Essentials of Business Law

Joel picked names out of a local telephone book and then hacked into a consumer credit–reporting agency to learn more about those people. Using this information, he then ordered fraudulent credit
Felipe began working with a small engineering firm in 1998. In 2000, the firm decided to go public, allowing Felipe to take advantage of more than $100,000 in stock options per his employment
In order to raise money to support its business, the Farmer’s Cooperative of Arkansas and Oklahoma (the Co-Op) sold promissory notes payable on demand by the holder. The notes were uncollateralized
Aaron bought a television set for personal use from Penny. Aaron properly signed a security agreement and paid Penny twenty-five dollars down, as their agreement required. Penny did not file, and
On May 1, Lincoln lends Donaldson $20,000 and receives from Donaldson his agreement to pay this amount in two years and takes a security interest in the machinery and equipment in Donaldson's
The X Corporation manufactures machine tools. The five directors of X Corporation are Black, White, Brown, Green, and Crimson. At a duly called meeting of the board of directors of X Corporation in
(a) Smith, a director of the Sample Corporation, sells a piece of vacant land to the Sample Corporation for $50,000. The land cost him $20,000.(b) Jones, a shareholder of the Sample Corporation,
Zenith Steel Company operates a prosperous business. In January, its president, Roe, who is also a director, was voted a $100,000 bonus by the board of directors for the valuable services he provided
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 had
The XYZ Corporation was duly organized on July 10. Its certificate of incorporation provides for total authorized capital of $100,000, consisting of 1,000 shares of common stock with a par value of
Weil organized Diversified Properties as a limited partnership with varying degrees of ownership in several apartment complexes and other real estate located in Maryland. The parties signed a formal
Dr. Vidricksen contributed $25,000 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 made
John Palmer and Henry Morrison formed the limited partnership of Palmer & Morrison for the management of the Huntington Hotel and filed an appropriate certificate in compliance with the limited
Ames, Bell, and Cole were equal partners in the ABC Construction Company. Their written partnership agreement provided that the partnership would dissolve upon the death of any partner. Cole died on
Charles and Jack orally agreed to become partners in a small tool and die business. Charles, who had experience in tool and die work, was to operate the business. Jack was to take no active part but
Albert, Betty, and Carol own and operate the Roy Lumber Company. Each contributed one-third of the capital, and they share equally in the profits and losses. Their partnership agreement provides that
Lauren, Matthew, and Susan form a partnership, Lauren contributing $10,000; Matthew $5,000; and Susan her time and skill. Nothing is said regarding the division of profits. The firm later dissolves.
Jones and Ray formed a partnership on January 1, known as JR Construction Co., to engage in the construction business, each partner owning a one-half interest. On February 10, while conducting
Paula, Fred, and Stephanie agree that Paula and Fred will form and conduct a partnership business and that Stephanie will become a partner in two years. Stephanie agrees to lend the firm $5,000 and
Anita and Duncan had been partners for many years in a mercantile business. Their relationship deteriorated to the point where Anita threatened to bring an action for an accounting and dissolution of
In 1996, Gauldin and Corn entered into a partnership for the purpose of raising cattle and hogs. The two men were to share equally all costs, labor, losses, and profits. The business was started on
Cutler worked as a bartender for Bowen until they orally agreed that Bowen would have the authority and responsibility for the entire active management and operation of the tavern business known as
Teresa, Peter, and Walker were partners under a written agreement made in January that the partnership should continue for ten years. During the same year, Walker, being indebted to Smith, sold and
Aretta J. Parkinson owned a 200-acre farm. Prior to her death on December 23,Parkinson deeded a one-eighth undivided interest in the farm to each of her eight children as tenants in common. On
