Questions from Business Law

Q: In early 1984, Royal Dutch Petroleum Company (Royal Dutch),

In early 1984, Royal Dutch Petroleum Company (Royal Dutch), through various subsidiaries, controlled approximately 70 percent of the outstanding common shares of Shell Oil Co. (Shell). On January 24,...

Q: (a) When may a corporation sell, lease, exchange

(a) When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its assets in the usual and regular course of its business? (b) When may a corporation sell, lease, ex...

Q: Robert in Chicago entered into a contract to sell certain machines to

Robert in Chicago entered into a contract to sell certain machines to Terry in New York. The machines were to be manufactured by Robert and shipped F.O.B. Chicago not later than March 25. On March 24,...

Q: Cutler Company was duly merged into Stone Company. Yetta, a

Cutler Company was duly merged into Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by Stone Company for the balance of the...

Q: Johnson Company, a corporation organized under the laws of State X

Johnson Company, a corporation organized under the laws of State X, after proper authorization by the shareholders, sold its entire assets to Samson Company, also a State X corporation. Ellen, an unpa...

Q: Zenith Steel Company operates a prosperous business. The board of directors

Zenith Steel Company operates a prosperous business. The board of directors voted to spend $20 million of the company’s surplus funds to purchase a majority of the stock of two other companies—Green I...

Q: Mildred, Deborah, and Bob each own one-third of

Mildred, Deborah, and Bob each own one-third of the stock of Nova Corporation. On Friday, Mildred received an offer to merge Nova into Buyer Corporation. Mildred, who agreed to call a shareholders’ me...

Q: Tretter alleged that his exposure over the years to asbestos products manufactured

Tretter alleged that his exposure over the years to asbestos products manufactured by Philip Carey Manufacturing Corporation caused him to contract asbestosis. Tretter brought an action against Rapid...

Q: Kemp & Beatley was a company incorporated under the laws of New

Kemp & Beatley was a company incorporated under the laws of New York. Eight shareholders held the corporation’s outstanding 1,500 shares of stock. Petitioners Dissin and Gardstein together owned 20.33...

Q: Acme Realty, a real estate development company, is a limited

Acme Realty, a real estate development company, is a limited partnership organized in Georgia. It is planning to develop a 200-acre parcel of land for a regional shopping center and needs to raise $ 1...