Questions from Business Law

Q: Baxter, Bigelow, Owens, and Dailey were partners in a

Baxter, Bigelow, Owens, and Dailey were partners in a New York City advertising agency. Owens, who was in poor health and wanted to retire, advised the partners that she had assigned her full and comp...

Q: Amy Gargulo and Paula Frisken operated as a partnership Kiddies Korner,

Amy Gargulo and Paula Frisken operated as a partnership Kiddies Korner, an infants ’ and children ’ s clothing store. They operated the business very successfully for three years, with both Paula and...

Q: Calvin Johnson and Rudi Basecke did business as the Stockton Cheese Co

Calvin Johnson and Rudi Basecke did business as the Stockton Cheese Co., a partnership, which owned a building and equipment. The partners agreed to dissolve the partnership but never got around to co...

Q: Samuel Shaw purchased a ticket through Delta Airlines to fly a “

Samuel Shaw purchased a ticket through Delta Airlines to fly a “ Delta Connection ” flight on Sky- West Airlines to Elko, Nevada. He was seriously injured when the SkyWest plane crashed near Elko. Sky...

Q: After graduating from Vanderbilt University with a degree in economics, James

After graduating from Vanderbilt University with a degree in economics, James Pettes worked for Video Magic, a video rental business. In 1987, Dr. Gordon Yukon, a pediatrician, wanted to invest in a t...

Q: Thomas Bartomeli decided to leave his employment to join his brother

Thomas Bartomeli decided to leave his employment to join his brother Raymond full-time in a small construction company. The brothers each contributed individual assets to the company and worked toge...

Q: Buster Cogdill, a real estate developer, made an offer to

Buster Cogdill, a real estate developer, made an offer to the Bank of Benton to have the bank provide construction financing for the development of an outlet mall, with funds to be provided at prime r...

Q: Friedman, the “ O ” Street Carpet Shop, Inc.,

Friedman, the “ O ” Street Carpet Shop, Inc., and Langness formed a partnership known as NFL Associates. “ O ” Street Carpet ’ s net contribution to capital was $5,004; Langness contributed $14,000 in...

Q: Allstate Insurance Company issued a check payable to “ Chuk N.

Allstate Insurance Company issued a check payable to “ Chuk N. Tang & Rosa C. Tang HWJT ” with “ Bank of America ” on the second line and the following explanation on the front of the check: “ Settlem...

Q: Ross, Marcos, and Albert are partners. Ross and Marcos

Ross, Marcos, and Albert are partners. Ross and Marcos each contributed $60,000 to the partnership; Albert contributed $30,000. At the end of the fiscal year, distributable profits total $150,000. Ros...