MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
10th Edition
ISBN: 9781337093842
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 16, Problem 4BCP
Summary Introduction
Case summary:Person KP offered to person CS to join her interior design business. At the time of offer person KP and person CS were in a relationship. CS engaged in every field of business-like marketing and designing. CS was working without salary, he was only reimbursed for the expenses of credit card. He expressly left the profits because he wanted to develop business. KP fired CS after they broke up. CS objected that they were partners.
To find: Person CS is entitled to 50 percent of the profits.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
ETHICS Pete, an accountant, recommended that several of his clients invest in Competition Aircraft. These clients passed this recommendation on to Arlene, who did invest. Unfortunately, Competition was a fraudulent company that pretended to sell airplanes. After the company went bankrupt, she sought to recover from Pete. Is Pete liable to Arlene? Whether or not Pete faces legal liability, is it a good idea for accountants to recommend investments to clients? Does that practice create any potential conflicts of interest?
Subject: Business Law and Regulations
Topic: Nonstock corporation
ABC Foundation engaged in providing feeding programs to homeless children and giving of food packages to victims of calamities using the funds of the foundation for this purpose. Mr. X, who is a member of the foundation is in a quandary as to whether or not the practice of the foundation in using its funds for the mentioned purposes is valid. He is quite fearful that with recent surge in calamities, it might deplete the resources of the foundation, and therefore, affect his own interest having made a contribution therein. He intends to question this practice of the foundation. Is his intention meritorious?
Giordana borrows $225,000 for Hearthstone Credit Union to buy a home, which secures the loan. Five years into the term, Giordana stops making payments. Hearthstone forecloses and sells the property, but the proceeds are not enough to cover the unpaid amount of the loan. Hearthstone could now obtain
a.a short sale
b.a redemption
c.a deficiency judgment
d.a guaranty
e.nothing more
Chapter 16 Solutions
MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
Knowledge Booster
Similar questions
- State whether the following contracts are valid, unenforceable or illegal. a) Sam pays $10,000 to dispose of his mother-in-law b) Ernie offers $20,000 to Emilio for Emilio’s block of land. Emilio accepts, but nothing is signed c) Fred asks ABC Insurance to insure his new car. The company agrees but nothing is signed. d) Zoe agrees to lease a shop from Ian for 10 years. No lease has been signed. e) X and X are bank robbers. They employ George to drive their getaway car.arrow_forwardSubject: acountingarrow_forwardSubject : Accountingarrow_forward
- 1. Should George have accepted the listing? George states, “I am not discriminating. The owners are the guilty party.” Can george filter potential buyers by credit score? By race? 2. Now that George has accepted the listing, could he be guilty of fair housing violations by association? Could he be innocent because he is only “following orders”?arrow_forwardPls help ASAParrow_forwardTrue or false with explanation 6) Assume now that Gill lands a job at another college, which schedules him to teach Partnership Tax, Individual Income Tax, and Wills & Trusts. Gill is now ecstatic because he can finally teach law. Two weeks into his first semester, he asks when payday is. The president of the college notifies him that since this college is a nonprofit institution, NOBODY gets paid. The college has violated its duty of compensation. 7) Myron is a bouncer for the Keg Club and must forcibly eject unruly patrons on a nightly basis. The owners of the club cannot be held liable for any civil wrongs Myron may have committed while acting as a bouncer. 8) Myron is a teller at Wells Fargo Bank. On his way to work, he is stopped at the door by his evil boss, Skinflint, the bank president, who refuses to let Myron in the building. Skinflint has violated his duty of cooperation. 9) Assume that Glen is the latest phenom to come out of college to sign a professional baseball…arrow_forward
- 4. Joe is a financial planner in the state of Iowa. Although he attended one year of law school, Joe is not a licensed attorney. Which of the following actions would be considered the practice of law? a. Drafting wills, trust documents, and powers of attorney. b. Reviewing wills, trust documents, and powers of attorney. c. Directing a client to seek legal advice from a licensed attorney. d. Acting as trustee for a client's trust.arrow_forwardSue applied for a position as a receptionist at Bethany’s brokerage. Bethany, who was busy with other work, told her, “Go see Arnold, my executive secretary. He makes all personnel decisions.” Bethany lied, because Arnold ordinarily had no hiring or firing authority. He nevertheless interviewed Sue and, finding her background and experience acceptable, hired her. What type of authority did Arnold have in this situation? Group of answer choices Arnold was an agent by estoppel. Arnold had apparent authority. Arnold had no authority. Arnold was an express authority.arrow_forwardA minor has been supplied necessaries on credit Question 13Answer a. he is not liable b. he is not personally liable c. he is personally liable d. his estate is liablearrow_forward
- Donald Wayne Doyle (Debtor) obtained a guaranteed student loan to enroll in a school for training truck drivers. Due to his impending divorce, Debtor never attended the program. The first monthly installment of approximately $50 to pay the student loan became due. Two weeks later, Debtor filed a voluntary petition for Chapter 7 bankruptcy. Debtor was a 29-year-old man who earned approximately $1,000 per month at an hourly wage of $7.70 as a truck driver, a job that he had held for 10 years. Debtor resided on a farm, where he performed work in lieu of paying rent for his quarters. Debtor was paying monthly payments of $89 on a bank loan for his former wife’s vehicle, $200 for his truck, $40 for health insurance, $28 for car insurance, $120 for gasoline and vehicular maintenance, $400 for groceries and meals, and $25 for telephone charges. In addition, a state court had ordered Debtor to pay $300 per month to support his children, ages 4 and 5. Debtor’s parents were assisting him by…arrow_forwardA Major Medical policy insured is injured in an auto collision during a police chase. The occupants in the police car are killed. The insured is convicted of reckless driving and manslaughter. If the insured files a claim, the insurance company will MOST likely take which of the following actions? O A. Pay full benefits OB. Pay partial benefits O C Deny the daim only COD. Deny the daim and return the premiums paidarrow_forwardJ owns a Disability Income policy Before purchasing the policy, I suffered a major back injury that is specifically excluded for coverage under the policy. The clause in J's policy that EXCLUDES back injury claims is found in lhe: A.Guaranteed Insurability rider B. Recurrent Disability clause C. Concurrent Disability clause D. Impairment riderarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education