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In addition to issues of social responsibility, business values and ethics play an
important role in the success or failure of a business.
The Toy Corporation issued 200 shares of stock with no par value. The articles of
incorporation provided that the board of directors had the right to fix the value of the
stock. Through subscription agreements between the directors and two subscribers, 101
shares were issued to Maria Perez for $5,000, and 99 shares were issued to Ken Pilar
for $15,000. Toy is now insolvent and is unable to pay the $6,000 it owes to Pine, its
major supplier. Pine has brought suit against Perez, claiming that the subscription
agreement was invalid. How will the case be decided?
Shares of stock may be acquired through subscription or through a transfer of existing
shares from a shareholder or from the corporation.
A full warranty allows the seller to require the buyer to assume the shipping cost of
returning the good(s) for repair.
A will cannot be modified by merely crossing out a clause and writing in something
new.
Personal property that has become a fixture is still classified as personal property.
