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dynamic business law

Business Law And The Legal Environment 9th Edition Jeffrey F Beatty, Susan S Samuelson - Solutions

. Blackriver Partnership is in the process of winding up. It has three partners: Jason, Kiera, and Lancelot. The partnership has assets of $90,000, but debts of $60,000, including $30,000 it owes to Jason. Who gets what?(a) Each partner receives $10,000.(b) Each partner receives $30,000.(c) Jason
. CPA QUESTION Ted Fein, a partner in the ABC Partnership, wishes to withdraw from the partnership and sell his interest to Gold. All of the other partners in ABC have agreed to admit Gold as a partner and to hold Fein harmless for the past, present, and future liabilities of ABC. A provision in
. CPA QUESTION Cobb, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts the right to (1) participate in the management of TLC and (2) Cobb’s share of TLC’s partnership profits. Bean is correct as to which
. Ifa partner dissociates, he is entitled to(a) force the termination of the partnership(b) receive indemnification from liability for present partnership debt(c) receive indemnification from damages he caused the partnership(d) receive his share of the value of the partnership assets
. CPA QUESTION Which of the following is not necessary to create a partnership?(a) Execution of a written partnership agreement(b) Agreement to share ownership of the partnership(c) Intention of conducting a business for profit(d) Intention of creating a relationship recognized as a partnership
. ETHICS The Sackler family are generous philanthropists and, as a result, their name is on many buildings at universities and museums. Now, as the prior question indicates, their name is sullied by the family’s connection with Perdue Pharma. Should nonprofits accept gifts from them? Keep their
. The Sackler family owned Perdue Pharma, which manufactured Oxycontin, a powerful narcotic pain reliever. The Commonwealth of Massachusetts sued Perdue alleging that, to increase profitability, the company had deliberately misled doctors and the public about the dangers of the drug. As a result of
. Corporations developed to encourage investors to contribute the capital needed to create large-scale manufacturing enterprises. But LLCs are often start-ups or other small businesses. Why do their members deserve limited liability? Is it fair that LLCs do not pay income taxes?
. As you will see in Chapter 33, Facebook began life as a corporation, not an LLC.Why did the founder, Mark Zuckerberg, make that decision?
. Think of a business concept that would be appropriate for each of the following: a sole proprietorship, a corporation, and an LLC.
. Leonard, an attorney, was negligent when he represented Anthony. In settlement of Anthony’s malpractice claim, Leonard signed a promissory note for $10,400 on behalf of his law firm, an LLC. When the law firm did not pay, Anthony filed suit against Leonard personally for payment of the note. Is
. A limited liability partnership '(a) protects partners from liability for their own misdeeds(b) protects the partners from liability for the debts of the partnership(c) must pay taxes on its income(d) has a general partner who is liable for the debts of the organization
. CPA QUESTION A joint venture is a(n)(a) association limited to no more than two persons in business for profit(b) enterprise of numerous co-owners in a nonprofit undertaking(c) corporate enterprise for a single undertaking of limited duration(d) association of persons engaged as co-owners in a
. A limited liability company ,(a) is regulated by a well-established body of law(b) pays taxes on its income |(c) cannot have members that are corporations(d) is a form of organization favored by venture capitalists(e) can have an oral operating agreement
. CPA QUESTION Assuming all other requirements are met, a corporation may elect to be treated as an S corporation under the Internal Revenue Code if it has(a) both common and preferred stockholders(b) a partnership as a stockholder(c) 100 or fewer stockholders(d) the consent of a majority of the
. A sole proprietorship(a) must file a tax return(b) requires no formal steps for its creation(c) must register with the secretary of state(d) may sell stock(e) provides limited liability to the owner
. Peter Oiler was a truck driver who delivered groceries to Winn-Dixie stores. He revealed to his boss that in his free time he liked to dress as a woman, even though he was happily married to a woman. Oiler had been diagnosed with transvestic fetishism with gender dysphoria and a gender identity
. Lisa T. Jackson, who was White, worked at Uncle Bubba’s Seafood and Oyster House. She filed suit under Title VII, alleging that the restaurant discriminated against Black employees. They had to enter through the restaurant’s rear entrance and could not use the customer bathrooms. Neither of
. A high-end boutique in Phoenix would hire only women to work in sales because fittings and alterations took place in the dressing room or immediately outside.The customers were buying expensive clothes and demanded a male-free dressing area. Has the store violated Title VII? What would its
. Generally, the BFOQ defense does not apply to customer preference. But recently, some clients have been pressuring their law firms to staff their cases with female and minority lawyers. If a firm does so, would the BFOQ defense be valid? Should it be?
