$15.$Read the following statement. Make a list of the legally significant facts. Then prepare a facts statement for a memo which would explain

the possible interests of all of the parties.

What type of organization did you use and why?

Nate Late, a business owner, has two partners in the operation of Loose Cannon Manufacturing in Gurnee, Your state. He owns $33$ percent of a

$$3$ million company. Late is ill but is not dying. He is grooming a $26-$year$-$old boy, Ivan T$.$ McCool, to run the business. He tells his family that

he likes the boy and wants to teach him the business. The business owner, Nate Late, dies. The most current will leaves the estate of Late to his

wife, Shirley Late, and his only son, Lou Sier. McCool tells Mrs$.$ Late that Late intended to give McCool Late's one$-$third interest in the company

and that Late told this to McCool in front of a banker on the day of his death. The conversation took place during a meeting and the agreement

was never put into writing. Before this meeting, on the day of Late's death, other employees of Loose Cannon heard Late say that he intended

for McCool $"$to get" the business. Family members knew that Late intended for McCool to run the business and for McCool; to get something if

the business was sold. None of the family believed that Late intended to give the business to this newcomer. Late's shares of stock were never

given to McCool. The shares were in the safe deposit box shared by Late and his wife of $24$ years.

Rob R$.$ Baron also claims that Late promised to give him the shares in the future. Baron admits that Late did not physically give him the shares

before he died, but Baron insists that Late said "I shall give you my shares in two years." Mrs$.$ Late said that Mr$.$ Late planned to give her the

shares. He told her this when he opened the joint safety deposit box and gave her the key.

You work for a firm that has been retained by Mrs$.$ Late. She would like to know if McCool can prove that Mr$.$ Late gave McCool Mr$.$ Late's

interest in the company.

$16.$Rewrite this statement using a different type of organization. Does this organization make sense? If not, why not? If so$,$ why?