Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mike and Molly owned a pet store as equal partners. They decided to close the store and terminate the partnership after the store was closed,

Mike and Molly owned a pet store as equal partners. They decided to close the store and terminate the partnership after the store was closed, a process they expected would take 3 months. During this time, Mike was responsible for overseeing the day to day operations of the store. Molly was tasked with dealing with their accountants and other things not related to the day to day operations. To save money, Molly did not renew the store's liability insurance policy, which expired 2 months after she and Mike made their decision to close the store. She did not tell Mike about her decision because she knew he would not agree with it. A week later, a customer was injured by a falling cage while shopping in the store. The customer sued. Is Molly liable for the customer's injury? To Mike? Is Mike liable to anyone? Discuss in detail.

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

Equity And Trusts Text Cases And Materials

Authors: Paul S. Davies, Graham Virgo

3rd Edition

0198821832, 978-0198821830

More Books

Students also viewed these Law questions