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The Habib Group, an organization that purchases and develops land, bought some property that had been used for a chemical factory in the early 1900s. Mohammed Habib, the CEO, intended to use it to build fashionable luxury condominiums near the downtown area. After the purchase and while having soil samples taken, he discovered the land was contaminated by hazardous chemicals. Habib contacted the Environmental Protection Agency (EPA) to create a cleanup plan. When allocating liability and cleanup costs, the EPA will determine that Habib is Multiple Cholce not liable because he did not own the land when it was contaminated. not liable because the chemical factory owners contaminated the property many before the purchase. loble because he is the owner of the contaminated property lable because he should have conducted all reasonable inquiries into the previous ownership to determine whether any contamination was present.

The Habib Group, an organization that purchases and develops land, bought some property that had been used for a chemical factory in the early 1900s. Mohammed Habib, the CEO, intended to use it to build fashionable luxury condominiums near the downtown area. After the purchase and while having soil samples taken, he discovered the land was contaminated by hazardous chemicals. Habib contacted the Environmental Protection Agency (EPA) to create a cleanup plan. When allocating liability and cleanup costs, the EPA will determine that Habib is Multiple Cholce not liable because he did not own the land when it was contaminated. not liable because the chemical factory owners contaminated the property many before the purchase. loble because he is the owner of the contaminated property lable because he should have conducted all reasonable inquiries into the previous ownership to determine whether any contamination was present.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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The Habib Group, an organization that purchases and develops land, bought some property that had been used for a chemical factory in the early 1900s. Mohammed Habib, the CEO, intended to use it to build fashionable luxury condominiums near the downtown area. After the purchase and while having soil samples taken, he discovered the land was contaminated by hazardous chemicals. Habib contacted the Environmental Protection Agency (EPA) to create a cleanup plan. When allocating liability and cleanup costs, the EPA will determine that Habib is Multiple Choice not liable because he did not own the land when it was contaminated. not liable because the chemical factory owners contaminated the property many years before the purchase. lable because he is the owner of the contaminated property. iable because he should have conducted all reasonable inguiries into the previous ownership to determine whether any contamination was present.
Transcribed Image Text:The Habib Group, an organization that purchases and develops land, bought some property that had been used for a chemical factory in the early 1900s. Mohammed Habib, the CEO, intended to use it to build fashionable luxury condominiums near the downtown area. After the purchase and while having soil samples taken, he discovered the land was contaminated by hazardous chemicals. Habib contacted the Environmental Protection Agency (EPA) to create a cleanup plan. When allocating liability and cleanup costs, the EPA will determine that Habib is Multiple Choice not liable because he did not own the land when it was contaminated. not liable because the chemical factory owners contaminated the property many years before the purchase. lable because he is the owner of the contaminated property. iable because he should have conducted all reasonable inguiries into the previous ownership to determine whether any contamination was present.
Luke declared a Chapter 11 bankruptcy for his business, Lukeco. There were ten creditors to whom he owed money and seven of them accepted the reorganization plan and three rejected it. Luke wants the court to force all creditors to accept the plan. This is known as the Multiple Choice strong-arm clause. means test cram down provision debtor in possession clause.
Transcribed Image Text:Luke declared a Chapter 11 bankruptcy for his business, Lukeco. There were ten creditors to whom he owed money and seven of them accepted the reorganization plan and three rejected it. Luke wants the court to force all creditors to accept the plan. This is known as the Multiple Choice strong-arm clause. means test cram down provision debtor in possession clause.
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