questions are from commercial law

6. Euro Cycles LP is the name of a business in Nova Scotia. It was formed by four friends who loved bicycles and recently graduated from university. Those four friends were the general partners and their eight parents were named as limited partners in the registration document that was registered with the NS Joint Stock Company, The eight parents invested $100,000 in the business, Euro Cycles LP borrowed an additional $50,000 from a bank. Inventory was purchased and a building was leased. Business got off to a slow start and Euro Cycles LP missed its monthly interest payments on its bank loan three occasions. The bank decided to cancel the loan and demanded it be paid in full. However the business has no cash but many bicycles. Who will have to pay the $50,000 bank loan? Why? 7. Five friends incorporated a company called Halifax Housing Ltd and rented a building from Property Owners Cooperative. Halifax Housing Ltd planned to rent rooms in the building to tenants. Each of the five friends paid $1,000 for one common share which provided Halifax Housing Ltd with its initial start-up funding, Unfortunately, the company could not find enough tenants and was unable to pay the monthly rent in full. At the end of one year the rent owing amounted to $20,000. Property Owners Co-op was confident that each of the five shareholders of Halifax Housing Ltd will have to pay $4,000 toward the outstanding debt because contemporary business ethics stresses values such as respect, honesty, fairness, and openness, Is Property Owners Co-op correct? Why? Why not? 8. Jolene traded her antique table in exchange for a modern chair at Jim's Barter, Trade, and Exchange Ltd. Unfortunately, the chair broke the third time she sat in it. Can Jolene use the N.S. Sale of Goods Act to make Modern Barter, Trade, and Exchange Store Ltd give her a replacement chair? Why/why not? Cite any relevant sections of the act. 9. Ellen is an artist who specializes in painting but she wanted to expand her art work into sound. She needed a mic so she went to Summit Audio Specialty Ltd. and asked the salesperson for advice. Ellen told him she needed to record people crying, laughing, and breathing. The sales person told Ellen he had just the right thing and handed her a mic. She paid $300 for it and went home to use it. When she played the audio files she recorded she could barely distinguish crying, laughing, and breathing from one another. Her friend who made videos told her she needed a lavalier mic, not a ribbon mic. Can Ellen use the Nova Scotia Sale of Goods det to enable her to return the mic and get her money back? If so, which section is relevant. Explain your answer. 10. Jim wanted to buy some spruce trees to plant around his house. He visited the Tree House Cooperative's greenhouse and saw a few trees that looked healthy and told the sales person he would like to buy 30 trees just like the ones he had just inspected. Before he left he paid for 30 trees. But when the 30 spruce trees were delivered they were brown and the needles easily fell off