PLEASE ANSWER

You work in the Legal/Business Affairs department of ABC, Inc., a New York Corporation. You have been informed of the following four matters and asked by your boss, Samantha Burnett, ABCs president, to send her a memorandum advising her of all possible legal implications, risks, matters, suggestions, directives, etc. relating to these TWO matters.

1.ABC wants to purchase a very valuable painting which will sell for $1 1.4 Million, to display in its New York headquarters. Burnett is not sure if the painting is owned by Bill Taggart or his 17-year-old daughter, Emily Taggart. Burnett says she does not care who owns it, she intends to buy it. 2.Last week, Continuing Cancer Research, Inc. (CCR), a NY based charitable institution, ran a telethon to raise money for its cancer research work. Burnett, on behalf of ABC, called in a pledge of $100,000. Burnett now has second thoughts and is planning not to honor her charitable subscription and not make the $100,000 donation. She wants to know if this can cause any problems for ABC.