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1 Law for Accountants Fall 2016 Final Exam Instructions for Questions 1 – 21: Record your answer to each question on a separate sheet without repeating the question. You are not required to explain your answers. 1. Brent operated a wholesale landscaping supply business. One day a prospective customer, Brian, came to Brent’s place of business and placed a large order for small trees and various ornamental plants. Brian explained that he was the purchasing agent for Marcus Rasmussen, a large owner of commercial properties in the area, and indicated the purchase should be charged to Rasmussen’s account. Which, if any, of the following could endow Brian with apparent authority to make the purchase on Rasmussen’s behalf? a statement Rasmussen had made to Brian authorizing the purchase Brian’s reasonable belief that Rasmussen had authorized the purchase Rasmussen’s presence during Brian’s conversation with Brent all of the above none of the above 2. Joel wanted to buy commercial real estate that was being offered for sale. Unfortunately, Joel was convinced the seller would not do business with him because a prior deal between them had resulted in a nasty lawsuit. Joel decided to avoid the problem by authorizing a third party, Jonathan, to purchase the property on his behalf. Joel instructed Jonathan to avoid telling the seller he was acting as an agent and not to mention Joel’s name under any circumstances. Jonathan was able to avoid telling the seller he was acting as an agent as they negotiated the deal, and they succeeded in agreeing on terms for the purchase. When it came time to sign the contract, however, Jonathan became nervous about having any personal liability, so he signed the contract “Jonathan, as agent.” Who is bound to the seller under the contract? Jonathan Joel both neither 3. Whitney engaged Beverly to do some painting at apartments Whitney owned. Their engagement agreement says that Beverly will follow Whitney’s instructions regarding the manner and means of Beverly’s work, but Beverly has been painting at Whitney’s apartments for over six months and Whitney has never given Beverly any instructions. Is Beverly Whitney’s employee?
2 yes no cannot say without more information 4. Raj just learned that one of his employees had injured a customer who had come into Raj’s place of business. Will the “respondeat superior” doctrine require Raj to compensate the injured person? yes, if the employee was acting within the scope of her employment no, if the employee was committing a crime 5. American Parcel Express, a multi-national package shipment company, hadn’t hired any recent graduates for its corporate accounting department for many years. A few months ago the company hired Herb, a 22 year-old who had just graduated from St. Ambrose, as an entry-level accountant in the department. Almost immediately Herb’s co-workers, who were all substantially older and more experienced than Herb, began to harass him cruelly about his age. Among other things, they nicknamed him “the infant,” referred to his cubicle as “the nursery,” and left pacifiers, diapers, and other baby supplies at his desk when he stepped away. Even Herb’s supervisor Ron, one of the company’s high-level managers, joined in the harassment. Ron brought a child’s high chair to the office and invited Herb to take a seat in it at meetings. Ron also regularly disparaged Herb after Herb had made important presentations, telling Herb – in front of the other accountants – to come back and try the presentation again “when he finished teething” or “after he was weaned.” And whenever Herb asked for assistance or direction, Ron told Herb that he wasn’t Herb’s “mommy” or that he wasn’t there to “nurse” Herb. The relentless treatment became so severe and pervasive that Herb couldn’t eat, sleep, or concentrate, and his job performance deteriorated dramatically. Herb recently filed a complaint alleging his employer has violated the federal employment discrimination laws by creating a hostile work environment. Has the employer done so? yes, if a reasonable person would consider the conduct hostile or abusive no 6. BagelTime, Inc. is a corporation that operates a bakery in Iowa City. Arnold, a local entrepreneur, saw an opportunity in BagelTime’s inability to deliver its products to prospective customers. He proposed an agreement, between himself and BagelTime, that would allow them to capitalize on the opportunity. Using a truck Arnold owned and with seed capital provided by BagelTime, the operation would deliver BagelTime’s products for a small fee paid by BagelTime’s customer. The fee would be set in an amount sufficient to make the delivery operation profitable, with Arnold and BagelTime sharing the profits equally. BagelTime agreed, but the operation failed to
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