. You are the hiring manager for a bus company. One of the applicants for a job as a bus driver seems perfectly qualified and he is a minority. You would like to hire him, but a background check reveals that he was convicted of second-degree murder 40 years before, when he was 15. Should you hire
. Atlas operated warehouses that stored food for grocery stores. Imagine the upset when a mystery employee began leaving his feces in a warehouse. ‘To solve the mystery of the devious defecator, Atlas required cheek swabs from two of its workers so that it could compare their DNA with that of the
. Many employers run targeted recruitment ads on Facebook that appear only in the feeds of people under age 40. Is that practice legal?
. After the terrorist attacks of 9/11, the United States tightened its visa requirements.In the process, baseball teams discovered that 300 foreign-born professional players had lied about their age. (A talented 16-year-old is much more valuable than a 23-year-old with the same skills.) In some
. Pam Huber worked at Walmart filling grocery orders and earning $13 an hour.While on the job, she suffered a permanent injury to her right arm and hand. Both she and Walmart agreed that she was disabled under the ADA. As a reasonable accommodation, she asked for a job as a router, which was then
. FedEx refused to promote José Rodriguez to a supervisor’s position because of his foreign accent and “how he speaks.” Is FedEx in violation of the law?
. In the 2020 recession, Roger (age 52) lost his job as a comptroller. Desperate for work after a year of unemployment, he began to apply for any accounting job at any company. But no one would hire him because he was “overqualified and overexperienced.”He repeatedly explained that he was eager
. During chemotherapy for bone cancer, Mateo, a delivery man, is exhausted, nauseated, and weak. He has asked permission to come in later, work a shorter day, and limit his lifting to 10 pounds. Delivery people typically carry packages of up to 70 pounds. Does Mateo’s employer, Vulcan, have the
. For 30 years, Ralph has built architectural models at Archway Architects. The firm replaces him with Charlotte, who is 24 and willing to work for much less than Ralph. The firm never offered to let him stay for less pay. When he left, one of the partners told him, “Frankly, it’s not a bad
. When Allain University was looking for a diversity officer, it decided it would only hire a person of color. Is this decision legal?(a) Yes, color is a BFOQ for this position.(b) No, color is never a BFOQ, but race could be.(c) No, neither race nor color can be a BFOQ.(d) No, race and color can
. The CEO of BankTwo realized that not one single officer of the bank was female or a member of a minority group. He announced that henceforth, the bank would only hire people in these two groups until they comprised at least 30 percent of the officers. Is this plan legal?(a) Yes, voluntary
. Gregg Young, the CEO of BJY Inc., insisted on calling Mamdouh El-Hakem“Manny” or “Hank” even when El-Hakem asked him not to. El-Hakem was of Arab heritage. Young argued that a “Western” name would increase El-Hakem’s chances for success and would be more acceptable to BJY’s
. YOU BE THE JUDGE WRITING PROBLEM Nationwide Insurance Co.circulated a memorandum asking all employees to lobby in favor of a bill that had been introduced in the Pennsylvania House of Representatives. By limiting the damages that an injured motorist could recover from a person who caused an
. Despite its detailed dress code for employees, Starbucks stores permitted workers to wear multiple pins and buttons, some of which, but not all, were related to its employee-reward and product-promotion programs. When a union tried to organize employees, management prohibited workers from wearing
. ETHICS As the manager of BigBox Store, you are afraid that, if your workers unionize, you will not be able to compete against stores with a non-union work--force. You would very much like to fire Geraldo, the employee who is leading the unionization effort. Of course, you know this action would
. Walmart employees were not unionized. A group of outside organizers called “Our Walmart” created an app that Walmart employees could use to communicate with one another and obtain legal and other workplace advice. Walmart told its managers to warn workers that the app was not made by Walmart
. Debra Agis worked as a waitress in a Ground Round restaurant. The manager informed the waitresses that “there was some stealing going on.” Until he found out who was doing it, he intended to fire a waitress each day, in alphabetical order, starting with the letter “A.” He then fired Agis.
. Noelle was the principal of a charter school and an employee at will. The head administrator imposed a rule requiring cafeteria workers to stamp the hands of children who did not have sufficient funds in their lunch accounts. Some of these children were entitled to free lunches; others needed to
. Catherine Wagenseller was a nurse at Scottsdale Memorial Hospital and an employee at will. While on a camping trip with other nurses, Wagenseller refused to join in a parody of the song “Moon River,” which concluded with members of the group “mooning” the audience. Her supervisor seemed
. Marceline is sent home from school with the flu. Her pediatrician says that she will be fine in about a week and in the meantime just needs bed rest and plenty of fluids. Is Marceline’s father entitled to leave under the FMLA to care for her?
