Q: Bernard Koch was president of United Corporation, a closely held corporation
Bernard Koch was president of United Corporation, a closely held corporation. Koch, James Trent, and Henry Phillips made up the three-person board of directors. At a meeting of the board, Trent was el...
See AnswerQ: The ABC Company, located in Chicago, contracted to sell a
The ABC Company, located in Chicago, contracted to sell a carload of television sets to Dodd in St. Louis, Missouri, on sixty days’ credit. ABC Company shipped the carload to Dodd. On arrival of the c...
See AnswerQ: Zenith Steel Company operates a prosperous business. In January, Zenith’s
Zenith Steel Company operates a prosperous business. In January, Zenith’s CEO and president, Roe, who is also a member of the board of directors, was voted a $1,000,000 bonus by the board of directors...
See AnswerQ: Raphael, a minority shareholder of the Sample Corporation, claims that
Raphael, a minority shareholder of the Sample Corporation, claims that the following sales are void and should be annulled. Explain whether Raphael is correct. (a) Smith, a director of the Sample Cor...
See AnswerQ: X Corporation manufactures machine tools. Its two principal competitors are Y
X Corporation manufactures machine tools. Its two principal competitors are Y Corporation and Z Corporation. The five directors of X Corporation are Black, White, Brown, Green, and Crimson. At a duly...
See AnswerQ: Gore had been the owner of 1 percent of the outstanding shares
Gore had been the owner of 1 percent of the outstanding shares of the Webster Company, a corporation since its organization ten years ago. Ratliff, the president of the company, was the owner of 70 pe...
See AnswerQ: Mitchell, Nelson, Olsen, and Parker, experts in manufacturing
Mitchell, Nelson, Olsen, and Parker, experts in manufacturing baubles, each owned fifteen of one hundred authorized shares of Baubles, Inc., a corporation of State X that does not permit cumulative vo...
See AnswerQ: Acme Corporation’s articles of incorporation require cumulative voting for the election of
Acme Corporation’s articles of incorporation require cumulative voting for the election of its directors. The board of directors of Acme Corporation consists of nine directors, each elected annually....
See AnswerQ: All Steel Pipe and Tube is a closely held corporation engaged in
All Steel Pipe and Tube is a closely held corporation engaged in the business of selling steel pipes and tubes. Leo and Scott Callier are its two equal shareholders. Scott is Leo’s uncle. Leo is one o...
See AnswerQ: The shareholders of Endicott Johnson who had dissented from a proposed merger
The shareholders of Endicott Johnson who had dissented from a proposed merger of Endicott with McDonough Corporation brought a proceeding to fix the fair value of their stock. At issue was the proper...
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