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BUSINESSLAW CHAPTER 44 - Business Law

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MARCH 2009 BUSINESS LAW CHAPTER 44 DEBRA BARONE ANSWERS TO QUESTIONS AND CASE PROBLEMS 1. Because they owned and operated a corporation, they are not personally liable for the debts. It protects them. 2. The court found against Black. Since Graham and Black could not agree on decisions regarding the business, the court decided to dissolve the business. 3. Consolidations and mergers mean that two separate corporations become one corporation. If they merge, one corporation takes over the other and it becomes the one corporation. In a consolidation, both the original corporations are dissolved and a new corporation is formed. A conglomerate is a relationship of a parent company to sub corporations who are engaged in different activities unrelated to the activities of the parent company 4. 5. No, he could not. He would need to vote against the valuation and then recover his shares before the merger occurred. 6. The corporation did ratify the contract and Fairchild was bound to it. The contract was valid. 7. The court found in favor of Bradley and Martin. The lease was between
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