. Triec, Inc., is a small electrical contracting company in Springfield, Ohio, owned by its executives, Yeazell, Jones, and Heaton. After the International Brotherhood of Electrical Workers union began an organizing drive, 6 of the 11 employees in the bargaining unit signed authorization cards. The
. YOU BE THE JUDGE WRITING PROBLEM Apex gave Marcie an employment handbook stating that (1) she was an at-will employee, (2) the handbook did not create any contractual rights, and (3) employees who were fired had the right to a termination hearing. The company fired Marcie, claiming that she had
. Alpha Company’s workers go on strike. The company hires replacement workers so that it can continue to operate its business. When the strike ends, Alpha must rehire the original workers if the strike was over I. wages 1a ViLP(a) Both of these(b) None of these(c) I(d) Il
. Which of the following statements is true?I. In about half the states, employees have the right to bring guns into their workplace.II. In about half the states, employees have the right to bring guns into their workplace parking lot.(a) Both of these(b) None of these(Cal(d) II
. During a job interview with Venetia, Jack reveals that he and his wife are expecting twins. Venetia asks him if he is planning to take a leave once the babies are born. When Jack admits that he would like to take a month off work, he can see‘her face fall. She ultimately decides not to hire him
. CPA QUESTION An unemployed CPA generally would receive unemployment compensation benefits if the CPA(a) was fired as a result of the employer’s business reversals(b) refused to accept a job as an accountant while receiving extended benefits(c) was fired for embezzling from a client(d) left work
. When Brook went to work at an advertising agency, his employment contract stated that he was “at will and could be terminated at any time.” After 28 months with the company, he was fired without explanation. Which of the following statements is true?(a) ‘The company must give him an
. A year ago, Hot Air Systems installed a new heating system in Dolly’s house.A month ago, Chuck called Dolly and told her he worked for Hot Air and it was time to perform the yearly inspection. After his inspection, Chuck said it was lucky he had called because her system needed urgent repairs.
. The Pharmaceutical Association holds an annual convention. At the convention, Brittany, who was president of the association, told Luke that Research Corp. had a promising new cancer vaccine. Luke was so excited that he chartered a plane to fly to Research’s headquarters. On the way, the plane
.Jesse worked as a buyer for Vegetable Co. Rachel offered to sell Jesse 10 tons of tomatoes for the account of Vegetable. Jesse accepted the offer. Later, Jesse discovered that Rachel was an agent for Sylvester Co. Who ts liable on this contract?
. Kevin was the manager of a radio station, WABC. A competing station hired him away. In his last month on the job at WABC, he notified two key on-air personalities that if they were to leave the station, he would not hold them to their non-compete agreements. What can WABC do?
. bs ETHICS Mercedes has just begun work at Photobook.com. What a great place to work! Although the salary is not high, the company has fabulous perks. The dining room provides great food from 7 a.m. to midnight, five days a week. There is also a free laundry and dry-cleaning service. Mercedes’s
. Betsy has a two-year contract as a producer at Jackson Movie Studios. She produces a remake of the movie Foo¢/oose. Unfortunately, it bombs, and Jackson is so furious that he fires her on the weekend the movie opens. Does he have the power to do this?
. Fernando worked for Affinity, which made furniture deliveries for Sears. Fernando signed a contract stating that he was an independent contractor. He was paid $23 per delivery. He typically worked five to seven days a week, but Affinity would call him each day to tell him whether or not he would
. One afternoon while visiting friends, tennis star Vitas Gerulaitis fell asleep in their pool house. A mechanic had improperly installed the swimming pool heater, which |leaked carbon monoxide fumes into the house where he slept, killing him. His mother filed suit against the owners of the estate.
. What if the custodian hit one of the schoolchildren for calling him a name? Is the school district liable?
. An elementary school custodian hit a child who wrote graffiti on the wall. Is the school district liable for this intentional tort by its employee?
. In deciding whether workers are employees or independent contractors, courts |have considered:(a) the impact of their decision on the national economy.(b) the impact of their decision on tax revenues.(c) the amount of control that an employer exercises over its workers.(d) whether workers in
. CPA QUESTION Cox engaged Datz as her agent. It was mutually agreed that Datz would not disclose that he was acting as Cox’s agent. Instead, he was to deal with prospective customers as if he were a principal acting on his own behalf. This he did and made several contracts for Cox. Assuming Cox,
. CPA QUESTIONA principal will not be liable to a third party for a tort committed by an agent:(a) unless the principal instructed the agent to commit the tort. |(b) unless the tort was committed within the scope of the agency relationship.(c) if the agency agreement limits the principal’s
. Figgins is the dean of a college. He appointed Sue as acting dean while he was out of the country and posted an announcement on the college website announcing |that she was authorized to act in his place. He also told Sue privately that she did not have the right to make admissions decisions.
