7.Five friends incorporated a company called Halifax Housing Ltd and rented a building from Property Owners Cooperative. Halifax Housing Ltd planned to rent rooms in the building to tenants.

Each of the five friends paid $1,000 for one common share which provided Halifax Housing Ltd with its initial start-up funding.

Unfortunately, the company could not find enough tenants and was unable to pay the monthly rent in full. At the end of one year the rent owing amounted to $20,000.

Property Owners Co-op was confident that each of the five shareholders of Halifax Housing Ltd will have to pay $4,000 toward the outstanding debt because contemporary business ethics stresses values such as respect, honesty, fairness, and openness. Is Property Owners Co-op correct? Why?/Why not?

8.Jolene traded her antique table in exchange for a modern chair at Jim's Barter, Trade, and Exchange Ltd. Unfortunately, the chair broke the third time she sat in it.

Can Jolene use the N.S. Sale of Goods Act to make Modern Barter, Trade, and Exchange Store Ltd give her a replacement chair? Why/why not? Cite any relevant sections of the act.