BUSINESS LAW
BUSINESS LAW
17th Edition
ISBN: 9780357007594
Author: Mann
Publisher: Cengage Learning
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Chapter 11, Problem 10CP
Summary Introduction

Case summary:  Person D and person J registered their house with CB property for selling. The proprietors told that the size of the property was 6.8 acres. A salesman person O from CB advertised in local newspaper as comprising of 6 acres. Person J and person H signed the agreement to buy the property after the initial inspection. Person H never asked survey copy. The property in question was only 4.6 acres. Then person H sought to withdraw the agreement.

To discuss: The decision seeks to withdraw the agreement.

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Case Study The composition and role of boards. The board of directors is the corporation's governing body. By law, the board is vested with the authority to manage the corporation's business and affairs, and the board's members have a fiduciary responsibility to act in the best interests of the corporation and its shareholders. Boards are thus collegial bodies in the traditional sense that their members share authority and responsibility, and have both individual and collective accountability. Boards typically delegate much of their authority to an executive team that carries out the day-to- day operations of the corporation's business. However, some board duties cannot be delegated, and boards vary widely in the extent of their involvement in the business. The board's core functions typically include selecting, monitoring, advising, and compensating the chief executive; monitoring the company's financial structure and declaring dividends; deciding on major transactions and changes in…
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