. Kurt asked his car mechanic, Quinn, for help in buying a used car. Quinn recommends a Ford Focus that she has been taking care of its whole life. Quinn was working for the seller. Which of the following statements is true?(a) Quinn must pay Kurt the amount of money she received from the Ford’s
. Finn learns that, despite his stellar record, he is being paid less than other salespeople at Barry Co., so he decides to start his own company. During his last month on the Barry payroll, he tells all of his clients about his new business. He also tells them that Barry is a great company, but
. At Business University, semester enrollment begins at midnight on April 1. Jasper asked his roommate, Alonso, to register him for an important required course as a favor. Alonso agreed to do so but then overslept. As a result, Jasper could not enroll in the required course he needed to graduate
. ETHICS Wayne and Arlene Selden invested in Competition Aircraft, a fraudulent company that pretended to sell airplanes. Accountant William Burnett had recommended the investment to several of his clients, who told the Seldens. They were not clients of his. After the company went bankrupt, the
. Under the 1934 Act, accountants are only liable if they act with scienter. Make an argument that they should be liable for negligence. What do you think is the right standard?
. Accountants do not have a fiduciary duty to their clients when performing accounting services. Why not?
. Which of the three negligence doctrines—Ultramares, Foreseeable, or Restatement—is the most reasonable and appropriate?
. Are the SOX rules on consulting services sufficiently strict? Should auditing firms be prohibited from performing any consulting services for companies that they audit?
. An accounting team’s worst nightmare might be to wake up one morning and discover that a company for which it had repeatedly issued clean opinions did not really exist. In fact, the company had been stolen a few years earlier—its operations and related revenues all transferred away.
. James T. Adams was a partner at Deloitte—a partner with a gambling issue. He ended up borrowing tens of thousands of dollars from a casino—a casino that he was in charge of auditing. Does he face any penalties? If so, what?
. A partnership of doctors in Billings, Montana, sought to build a large office building.When it decided to finance this project using industrial revenue bonds under a complex provision of the Internal Revenue Code, it hired Peat Marwick to do the required financial work. The deal was all set to
. The British Broadcasting Corp. (BBC) broadcast a television program alleging that Terry Venables, a former professional soccer coach, had fraudulently obtained a$1 million loan by misrepresenting the value of his company. Venables had been a sportscaster for the BBC but had switched to a
. After reviewing Color-Dyne’s audited financial statements, the plaintiffs provided materials to the company on credit. These financial statements showed that Color-Dyne owned $2 million in inventory. The audit failed to reveal, however, that various banks held secured interests in this
. Accountants who commit fraud in the preparation of financial statements are liable to any third party who uses those statements If:(a) that person is a foreseeable user.(b) the accountant knows that person’s identity.(c) that person is a foreseeable user who justifiably relied on those
, An accountant has a fiduciary duty:(a) to aclient when conducting an audit.(b) to an investor who buys stock in a company the accountant has audited.(c) to any third party that the accountant knows will be relying on an audit.(d) only for services that go beyond routine accounting work.
. One of the elements necessary to hold a CPA liable under §10(b) is that the CPA:(a) acted with scienter or guilty knowledge.(b) was a fiduciary of the client.(c) failed to exercise due care.(d) executed an engagement letter.
. CPA QUESTION One of the elements necessary to hold a CPA liable to a client for conducting an audit negligently is that the CPA:(a) acted with scienter or guilty knowledge.(b) was a fiduciary of the client.(c) failed to exercise due care.(d) executed an engagement letter.
. CPA QUESTION A CPA’s duty of due care to a client most likely will be breached when a CPA:(a) gives a client an oral instead of a written report.(b) gives a client incorrect advice based on an honest error of judgment.(c) fails to give tax advice that saves the client money.‘(d) fails to
. Many accommodation parties and guarantors do not understand their liability when they sign an instrument. (As the saying goes, “Nothing is more dangerous than a fool with a pen.”) Should the UCC require that some sort of disclosure be made to an accommodation party or guarantor before they
. Banks are liable for forged checks except in the case of the three rules (the Impostor Rule, Fictitious Payee Rule, and Employee Indorsement Rule). Do you think this is the proper allocation of liability? Why, in this era of automated check machines, should banks be liable for forged checks?
