After an inspirational course in Business Law several classmates establish in June 2011 the income tax accounting firm of "Luke, Matt, Ross" (L.M.R. General Partnership). Luke, Matt and Ross are all General Partners. Their former Prof. Mr. Scutter approaches Matt on the street and explains that he has just won the New 'York State Lottery for Two million dollars, and he would like Matt to personally handle his Income taxes. Matt decides that he needs the extra money because his partners are not paying him what he considers fair value. Matt agrees and Mr. Scutter pays Matt the sum of $78,000 for his efforts. Matt does the taxes and never informs his partnership. In this situation Matt Has done nothing wrong Has violated the duty of care Has violated the Duty of Loyalty Is Protected by the Business Judgment Rule In the Accounting partnership in question 5 (L.M.R.), Sara wants to join the Partnership as a general partner In January 2012. Luke, Matt and Ross graciously accept her as a general partner. Sara contributes $10,000 to the partnership. Unfortunately, the very next year, June 2013, the partnership goes bankrupt because of a $1,000,000 dollar debt that was incurred in September of 2011. In response to this debt Sara most likely would end up owing. nothing $10,000 Everything up to $1,000,000 dollars One quarter of $ 1,000,000 which is her equal loss. Sara is a Shareholder, with no other affiliation, of Kentucky Friend Chicken (KFC). After eating at the Indiana restaurant of KFC, she became irritated at the idea of a "SPORK" a combination spoon and fork. She goes to a local paper products store and signs a contract on behalf of KFC to supply separate spoons and forks to this particular restaurant. In terms of this situation: the contract is valid the contract is invalid Kraft Foods Inc. is going to Merge with Tyson Foods Inc. In terms of the statutory (ordinary) merger, which lists includes everyone that gets to vote on the deal Kraft common shareholders, Kraft preferred shareholders, Kraft BOD, Tyson common shareholders, Tyson preferred shareholders, Tyson BOD Kraft common shareholders, Kraft BOD, Tyson common shareholders, Tyson BOD Tyson BOD, Kraft BOD Tyson BOD, Tyson Officers, Kraft BOD, Kraft Officers