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Midterm

ADMS 2610 Study Guide - Midterm Guide: Legal Personality, Limited Partnership, Fiduciary


Department
Administrative Studies
Course Code
ADMS 2610
Professor
Robert Levine
Study Guide
Midterm

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(a) A has just offered to buy B¶s boat for $20,000. B accepts offer and tells him that the boat is in great condition;
something that B knows is not true. When the contract is prepared it only refers to the boat and not B¶s statement.
When A gets the boat, he finds it needs repairs. A wants to return the boat and get his money back, advise A?
Fraudulent Misrepresentation- false statement by B that knew the boat was not in great condition; remedy =
recession + tort damages; contract is voidable.
Parole Evidence---Condition Precedent: condition has to be satisfied before comes into contract.
Collateral Agreement: inducement by B to get A into contract by telling boat in great shape.
(b) June 1st A and B agree that A, in Montreal will ship shark fins to B in England by August 1st. The goods are
shipped from Toronto on July 26th and while they are in transit, there is an unexpected road blockade, which
forces A¶s ship to stay in Spain preventing delivery to England on Aug 1st. A now wants to know whether his
obligations are at an end. Advise A with your reasons.
Frustration; performance is possible and contract is at en end.
(c) Same facts as in (b), but A¶s ship has found a way around the blockade by taking a different route to get the
goods to B in England at a cost equal to 25% of the contract price. Advise A with your reasons.
= Not frustration, performance is possible at an extra cost; hardship as A must complete & pay extra.
(d) Jan 1st, John enters into a contract with George whereby George will renovate John¶s apartment building for
$100,000 with the work to be completed by May 15th. Renovations will take 29 days once construction starts. By
April 18th, George has not begun the renovations. Advise John of his rights with reasons.
= Breach of contract; implied repudiation; anticipatory breach- terminate contract or keep alive.
(e) Same facts as in (e), but this time on April 16th John offers George another $10,000 if George starts on time
and so George starts on April 17th, completing the work by May 15th after which George asks John for
$110,000. Advise John of his obligation(s) with your reasons.
= Fresh consideration; no obligations to pay extra money.
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(a) Explain the defense of fair comment, including the tort to which it applies.
= Defamation- due diligence on defense; give respondent opportunity to respond.
(b) A likes playing his music very loud. After 3-weeks of listening to A¶s music at all times of day and night, A¶s
neighbour B is fed up, but does not know what to do. Advise B of his rights with your reasons.
= Nuisance- enjoyment of interruption to another person property; remedy = injunction + damages
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(a) Two professionals wish to start up a charitable organization. They will first pay their salaries out of the
charitable donations and then give the balance to charities. Advise them providing your reasons.
= Cannot use partnership because does not include non-profitable charities.
(b) Limited liability partnership and provide any mandatory requirements.
= debts/obligations; 1 party negligence only that party is liable; requirements: limited liability partnership
agreement & registered w/govn.
(c) Limited Partnership and provide any mandatory requirements for it.
= 1 party is limited partner who is investor & doesn't want any liabilities, other party is general partner handles
operations; requirements: limited partnership agreement must be registered.
(d) What a corporation? Legal entity created by statute; requirements: register Articles of Incorporation.
Role of the shareholders? Number of common shares they hold & elect the directors.
Role of the directors? Manage the company & management decisions.
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