Business Law Exam - Solved Assignments and Essays

Running head: Business Law Exam
Business Law Exam
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1
Business Law Exam
11.
Option (b) is the correct option, i.e. the conditional seller can seize the truck and sue for the
balance amount.
12.
Option (d) is the correct option. The situation could have been avoided had there been a
shareholders’ agreement signed by all the shareholders for such situations.
13.
A.
Vanessa would be paid for the number of weeks or months that would be proper notice of
termination period for her. Thus, option (b) is the correct option.
B.
Option (a) is the correct option she was fired in a rude and unnecessarily nasty manner.
14.
Ace would not be bound by the act of agent, Grant, as he not followed the instructions he was
given by the company. Thus, option (b) is the correct option.
15.
Jane can successfully sue the directors for breach of contract as the directors have failed to
discharge their responsibilities as directors. Hence option (d) is the right option.
16.
Option (c) is the right answer. In case Ted’s dad too involved in the management he would be
deemed as a general partner.
17.
Option (c) is the correct option, i.e. partnership exists where Joe and Mary own a shoe store
business with the profit and losses divided in 60/40.
18.
No, since the agreement does not contain any specific details regarding the suitability of the farm
for cattle. The oral discussion between the Shirin and Joanie would not be considered for the
purpose of determining liability of Joanie as even she had no idea about the cattle farming.
19.
Since the business is a sole proprietorship business and in the name of Janice hence, the
liabilities of the business is liabilities of Janice only. James is not liable for the liabilities of the