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adms2600s.fl03.pdf

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Department
Administrative Studies
Course
ADMS 2600
Professor
All Professors
Semester
Summer

Description
AKADMS 2600ELEMENTS OF LAW ONE SUMMER 2003FINAL EXAMINATION1 Antony and Cleopatra had a partnership in a very successful banking and financing company that arranged for the importing of Egyptian artefacts The business was a private one but after several years of making massive profits the business went into decline The business was carried on under the name of Anton and Cleopatra Banking but as profit margins declined the partnership was dissolved The business continued to be carried on in the firm name and no notice of dissolution was given nor was a certificate registered It was however well known to the customers of the partnership that the partnership had been dissolvedAfter the dissolution Cleopatra who was also treasurer of the Nile River municipality received money belonging to the municipality From this and other money Cleopatra paid the municipalitys key accounts to its various creditors and made a substantial payment on a mortgage on a new piece of land acquired by the ministry for its new treasury building Cleopatra deposited the remaining money into the Antony and Cleopatra Banking account which was at the same bank where the municipality had its account and then used the remaining money on partnership businessA few days later Cleopatra was bitten by an asp and died from her injuries The bank account was now overdrawn and the municipality sought to bring an action against Antony for the money it was owedDescribe the nature of the municipalitys claim and the grounds on which the claim would be based Discuss any defences to the claim that could be raised by Antony10 marks 2 The Flinstone Corporation carried on business as a representative for investor groups that wanted to buy successful construction companies Fred Flinstone the president of the corporation met with a group of land developers who had recently established the Slate Construction Co and wanted to buy the equipment assets of another construction business Rubble IncAt the direction of the investor group Fred met with Barney Rubble the president of Rubble Inc and negotiated a purchase price of 10 million for all of Rubble Incs tractors caterpillars conveyor belts and dump trucks Fred then prepared a letter of intent which set out the purchase price of the assets and the terms of payment The letter called for the payment of a 1 million deposit within 24 hours of the signed acceptance of the offer by Rubble Inc The letter of intent was signed Flinstone Corporation on behalf of an investor group per Fred FlinstoneFred delivered the letter to the president of Rubble Inc On receipt of the letter Barney asked who the investors were and Fred arranged for Dino a member of the investorland developers group to call Barney and reassure him that Flinstone Corporation had authority to sign the letter on the investor groups behalf Dino phoned Barney to assure him but did not reveal the fact that he was a principal in the group that had established the competitor construction company Slate Construction Co Barney then wrote to Fred to let him know that Rubble Inc would accept the offer1
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