Harris, owner of certain land known as Red Bank, mailed a letter to Byron, a real estate broker in City X, stating: “I have been thinking of selling Red Bank. I have never met you, but a friend has
Sierra Pacific Industries purchased various areas of timber and six other pieces of real property, including a ten-acre parcel on which five duplexes and two single-family units were located. Sierra
In October 2001, Black, the owner of the Grand Opera House, and Harvey entered into a written agreement leasing the Opera House to Harvey for five years at a rental of $30,000 per year. Harvey
Green, a licensed real estate broker in Illinois, and Jones, also an Illinois resident, while both were in New York, signed a contract whereby Green agreed to endeavor to find a buyer for certain
Parker, the owner of certain unimproved real estate in Chicago, employed Adams, a real estate agent, to sell the property for a price of $25,000 or more and agreed to pay Adams a commission of 6
On September 22, 1986, New York City Shoes (NYCS) issued a check in the amount of $100,000 to the Maxwell Shoe Company (Maxwell). The check was drawn on one of NYCS’s accounts at Pennsylvania
As payment in advance for services to be performed, Acton signed and delivered the following instrument:December 1, 2007LAST NATIONAL BANK MONEYVILLE, STATE XPay to the order of Olaf Owen
On April 1, Moore gave Pipkin a check properly drawn by Moore on Zebra Bank for $500 in payment of a painting to be framed and delivered the next day. Pipkin immediately indorsed the check and gave
Howard Harrison, a longtime customer of Western Bank, operates a small department store, Harrison's Store. Because his store has few experienced employees, Harrison frequently travels throughout the
On December 9, Jane Jones writes a check for $500 payable to Ralph Rodgers in payment for goods to be received later in the month. Before the close of business on the ninth, Jane notifies the bank by
On August 10, 2004, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil O’Neil, and James Hane, and their
On June 15, 1998, Joanne, for consideration, executed a negotiable promissory note for $10,000, payable to Robert on or before June 15, 2006. Joanne subsequently suffered financial reverses. In
Donna gives Peter a check for $5,000 in return for a personal computer. The check is dated December 2. Peter transfers the check for value to Howard on December 14, and Howard deposits it in his bank
On January 2, 2006, Martin, seventeen years of age, as a result of Dealer's fraudulent misrepresentation, bought a used motorboat to use in his fishing business for $2,000 from Dealer, signed an
Adams, who reads with difficulty, arranged to borrow $200 from Bell. Bell prepared a note, which Adams read laboriously. As Adams was about to sign it, Bell diverted Adams's attention and substituted
Thornton fraudulently represented to Daye that he would obtain for her a new car to be used in Daye's business for $7,800 from Pennek Motor Company. Daye thereupon executed her personal check for
Stein, a mechanic, and Beal, a life insurance agent, entered into a written contract for the sale of Stein's tractor to Beal for $2,800 cash. It was agreed that Stein would tune the motor on the
On December 2, 2006, Miles executed and delivered to Proctor a negotiable promissory note for $1,000, payable to Proctor or order, due March 2, 2007, with interest at 14 percent from maturity, in
Brown contracted to buy sixty cases of Lovely Brand canned corn from Smith, a Toledo seller, at a contract price of $600. Based on the contract, Smith selected and set aside sixty cases of Lovely
Farber owned a quantity of corn which was contained in a corncrib located on Farber's farm. On March 12, Farber wrote a letter to Barber stating that he would sell to Barber all of the corn in this
Steven offered to sell his used automobile to Benito for $2,600 cash. Benito agreed to buy the car, gave Steven a check for $2,600, and drove away in the car. The next day Benito sold the car for
Porter, the owner of an art collection, engaged in a number of art transactions with Harold Von Maker, who used, among other names, that of Peter Wertz. Porter permitted Von Maker to have temporarily
Fred Lane, who sells boats, motors, and trailers, sold a boat, motor, and trailer to John Willis in exchange for a check for $6,285. The check was not honored when Lane attempted to use the funds.
