Please provide your response to the following questions. You may refer to the topics contained in Chapter 7 of your text in your response.

1. Erin and Ann have started a floral delivery service to earn money to travel to South America. When they earned enough money for the trip they ceased doing business. What is the nature of their business? Why? If a dispute arose over the division of profits during the time Erin and Ann did business together how would it be resolved (assuming the parties had no agreement)? Why?

2. David and Jack are working on a mine which they own. How will profits be divided? Must they have a written agreement?

3. Chloe holds 100 shares in a joint-stock company. What rights if any, does Chloe have to manage the business? May she transfer her stock to another?

4. Richard is a trustee of a business trust. Without permission, he borrowed money from the trust for his personal bills although he always pays the trust back when he has available funds. Has Richard violated any duties? Briefly discuss your answer.

5. Nick is a member of an energy cooperative. he has a 6% ownership interest in the co-op and uses 1% of its services. The co-op made a $100,000 profit this year. What is Nick's share of the profit? Explain your calculation.