The Legal Environment of Business: Text and Cases
10th Edition
ISBN: 9781337535878
Author: Frank B. Cross; Roger LeRoy Miller
Publisher: Cengage Learning US
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Chapter 12, Problem 7BCP
Summary Introduction
Case summary:Owners of the two companies, namely LLC and BCM agreed to go into wood-pallet enterprises along with Ark-Mo, by allocating it 30 percent ownership interests in their future products. The owner of BCM, person L formed a new company BCR, but allocated only 5 % to Ark-Mo on which G, owner of LLC objected. However, the person L promised in a telephone conversation that Ark-Mo will receive 30 percent interest in future projects. Ark-Mo did not receive any interest and therefore, he filed a case for a breach of contract.
To find: The consideration to support the telephone deal.
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The Legal Environment of Business: Text and Cases
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