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business
essentials of business law

Questions and Answers of Essentials of Business Law

What is the difference between an exception to discharge and an objection to discharge? LO4
In a Chapter 11 reorganization, what is the role of the debtor in possession? LO5
What is a writ of execution? What is a prejudgment attachment? How does a creditor use these remedies? LO2
In a bankruptcy proceeding, what constitutes the debtor’s estate in property? What property is exempt from the estate under federal bankruptcy law? LO2
What is the difference between an exception to discharge and an objection to discharge? LO2
In a Chapter 11 reorganization, what is the role of the debtor in possession? LO2
Artisan’s Lien. Air Ruidoso, Ltd., operated a commuter airline and air charter service between Ruidoso, New Mexico, and airports in Albuquerque and El Paso. Executive Aviation Center, Inc.,
Question with Sample Answer—Voluntary versus Involuntary Bankruptcy. Burke has been a rancher all her life, raising cattle and crops. Her ranch is valued at$500,000, almost all of which is exempt
Discharge in Bankruptcy. Cathy Coleman took out loans to complete her college education. After graduation, Coleman worked as a teacher before she filed a Chapter 13 bankruptcy petition. The court
Discharge. Caroline McAfee loaned $400,000 to Carter Oaks Crossing. Joseph Harman, Carter’s president, signed a personal guaranty for the loan. Later, Harman obtained a discharge in bankruptcy
Liens. Autolign Manufacturing Group, Inc., borrowed funds from Wamco 34, Ltd., to operate its auto parts business. The loan was secured by the molds that were used to form the parts.Autolign
Guaranty. Majestic Group Korea, Ltd., borrowed $1.5 million from Overseas Private Investment Corp. (OPIC) to finance a Ruby Tuesday’s restaurant. Nam Koo Kim, the sole owner of Majestic, and his
Protection for Debtors. Bill and Betty Ma owned half of a twounit residential building. Betty lived in the unit, but Bill did not.To collect a judgment against the Mas, Mei-Fang Zhang obtained a writ
Case Problem with Sample Answer—Automatic Stay. Michelle Gholston leased a Chevy Impala from EZ Auto Van Rentals. In November 2011, Gholston filed for bankruptcy. Around November 21, the bankruptcy
A Question of Ethics—Guaranty Contracts. 73-75 Main Avenue, LLC, agreed to lease commercial property to PP Door Enterprise, Inc. if its principal officers executed personal guaranties and provided
Business Law Writing. Write a few sentences describing the circumstances in which a creditor would resort to each of the following remedies when trying to collect on debt.(See pages 543–544.)1.
Business Law Critical Thinking Group Assignment.Grant owns an older home valued at $45,000. He contracts with Jane’s Plumbing to replace the bathtubs and fixtures in both bathrooms. Jane replaces
What is a subprime mortgage? How does it differ from a standard fixedrate mortgage? What is a home equity loan? LO1
When is private mortgage insurance required? Which party does it protect? LO2
Does the Truth-in-Lending Act (TILA) apply to all mortgages? How do the TILA provisions protect borrowers and curb abusive practices by mortgage lenders? LO3
What is a short sale? What advantages over mortgage foreclosure might it offer borrowers? Does the lender receive the full balance due on the mortgage loan in a short sale? LO4
In a mortgage foreclosure, what legal rights do mortgage holders have if the sale proceeds are insufficient to pay the underlying debt? LO5
Disclosure Requirements. Rancho Mortgage, Inc., wants to launch a new advertising campaign designed to attract homebuyers in a difficult economic environment. Rancho plans to promote its new loan
Question with Sample Answer—Real Estate Financing.Jane Lane refinanced her mortgage with Central Equity, Inc. Central Equity split the transaction into two separate loan documents with separate
Lender’s Options. In 2011, Frank relocates and purchases a five-year-old house for $450,000. He pays $90,000 as a down payment and finances the remaining $360,000 of the purchase price with a loan
Right of Rescission. George and Mona Antanuos obtained a mortgage loan secured with rental property from the First National Bank of Arizona. At the closing, First National provided the Antanuoses
Mortgage Foreclosure. In January 2003, Gary Ryder and Washington Mutual Bank, F.A., executed a note in which Ryder promised to pay $2,450,000, plus interest at a rate that could vary from month to
Foreclosures. Roderick and Linda Sharpe borrowed$51,300 secured by a mortgage on their home. About six years later, with more than $68,000 needed to pay off the mortgage, the Sharpes defaulted. The
Foreclosure on Mortgage and Liens. LaSalle Bank loaned$8 million to Cypress Creek 1, LP, to build an apartment complex. The loan was secured by a mortgage. Cypress Creek hired contractors to provide
Case Problem with Sample Answer—Deficiency Judgment. First Brownsville Co. executed a promissory note secured by a mortgage so that it could build and operate a mini-warehouse storage business.
