Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Padro was a driver for the Pomona Tour Bus Company ( PTBC ) . He paid certain fixed expenses and followed various rules relating to

Padro was a driver for the Pomona Tour Bus Company (PTBC). He paid certain fixed expenses and followed various rules relating to the use of the van, he determined the hours that he was willing to work, and he received 50% of the fares. Rates were set by the city of Pomona. PTBC did not withhold taxes from Pedro's pay. While driving the van, Pedro was injured in an accident and filed a claim for workers' compensation benefits in the L.A. County Court. Such benefits are not available to independent contracts. What law applies?
Chu and two associated formed a corporation called West Coast Style Software Corporation (WCSS) for the purpose of selling scientific software. Chu owned 50% of the corporation shares and served as its CEO. Chu wanted to obtain a personal loan from his bank for $100,000 but the bank required the note to be cosigned by a third party. Chu signed the note in the name of the corporation. Later Chu defaulted on the note and the bank sued the corporation for payment. The corporation asserted as a defense that Chu has exceeded his authority when he cosigned the note on behalf of the corporation. What law applies?
Angle borrowed $600,000 and signed a note payable to Calif. Savings and Loan to buy a house in Pomona. The note was indorsed in blank and transferred several times "without recourse" before Angle fell behind in payments. East County Loan Servicing, LLP initiated foreclosure for Covina Federal Bank. Angle filed an action in Los Angeles County courts to block it arguing that East Loan Service could not foreclose becauseCompany (PTBC). He paid certain fixed expenses and followed various rules relating to the use of the van, he determined the hours that he was willing to work, and he received 50% of the fares. Rates were set by the city of Pomona. PTBC did not withhold taxes from Pedro's pay. While driving the van, Pedro was injured in an accident and filed a claim for workers' compensation benefits in the L.A. County Court. Such benefits are not available to independent contracts. What law applies?
9. Chu and two associated formed a corporation called West Coast Style Software Corporation (WCSS) for the purpose of selling scientific software. Chu owned 50% of the corporation shares and served as its CEO. Chu wanted to obtain a personal loan from his bank for $100,000 but the bank required the note to be cosigned by a third party. Chu signed the note in the name of the corporation. Later Chu defaulted on the note and the bank sued the corporation for payment. The corporation asserted as a defense that Chu has exceeded his authority when he cosigned the note on behalf of the corporation. What law applies?
10. Angle borrowed $600,000 and signed a note payable to Calif. Savings and Loan to buy a house in Pomona. The note was indorsed in blank and transferred several times "without recourse" before Angle fell behind in payments. East County Loan Servicing, LLP initiated foreclosure for Covina Federal Bank. Angle filed an action in Los Angeles County courts to block it arguing that East Loan Service could not foreclose because Corona Federal, not East County Loan Service, owned the note. What law applies>
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Business Accounting Uk Gaap Volume 2

Authors: Alan Sangster, Frank Wood

1st Edition

0273718800, 9780273718802

More Books

Students also viewed these Accounting questions

Question

Th ey have to wait a long time for an appointment?

Answered: 1 week ago