. ETHICS When Steven was killed in an automobile accident, he left his wife, Debra, a life insurance policy for $60,000. She decided to move from Bunkie to Sulphur, Louisiana. Debra executed a document authorizing her mother-in-law, Helen, to sign checks on Debra’s account at the bank. Debra also
. Mary wrote a check on her account at First Bank for $23,000.00 payable to the order of Eagle Construction Company. Sylvia, who was an Eagle employee, deposited Mary’s check in her personal account at Second Bank, without first having someone indorse it. When the check was presented for payment,
. Recall the Quimby case. This type of fraud is increasingly common. What could Quimby have done to avoid this problem?
. Regions Bank refused to lend money to ZLM, Inc., unless its owner, Stewart, signed the note as an accommodation party. He did, and, sadly, ZLM did not repay the loan. But because the note was due on February 16, which that year happened to be Mardi Gras Day (a major festival in Louisiana), the
. David had five bank accounts spread over four banks. Each morning, he directed his assistant, Maureen, to call all of the banks and obtain balance information. He would then direct her to write checks transferring funds in each account to another account. Is there any problem with this practice?
. Merlyn borrowed money from Finance Co. to buy equipment for his farm. He promised Finance that he would accept payment for his crops only with checks that named him and Finance as co-payees. This way, Merlyn could not cash the checks without Finance’s indorsement. Merlyn sold corn to Farmer’s
. Before Parris’s lawsuit against Railroad had settled, he left town and closed out his account with Bank. Railroad then issued a check to him that somehow came to be in Eddy’s possession. Eddy indorsed the check “Railroad Eddy” and deposited it in his own account at Bank. Parris sued Bank,
. One of Doris’s job responsibilities at Winkie, Inc., was preparing company checks for the president, Willie, to sign. Using Winkie’s check-signing machine, Doris forged $150,000 of checks on her employer’s account. Willie did not (1) look at the sequence of check numbers, (2) examine the
. Nan forges Mina’s name on a check to buy a television from Costmart. The store deposits that check into its account at Bank, but Bank does not credit Costmart’s account for the amount of the check. From whom can Costmart recover?(a) Nan(b) Mina(c) Bank(d) All of these
. Karim writes a check to Lew but Karim’s bank accidently refuses to pay the check, despite the fact that Karim’s account has sufficient funds. As a result, Lew bounces many checks from his own account and has to pay substantial fees to his bank.Which of the following statements is true?(a) Lew
. What is the difference between a co-maker and an accommodation party?(a) A co-maker is liable both to the holder and the other co-maker, while an accommodation party is liable only to the holder.(b) A co-maker is liable to subsequent indorsers, while an accommodation party is not.(c) A co-maker
. CPA QUESTION Which of the following actions does not discharge a prior party to a commercial instrument?(a) Good-faith payment or satisfaction of the instrument -(b) Cancellation of that prior party’s indorsement(c) The holder’s oral renunciation of that prior party’s liability(d) The
. CPA QUESTION A check has the following indorsements on the back:Paul Frank Without recourse George Hopkins Payment guaranteed Ann Quarry Collection guaranteed Rachel Ott Which of the following conditions occurring subsequent to the indorsements would discharge all of the indorsers?(a) Lack of
. On October 12, James Camp agreed to provide services to Shawn Sheth by October 15. In payment, Sheth gave Camp a check for $1,300 that was postdated October 15. On October 13, Camp sold the check to Buckeye Check Cashing for$1,261.31. On October 14, fearing that Camp would violate the contract,
. On June 30, John signed a demand promissory note for $2,000 to the Camelot Country Club. The note stated that it was being given in payment for a membership in the country club, but, in fact, the club was insolvent, its memberships had no value, and John was already a member. He was also the
. Kendall raised hogs. The Grain Company would provide him with hogs and grain and, in return, he would sign a promissory note in an amount equal to the value of these items. Once the pigs were grown, Kendall would sell them and repay the loan. One time, an officer of the Grain Company asked
. ETHICS In desperate financial trouble and fearful of losing his house, Abbott asked his friend Taylor for help. Taylor had been an officer of Bank, so she put Abbott in touch with some of her former colleagues there. When a $300,000 loan was ready for closing, Taylor informed Abbott that she
. Catherine suffered serious physical injuries in an automobile accident and became acutely depressed as a result. One morning, she received a check for $17,400 in settlement of her claims arising out of the accident. She indorsed the check and placed it on the kitchen table. She then called
. Roofing Company wrote a check to Dan for his work on a house. Dan cashed the check at Check Cashing, which deposited the check into its account at Bank.Roofing Company then discovered that Dan had not actually completed the work on the house so it placed a stop payment on the check it had issued

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