A Question of Ethics—Predatory Lending. Peter Sutton’s home was subject to two mortgages with payments of more than $1,400 per month, but his only source of income was $1,080 monthly from Social
Business Law Critical Thinking Group Assignment.Mr. and Mrs. Jones owned a home that went into foreclosure. During this time, they received a brochure from Rees-Max that read: “There are only a few
What is the difference between an employee and an independent contractor? LO1
How do agency relationships arise? LO2
What duties do agents and principals owe to each other? LO3
When is a principal liable for the agent’s actions with respect to third parties? When is the agent liable? LO4
What are some of the ways in which an agency relationship can be terminated? LO5
What is the difference between an employee and an independent contractor? LO5
How do agency relationships arise? LO5
What duties do agents and principals owe to each other? LO5
When is a principal liable for the agent’s actions with respect to third parties? When is the agent liable? LO5
Ratification by Principal. Springer, who was running for Congress, instructed his campaign staff not to purchase any campaign materials without his explicit authorization.In spite of these
Question with Sample Answer—Formation of an Agency. Paul Gett is a well-known, wealthy financial expert living in the city of Torris. Adam Wade, Gett’s friend, tells Timothy Brown that he is
Employee versus Independent Contractor. Stephen Hemmerling was a driver for the Happy Cab Co. Hemmerling paid certain fixed expenses and abided by a variety of rules relating to the use of the cab,
Spotlight on Agency—Independent Contractors.Frank Frausto delivered newspapers for Phoenix Newspapers, Inc., under a renewable six-month contract called a “Delivery Agent Agreement.” The
Employment Relationships. William Moore owned Moore Enterprises, a wholesale tire business. William’s son, Jonathan, worked as a Moore Enterprises employee while he was in high school. Later,
Disclosed Principal. To display desserts in restaurants, Mario Sclafani ordered refrigeration units from Felix Storch, Inc. Felix faxed a credit application to Sclafani. The application was faxed
Case Problem with Sample Answer—Liability for Contracts. Thomas Huskin and his wife entered into a contract to have their home remodeled by House Medic Handyman Service. Todd Hall signed the
A Question of Ethics—Agency. Emergency One, Inc. (EO), makes fire and rescue vehicles. Western Fire Truck, Inc., contracted with EO to be its exclusive dealer in Colorado and Wyoming through
Critical Legal Thinking. What policy is served by the law that employers do not own the copyrights for works created by independent contractors (unless there is a written “work for hire”
Business Law Critical Thinking Group Assignment.Dean Brothers Corp. owns and operates a steel drum manufacturing plant. Lowell Wyden, the plant superintendent, hired Best Security Patrol, Inc. (BSP),
Generally, what kind of conduct is prohibited by Title VII of the Civil Rights Act of 1964, as amended? LO1
What is the difference between disparate-treatment discrimination and disparate-impact discrimination? LO2
What remedies are available under Title VII of the 1964 Civil Rights Act, as amended? LO3
What federal act prohibits discrimination based on age? LO4
What are three defenses to claims of employment discrimination? LO5
Generally, what kind of conduct is prohibited by Title VII of the Civil Rights Act of 1964, as amended? LO3
What is the difference between disparate-treatment discrimination and disparate-impact discrimination? LO3
What federal act prohibits discrimination based on age? LO3
What are three defenses to claims of employment discrimination? LO3
Title VII Violations. Discuss fully whether either of the following actions would constitute a violation of Title VII of the 1964 Civil Rights Act, as amended.1. Tennington, Inc., is a consulting
Question with Sample Answer—Disparate-Impact Discrimination. Chinawa, a major processor of cheese sold throughout the United States, employs one hundred workers at its principal processing plant.
