1. XYZ Co. is a partnership comprised of two corporations. Corporation X is insolvent in that it owes approximately $650,000 and has approximately $10,000 in its general bank account. A creditor is seeking repayment on the $650,000 due to an acceleration clause in the mortgage contract. This sum of money pertains to a mortgage on a piece of land owned by Corporation X. Corporation X decides to transfer the land it owns to Corporation Y because the directors fear that the creditor will petition corporation A into bankruptcy, and Corporation X wishes to prevent the creditors from seizing the land. Having knowledge of partnerships and how they work, would the creditor be legally entitled to state a claim against XYZ Co. partnership for the sum of the $650,000.00 to recover what it is owed, despite the potential fraudulent conveyance? 2.Please consider the following scenarios and answer as to whether each is either an offer, acceptance, counter offer, or rejection. Some may contain more than one element. 1. Lena offers to Roshan her laptop for $1,200 and Roshan accepts to purchase it so long as it is functional when she delivers it to him. This is an example of? 2. Hannah is negotiating with Liu the purchase of Liu's BMW. Liu advises Hannah that he is willing to sell it for $20,000. Hannah fires back, "I will give you, $15,000.00". Liu does not respond and he walks away. This is an example of? 3. Two days later, Liu telephones Hannah and says to her, I accept your offer. Hannah replies, "My counter offer expired, I will only purchase it for $13,000.00. Is there a contract forming here based on offer and acceptance

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1 In the given scenario Corporation X which is insolvent and owes 650000 to a creditor decides to transfer the land it owns to Corporation Y to preven... View the full answer