Ch. 14 Legal Environment – Flashcards
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in the absence of an express agreement
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Guy and Hanna do business as G-H Associates, if G-H is a partnership, it is governed by the Uniform Partnership Act
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only if the agreement is reduced to writing.
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Sable and Rex agree while talking on the phone to form a partnership to deal in transfers of real property, which fall under the Statute of Frauds. Their partnership agreement is legally binding
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liable for breach of the duty of loyalty
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Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company. Megan fails to account for the profit. To her firm, Megan is
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dissolves as soon as the first bridge is built
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Hud and Iggy from Jerry-Bilt Construction to enter into the contract to build one bridge. Under their partnership agreement, Jerry-Bilt is to dissolve when the bridge is built. Iggy signs a contract fro the firm to build a second bridge. Jerry-Bilt
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every state
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Esteban and Florian want to form a limited liability company (LLC) to manage their business, Gordian Nuts. LLC statutes have been adopted in
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a partnership
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Sustainable Café LLC is a limited liability company. Like any other LLC, unless Sustainable Café chooses otherwise, the firm will be taxed as
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a franchise
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Real Events Promotion Corporation licenses Stadium Souvenirs, Inc., to sell Real Events caps, sweatshirts, and similar goods. This is
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