Religious Discrimination. Gina Gomez, a devout Roman Catholic, worked for Sam’s Department Stores, Inc., in Phoenix, Arizona. Sam’s considered Gomez a productive employee because her sales
Spotlight on the Civil Rights Act—Discrimination Based on Gender. Burlington Coat Factory Warehouse, Inc., had a dress code that required male salesclerks to wear business attire consisting of
Case Problem with Sample Answer—Retaliation by Employers. Entek International hired Shane Dawson, a male homosexual. Some of Dawson’s co-workers, including his supervisor, made derogatory
Sexual Harassment by Co-Worker. Billie Bradford worked for the Kentucky Department of Community Based Services(DCBS). One of Bradford’s co-workers, Lisa Stander, routinely engaged in extreme sexual
A Question of Ethics—Discrimination Based on Disability. Titan Distribution, Inc., employed Quintak, Inc., to run its tire mounting and distribution operation in Des Moines, Iowa. Robert Chalfant
Critical Legal Thinking. Why has the federal government limited the application of the statutes discussed in this chapter to firms with a specified number of employees, such as fifteen or twenty?
Case Analysis Question. Go to Appendix I at the end of this text and examine the excerpt of Case No. 5, Burlington Northern and Santa Fe Railway Co. v. White. Review and then brief the case, making
Business Law Critical Thinking Group Assignment.Two African American plaintiffs sued the producers of the reality television series The Bachelor and The Bachelorette for racial discrimination. The
What advantages and disadvantages are associated with the sole proprietorship? LO1
What are the most common types of franchises? LO2
What laws govern a franchising relationship? LO3
What terms and conditions are typically included in a franchise contract? LO4
What is wrongful termination? In what types of situations do courts typically find that a franchisor has wrongfully terminated a franchise? LO5
What advantages and disadvantages are associated with the sole proprietorship? LO5
What are the most common types of franchises? LO5
What laws govern a franchising relationship? LO5
What terms and conditions are typically included in a franchise contract? LO5
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
Question with Sample Answer—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
Spotlight on McDonald’s—Franchise Termination.C.B. Management, Inc., had a franchise agreement with McDonald’s Corp to operate McDonald’s restaurants in Cleveland, Ohio. The agreement
Sole Proprietorship. Julie Anne Gaskill is an oral and maxillofacial surgeon in Bowling Green, Kentucky. Her medical practice is a sole proprietorship consisting of her as the sole surgeon, with
Franchise Disclosure. Peaberry Coffee, Inc., owned and operated about twenty company stores in the Denver area. The company began a franchise program and prepared a disclosure document as required by
The Franchise Contract. Kubota Tractor Corp. makes farm, industrial, and outdoor equipment. Its franchise contracts.allow Kubota to enter into dealership agreements with “others at any location.”
Case Problem with Sample Answer—Wrongful Termination of Franchise. George Oshana and GTO Investments, Inc., operated a Mobil gas station franchise in Itasca, Illinois. In 2010, Oshana and GTO
A Question of Ethics—Sole Proprietorships. 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
Business Law Writing. Jordan Mendelson is interested in starting a kitchen franchise business. Customers will come to the business to assemble gourmet dinners and then take the prepared meals to
Business Law Critical Thinking Group Assignment.Walid Elkhatib, an Arab American, bought a Dunkin’Donuts franchise in Illinois. Ten years later, Dunkin’ Donuts began offering breakfast sandwiches
What are the three essential elements of a partnership? LO1
What are the rights and duties of partners in an ordinary partnership? LO2
What is meant by joint and several liability? Why is this often considered to be a disadvantage of the partnership form of business? LO3
What advantages do limited liability partnerships offer to businesspersons that are not offered by general partnerships? LO4
What are the key differences between the rights and liabilities of general partners and those of limited partners? LO5
What constrains professionals to keep communications with their clients confidential? LO5
What is a joint venture? How is it similar to a partnership? How is it different? LO4
What requirements must an instrument meet to be negotiable? LO1
What are the requirements for attaining the status of a holder in due course (HDC)? LO2
What is the difference between signature liability and warranty liability? LO3
Certain defenses are valid against all holders, including HDCs. What are these defenses called? Name four defenses that fall within this category. LO4

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