Questions from Business Law

Q: Lynn and Jack jointly own shares of stock of a corporation,

Lynn and Jack jointly own shares of stock of a corporation, have a joint bank account, and have purchased and own as tenants in common a piece of real estate. They share equally the dividends paid on...

Q: Anita and Duncan had been partners for many years in a mercantile

Anita and Duncan had been partners for many years in a mercantile business. Their relationship deteriorated to the point where Anita threatened to bring an action for an accounting and dissolution of...

Q: Wilson Trading Corp. agreed to sell David Ferguson a specified quantity

Wilson Trading Corp. agreed to sell David Ferguson a specified quantity of yarn for use in making sweaters. The written contract provided that notice of defects, to be effective, had to be received by...

Q: ABCD Company is a general partnership. It consists of Dianne,

ABCD Company is a general partnership. It consists of Dianne, Greg, Knox, and Laura, whose capital contributions were as follows: Dianne, $5,000; Greg, $7,500; Knox, $10,000; and Laura, $5,000. The pa...

Q: Donald Petersen joined his father, William Petersen, in a chicken

Donald Petersen joined his father, William Petersen, in a chicken hatchery business William had previously operated as a sole proprietorship. When the partnership was formed, William contributed the a...

Q: Virginia, Georgia, Carolina, and Louis were partners doing business

Virginia, Georgia, Carolina, and Louis were partners doing business under the trade name of Morning Glory Nursery. Virginia owned a one-third interest, and Georgia, Carolina, and Louis owned two-ninth...

Q: Charles and L. W. Clement were brothers who had formed

Charles and L. W. Clement were brothers who had formed a partnership that lasted forty years until Charles discovered that his brother, who kept the partnership’s books, had made several substantial p...

Q: James and Suzanne engaged in the grocery business as partners. In

James and Suzanne engaged in the grocery business as partners. In one year they earned considerable money, and at the end of the year they invested a part of the profits in oil land, taking title to t...

Q: Sheila owned an old roadside building that she believed could be easily

Sheila owned an old roadside building that she believed could be easily converted into an antique shop. She talked to her friend Barbara, an antique fancier, and they executed the following written ag...

Q: Teresa, Peter, and Walker were partners under a written agreement

Teresa, Peter, and Walker were partners under a written agreement made in January that the partnership should continue for ten years. During the same year, Walker, being indebted to Smith, sold and co...