Arthur, Barbara, Carl, and Debra decided to form a corporation for bottling and selling apple cider. Arthur, Barbara, and Carl were to operate the business, and Debra was to supply the necessary capital but was to have no voice in the management. They went to Jane, a lawyer, who agreed to organize a corporation for them under the name A–B–C Inc., and paid her funds sufficient to accomplish the incorporation. Jane promised that the corporation would definitely be formed by May 3. On April 27, Arthur telephoned Jane to inquire how the incorporation was progressing, and Jane said she had drafted the articles of incorporation and would send them to the Secretary of State that very day. She assured Arthur that incorporation would occur before May 3. Relying on Jane’s assurance, Arthur, with the approval of Barbara and Carl, on May 4 entered into a written contract with Grower for the latter’s entire apple crop. The contract was executed by Arthur on behalf of ‘‘A–B–C Inc.’’ Grower delivered the apples as agreed. Unknown to Arthur, Barbara, Carl, Debra, or Grower, the articles of incorporation were never filed, through Jane’s negligence. The business subsequently failed. What are Grower’s rights, if any, against Arthur, Barbara, Carl, and Debra as individuals?
Corporation A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
while Ken was to supply the necessary capital but was to have no voice in the management They went...... a... would definitely be formed by May 3 On April 27 Ken contacted Henry to assess the progress he was making and Henry indicated that the paper work had been completed and that he would send...
John, David, Sharon, and Ken decided to form a corporation for bottling and selling apple cider. John, David, and Sharon were to operate the business, while Ken was to supply the necessary capital but was to have no voice in the management. They went to Henry, an attorney, who agreed to organize a...
In April 1997, Buchholz entered into a written contract with Schneider\'s Milling to provide between 500 and 590 segregated early weaned (SEW) pigs every three weeks beginning October 15, 1997. The parties agreed to a price of $36.50 per pig. The contract was to continue for a period of 48 months....
General Electric (GE) is one of the world\'s largest companies; it develops, manufactures, and markets a wide range of products, including medical diagnostic imaging devices, jet engines, lighting products, and chemicals. In 2011, the stock price rose 1.4%, and in 2012, the stock price rose 17.2%....
1. Fill in the blanks in the following table. Note that the ordering of the first column has been scrambled. 2. When _____ (supply/demand) changes, the equilibrium price and the equilibrium quantity change in the same direction. When_____ (supply/demand) changes, the equilibrium price and the...
On January 1, 2015, Port Imports Inc. acquired 90% of the common shares of Spanish Imports Ltd. in exchange for a new issue of its own shares valued at $4,320,000. At that date the shareholders\' equity section of Spanish Imports Ltd\'s balance sheet was as follows: $ 500,000 3,000,000 1,600,000...
A hospital has contracted with an HMO to provide acute care inpatient services for $1,000 per day, subject to a 10 percent withholding. The proposed budget for inpatient services is based upon the expected utilization of 600 days per 1,000 members at $1,000 per day, or $600,000 per 1,000 members....
Julian, Cornelia, and Sheila petitioned for a corporate charter for the purpose of conducting a retail shoe business. They met all of the statutory provisions, with the exception of having their charter recorded. This was simply an oversight on their part, and they felt that they had fully complied...
The Pyro Corporation has outstanding twenty thousand shares of common stock, of which nineteen thousand are owned by Peter B. Arson, five hundred shares are owned by Elizabeth Arson, his wife, and five hundred shares are owned by Joseph Q. Arson, his brother. These three individuals are the...