At the start of the social season, Aunt Lavinia purchased a hula skirt in Sadie's dress shop. The salesclerk told her: “This superior garment will do things for a person.” Aunt Lavinia's house
Mae contracted to sell one thousand bushels of wheat to Lloyd at $4 per bushel. Just before Mae was to deliver the wheat, Lloyd notified her that he would not receive or accept the wheat. Mae sold
On December 15, Judy wrote a letter to David stating that she would sell to David all of the mine-run coal that David might wish to buy during the next calendar year for use at David's factory,
Henry and Mary entered into a written contract whereby Henry agreed to sell and Mary agreed to buy a certain automobile for $3,500. Henry drove the car to Mary's residence and properly parked it on
James sells and delivers to Gerald on June 1 certain goods and receives from Gerald at the time of delivery Gerald's check in the amount of $900 for the goods. The following day, Gerald is petitioned
Lee Oldsmobile sells Rolls-Royce automobiles. Mrs. Kaiden sent Lee a $25,000 deposit on a $135,500 1999 Rolls-Royce. Although Lee informed Mrs. Kaiden that the car would be delivered in
Margarita executed and delivered to Poncho a negotiable promissory note payable to the order of Poncho as payment for 100 bushels of wheat Poncho had sold to Margarita. Poncho indorsed the note
On March 17, Peckham bought a new car from Larsen Chevrolet for $6,400.85. During the first one and one-half months after the purchase, Peckham discovered that the car's hood was dented, its gas tank
Farley and Trudy enter into a written contract whereby Farley agrees to sell and Trudy agrees to buy 6,000 bushels of wheat at $3.75 per bushel, deliverable at the rate of 1,000 bushels a month
Terminal Grain Corporation brought an action against Glen Freeman, a farmer, to recover damages for breach of an oral contract to deliver grain. According to the company, Freeman orally agreed to two
Henry and Wilma, an elderly immigrant couple, agreed to purchase from Harris a refrigerator with fair market value of $450 for twenty-five monthly installments of $60 per month. Henry and Wilma now
On November 23, Blackburn, a dress manufacturer, mailed to Conroy a written and signed offer to sell one thousand sundresses at $50 per dress. The offer stated that it would “remain open for ten
Hicks, a San Francisco company, orders from U.S. Electronics, a New York company, ten thousand electronic units. Hicks's order form provides that any dispute would be resolved by an arbitration panel
On March 1, Joseph sold to Sandra fifty acres of land in Oregon, which Joseph at the time represented to be fine black loam, high, dry, and free of stumps. Sandra paid Joseph the agreed price of
In which of the following situations is specific performance available as a remedy? (a) Mary and Anne enter into a written agreement under which Mary agrees to sell and Anne agrees to buy for
Daniel agreed to erect an apartment building for Steven for $750,000, and that Daniel would suffer a deduction of $1,000 per day for every day of delay. Daniel was twenty days late in finishing the
In late 1989 or early 1990, plaintiff, Lan England, agreed to sell 258,363 shares of stock to defendant, Eugene Horbach, for $2.75 per share resulting in a total price of $710,498.25. Although
On August 20, Hildebrand entered into a written contract with the city of Douglasville (http://www.ci.douglasville.ga.us) whereby he was to serve as community development project engineer for three
Judy agreed in writing to work for Northern Enterprises, Inc. for three years as Superintendent of Northern’s manufacturing establishment and to devote herself entirely to the business, giving it
By written contract Ames agreed to build a house on Bowen’s lot for $45,000, commencing within ninety days of the date of the contract. Prior to the date for beginning construction, Ames informed
Georgia purchased an option on Blackacre from Pamela for $1,000. The option contract contained a provision by which Georgia promised not to assign the option contract without Pamela's
On July 5, 1994, Richard Price signed a written employment contract as a new salesman with the Mercury Supply Company. The contract was of indefinite duration and could be terminated by either party
