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ADMS2600S.FL03 - AK/ADMS 2600 ELEMENTS OF LAW ONE SUMMER...

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1 AK/ADMS 2600 ELEMENTS OF LAW: ONE SUMMER 2003 FINAL EXAMINATION 1. 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 dissolved. After 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 municipality's 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 business. A 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 owed. Describe the nature of the municipality's claim and the grounds on which the claim would be based. Discuss any defences to the claim that could be raised by Antony. [10 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 Inc. At 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 Inc.'s 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 Flinstone". Fred 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 investor/land developers group, to call Barney and reassure him that Flinstone Corporation had authority to sign the letter on the investor group’s beh alf. Dino phoned Barney to assure him, but did not reveal the fact that
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