Please refer to the relevant legal concepts, terms and principles in your answer. Define and explain any legal concepts, terms and principles that you use. You can use the Legal Issue, Rule, Application and Conclusion method to help you organize your answer.

Ace Corporation owned a parcel of vacant land on which it stored its construction equipment. The land was not large enough for the requirements of the company. When the adjoining landowner, Carl, expressed a desire to purchase the vacant land from the company, the directors informally considered the offer and agreed to sell the land for $150,000.

According to the Corporation's by-law, major business transactions must be approved by the board of directors. The board operated on a majority rule basis. All the officers are authorized to bind the corporation in contract.

No directors' meeting was held to formally deal with the matter. However, the Chief Financial Officer, Bob, on the basis of the informal agreement amongst the directors, contacted Carl and advised him of the price. The price was acceptable to the purchaser, so the Chief Financial Officer, Bob, then drew up a written purchase agreement that he signed on behalf of the corporation in his capacity as Chief Financial Officer. Carl also signed the document.

The directors later decided not to carry through with the sale, and Carl brought a legal action against the corporation for specific performance of the contract.

Ace Corporation and Carl reside in Ontario.

A.What is the name of the legal document that must be filed by the Ace Corporation to respond to Carl's action? (2 marks)

B. What defences might be raised by the corporation in this case? What legal concepts or principles are involved? (9 marks)

C. What is the likelihood that Ace Corporation's defences would be successful? Why? (8 marks)

D. Assume Carl was Bob's cousin. Did Bob have to disclose this relationship to Ace Corporation's directors? Why or why not? (3 marks)

E. Ace Corporation's shareholders were extremely unhappy about the legal action initiated by Carl. They blamed the board of directors for mismanaging the corporation. Please provide two (2) examples of rights or actions that shareholders can take in order to influence the operations of a corporation. (6 marks)

According to Human development index for 1998 India's HDI Rank is (128) Sustainable development is (Economic development of underdeveloped countries) "Economic development is simply an increase in economic welfare (Colin Clark)" Underdeveloped countries are the slums of the world economy this statement is of (A.N cairn cross) "A country is poor because it is poor" this statement is of (Ragnar Nurkse) An underdeveloped country possess _ (unutilised human and natural resources) The foremost obstacle to economic development (vicious circle of poverty). "Vicious circle of poverty operate both on the demand side and supply side" this statement is of_(Nurkse) Modern economic growth relates to the development of_ (Developed countries) Old economic growth relates to the development of (Underdeveloped countries) The credit of developing to concept of economic growth goes to Simon Kuznets. According to Simon Kuznets the characteristics of modern economic growth are10.ST The production possibilities frontier model shows that A) if consumers decide to buy more of a product. its price will increase 1) a market economy is more efficient in producing goods and services than is a centrally planned economy. (] economic growth can only be achieved by free market economics. D) if all resources are fully and efficiently utilized. more of one good can be produced only by producing less of another good. it 129 In a production possibilities frontier, a point the frontier is productively inefficient. Al along 13) inside Ci outside D) at either intercept ofFor questions (1)-(7), suppose Austria imposes a quota of 12 units, and Austria is a small country. (1). Compared with free trade, domestic consumption increases by 3 units. (2). compared with free trade, domestic production increases by 3 units. (3). compared with free trade, consumer surplus decreases by atb+ctde. (4). compared with free trade, producer surplus decreases by a. For questions (5)-(7), suppose the quota is implemented as a voluntary export restraint. (5). compared with free trade, welfare decreases by buctdte. (6). compared with free trade, deadweight loss is $3. (7). the effect of the quota is identical to the effect of a tariff of $1 per unit. For questions (8)-(9) suppose Austria imposes a tariff of $3 per unit, and Austria is a large country. (8). there is no trade for Austria. (9). Austria's terms of trade improve. For questions (10) and (11), suppose Austria imposes a tariff of $1 per unit, and that Austria is a large country. (4 points each). (10). Austria's deadweight loss is smaller than $3. (11). Suppose the domestic price in Austria after the tariff is $6.5, then Austria's welfare increases relative to free trade.consider the following graph. The world market price under free trade is $6. 15 Price S Austria A b C 6 D Quantity 9 12 18 24 27O QUESTION 3 Jason has $100,000 to invest in a savings account. He has two options: Option A earns 4% interest compounded quarterly, and Option B earns 3.994 interest compounded continuously. Which account will be more valuable after 10 years? O Option A O Option B QUESTION 4 These two questions Jason has $100,000 to invest in a savings account. He has two options: Option A earns 49% interest compounded quarterly Option B earns 3.99% Interest compounded continuously. How much more money will be in the more valuable account after 10 years? Send a chat Click Save and Submit to save and submit. Click Save All Answers to save all answers. Saye All O