On March 1, Lucas called Craig on the telephone and offered to pay him $90,000 for a house and lot which Craig owned. Craig accepted the offer immediately on the telephone. Later in the same day,
Green was the owner of a large department store. On Wednesday, January 26, he talked to Smith and said, “I will hire you as sales manager in my store for one year at a salary of $18,000; you are to
On April 29, 2001, Kirsten Fletcher and John E. Marshall III jointly signed a lease to rent an apartment for the term beginning on July 1, 2001, and ending on June 30, 2002, for a monthly rent of
Halbman, a minor, purchased a 2001 Oldsmobile from Lemke for $11,250. Under the terms of the contract, Halbman would pay $1,000 down and the balance in $250 weekly installments. Upon making the down
Williamson, her mortgage in default, was threatened with foreclosure on her home. She decided to sell the house. The Matthewses learned of this and contacted her about the matter. Williamson claims
Haydocy Pontiac sold Jennifer Lee an automobile for $1,552, of which $1,402 was financed with a note and security agreement. At the time of the sale Lee, age twenty, represented to Haydocy that she
A fifteen-year-old minor was employed by Midway Toyota, Inc., of Great Falls, Montana. On August 18, 2003, the minor, while engaged in lifting heavy objects, injured his lower back. In October 2003
L. D. Robertson bought a pickup truck from King and Julian, who did business as the Julian Pontiac Company. At the time of purchase, Robertson was seventeen years old, living at home with his
G.A.S. married his wife, S.I.S., on January 19, 1987. He began to have mental health problems in 2000; that year, he was hospitalized at the Delaware State Hospital for eight weeks. Similar illnesses
Daniel, while under the influence of alcohol to the extent that he did not know the nature and consequences of his acts, agreed to sell his 2001 automobile to Belinda for $8,000. The next morning
Ira, who in 2003 had been found not guilty of a criminal offense because of insanity, was released from a hospital for the criminally insane during the summer of 2004 and since that time has been a
On October 1, George Jones, who was then a minor, entered into a contract with Johnson Motor Company, a dealer in automobiles, to buy a car for $7,600. He paid $1,100 down and agreed to make monthly
On May 7, Roy, a minor, a resident of Smithton, purchased an automobile from Royal Motors, Inc., for $7,750 in cash. On the same day, he bought a motor scooter from Marks, also a minor, for $750 and
Jones, a minor, owned a 2004 automobile. She traded it to Stone for a 2005 car. Jones went on a three-week trip and found that the 2005 car was not as good as the 2004 car. She asked Stone to return
On July 5, 1988, Barbara and Kitty entered into a bet on the outcome of the 1988 presidential election. On January 28, 1989, Barbara, who bet on the winner, approached Kitty, seeking to collect the
(a) Ann owed $500 to Barry for services Barry rendered to Ann. The debt was due June 30, 1988. In March 1989, the debt was still unpaid. Barry was in urgent need of ready cash and told Ann that if
In consideration of $800 paid to him by Joyce, Hill gave Joyce a written option to purchase his house for $80,000 on or before April 1. Prior to April 1, Hill verbally agreed to extend the option
Decedent Joan Jones, a bedridden, lonely woman of eighty-six years, owned outright Greenacre, her ancestral estate. Biggers, her physician and friend, visited her weekly and was held in the highest
Adler owes Perreault, a police captain, $500. Adler threatens that unless Perreault discharges him from the debt, Adler will disclose the fact that Perreault has on several occasions become highly
CC Railroad is negligent in failing to give warning of the approach of its train to a crossing and thereby endangers Larry, a blind man who is about to cross. Mildred, a bystander, in a reasonable
David Fenster, president and part owner of Utica Packing Company, was convicted of bribing a meat inspector. After an administrative hearing filed by the U.S. Dept. of Agriculture (USDA), the
CompuServe Incorporated (“CompuServe”) is one of the major national commercial online services. It operates a computer communication service through a proprietary nationwide computer network. In

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