Chapter 13 repayment plans are limited to ________ filing for bankruptcy.
May a limited partner ever be held liable for partnership liabilities beyond the amount
of their partnership contribution? Explain.
Fast Feet, a manufacturer of running shoes, gave Rick’s Running, merchandise for their
store on credit. Rick’s is required to sign an agreement that describes the merchandise as
collateral and the Rick’s will pay Fast Feet weekly based on the sales of the shoes. Fast
Feet files a statement of notice with the appropriate government agency. Fast Feet’s
shoes are not selling fast enough to pay their debts and continue their operations. They
are now insolvent. What options does Fast Feet have?
What is meant by ratification and what three options does a principal have when
confronted by a situation involving ratification?
Clark and Kent are attorneys and have formed an LLP. They take on various debts and
obligations to operate the firm including an installment contract to purchase computers
and copy machines for the office. The LLP law in their state provides for liability
protection for innocent partners should another partner cause liability through a tortious
act. Clark is sued by Lois for civil assault and battery after Clark improperly touches
her during an office meeting to discuss her divorce in which Clark is representing her.
The amount of her judgment exceeds the assets of the LLP and the LLP dissolves. What
is Clark and Kent’s liability for the judgment and other firm debts?
In SEC v. W.J. Howey Co., the Supreme Court decision led to what is commonly called,
the Howey test to determine whether something qualified as a security. Identify and
explain the four components of this test.
Name the five agent duties that comprise the agent’s fiduciary responsibility to the
principal.
The ________ Act makes it a crime to change vehicle odometers and faulty odometers
must be disclosed to the buyers.
The statute of frauds provides that certain sales contracts be evidenced by a written
agreement. What type of sales contract does this requirement apply to and what
constitutes a writing sufficient to evidence an enforceable contract?
Fancy Frames Bicycles, Inc. is a small company in State A that manufactures custom
high end bicycle frames for sale to consumer cyclists. They have a single office/plant
but they maintain a web site with information about their products with contact
information, but no ability to order products on-line. Mike, a State B resident runs a
similar custom bicycle frame making shop that is successful but growing increasingly
stagnant. After visiting the Fancy Frames site he is impressed. He has contacted Fancy
Frames about closing his business and becoming a local manufacturer and distributor
for them. Fancy Frames is intrigued by the idea and the parties have exchanged
numerous e-mails for over a year discussing the proposed business relationship. Finally
Fancy Frames writes to Mike that the deal is a go and the papers will be sent to him
immediately. Mike closes his business and awaits the papers. When they arrive he sees
that the deal provides him with a salary but has left out the commission that the e-mails
had promised. He sues Fancy Frames in the State B District Court. Will the court have
personal jurisdiction over Fancy Frames? What theory or theories might the court
examine in determining personal jurisdiction?
After the plaintiff has proven their prima facie case of disparate treatment, if the
employer provides a false reason for their discriminatory actions, this is called a
_______.
When a store places an advertisement in a newspaper or runs an ad for broadcast on the
radio, what are the stores obligations if a customer arrives at the store and demands to
purchase the item at the advertised price? Be complete.
The collateral used for a mortgage is _____.
Michelle has just passed the bar and is ready to start practicing law. She draws up
articles of incorporation and puts them into the mail to the appropriate state office. After
leaving the post office she immediately drives to an office building and rents an office
signing on behalf of Michelle’s Law Services Inc. A week later she discovers that her
uncle who was lending her money to startup her business has filed bankruptcy and is
unable to provide her with the promised funds. She realizes that she cannot open her
solo firm and accepts a position working for a local firm. Discuss Michelle’s liability for
the lease she signed for the office?
In what two ways do federal securities statutes define a security?