Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16 -Drake and Rihanna are carrying on a music producing business in partnership at Summerside, Prince Edward Island.They are focussing primarily on ukulele music.They both

16-Drake and Rihanna are carrying on a music producing business in partnership at Summerside, Prince Edward Island.They are focussing primarily on ukulele music.They both agree that if either of them decides to end the partnership he or she must not carry on a similar or competing business within 150 kilometres of Summerside, Prince Edward Island for a period of 10 years.Rihanna leaves the business a year later and sets up a competing music producing business across the street from Drake.What are the implications of the agreement for both Drake and Rihanna?

-----------

17-Malala is a computer scientist.She has started a company that develops software for an interface with cars.She hopes to compete against Apple CarPlay.Malala hired Constance as a computer programmer and to interact with car companies to have the software installed on those cars.Constance is a very efficient worker and has acquired all of the knowledge of Malala concerning the software design.She has also made a significant number of contracts within the automotive industry.What can Malala do in order to protect the software data that she has developed and to ensure that Constance does not open a competing business?

----------

18-Describe four situations that can arise to render an agreement unenforceable?

----------

19- Tyrell operates a menswear shop in Charlottetown, Prince Edward Island.The Covid-19 pandemic has resulted in him having to shutter his business temporarily.In the meantime, however, he is still required to pay his business expenses.His business is now behind on HST remittances ($8,000), rent ($7,000) and has accounts payable accumulating for inventory purchases that had terms of net 30 days (currently $22,000).He laid off his employees, but he still owes them their last payroll amounting to $9,500.Tyrell has applied to Scotiabankfor a business emergency loan to help him through this downturn.

Before it will grant a business emergency loan to Tyrell,Scotiabank requires certain security, including a General Security Agreement over all assets of his business, an assignment and postponement of any claim that Tyrell has to salary or dividends from the business, and a Guarantee from an independent person that Scotiabankwill review.

Tyrell is aware that his father has significant liquid assets.Hisfather is 89 years old, wealthy, but of ill health.Though his father still lives at home, there are concerns that he may be suffering early effects of dementia, as he often appears confused and forgetful.

Tyrelltells hisfather that he is applying for a loan for his business, and that he is signing some standard paper work for the loan.Knowing that his fatheris not about to willingly give him cash to support his business, and that his fatherwill not agree to guarantee the business, Tyrellinstead tells hisfatherthat he needs him to sign a letter of reference in order to help Tyrell get the business emergency loan.

Tyrelldoes not tell hisfather the true nature of the Guarantee; only that it is a letter of reference to help to assist with the loan process.Tyrell does not read the Guarantee to his father; he simply points to where he wants his father to sign the Guarantee.

Discuss whether the Guarantee is an enforceable contract.What might Scotiabank do to ensure enforceability of the Guarantee?

___________

33-After 5 years, Stevie Wonder has sold a few more records and has saved enough money to pay off the rest of the balance owing on his mortgage.He decides that he would like to be mortgage free.He asks his bank for the payout amount.Royal Bank of Canada cites the payout amount as $225,000 + $2,500 interest penalty = $227,500.The interest penalty of $2,500 amounts to an additional 3 months of interest for Stevie.Stevie asks Royal Bank of Canada what the interest penalty is for.Royal Bank of Canada says "Don't Wonder Why".Stevie, though realizing he is stuck having to pay the interest penalty, responds by saying "Cash In Your Face!"What enablesRoyal Bank of Canada to charge an additional 3 months of interest?

________

-Long answers please and many thanks!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law Of Tort

Authors: John Cooke

14th Edition

1292251360, 978-1292251363

More Books

Students also viewed these Law questions

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago