86. The following rights of partner who has not caused dissolution wrongfully, except:
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A: true
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- Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 as capital. No papers are ever filed, and after ten months the enterprise fails, its liabilities exceeding its assets by $30,000. Creditors of the partnership seek to hold Madison and Tilson personally liable for the $30,000. Explain whether the creditors will prevail.Anthony and Karen were partners doing business as the Petite Garment Company. Leroy owned a dye plant that did much of the processing for the company. Anthony and Karen decided to offer Leroy an interest in their company, in consideration for which Leroy would contribute his dye plant to the partnership. Leroy accepted the offer and was duly admitted as a partner. At the time he was admitted as a partner, Leroy did not know that the partnership was on the verge of insolvency. About three months after Leroy was admitted to the partnership, a textile firm obtained a judgment against the partnership in the amount of $50,000. This debt represented an unpaid balance that had existed before Leroy was admitted as a partner.The textile firm brought an action to subject the partnership property, including the dye plant, to the satisfaction of its judgment. The complaint also requested that, in the event the judgment was unsatisfied by sale of the partnership property, Leroy’s home be sold and…Theo, a member of TGI partnership, withdrew from the partnership and duly notified the other members. The firm was an at-will partnership and the parties parted amicably, posting a notice in the local newspaper of the dissolution of their firm. Cosmo, a customer who had conducted business with Theo several times, did not see the newspaper notice and was not informed of the dissolution. Later, Theo approached Cosmo concerning a transaction similar to those Cosmo had engaged in before with Theo acting on behalf of TGI. Cosmo placed an order, gave a substantial down payment to Theo, and received a receipt on TGI stationery from him. Theo thereafter absconded with the down payment, and TGI failed to honor the contract. Cosmo sued the other members of TGI partnership. Discuss their potential liability.
- Anderson and Tallstrom are partners in Rancho Murieta Investors (RMI). Anderson owns 80 percent of RMI; Tallstrom owns the other 20 percent and is the managing partner of RMI. Hellman obtained judgments against Anderson in his individual capacity for more than $440,000. After various unsuccessful attempts to enforce the judgments, Hellman obtained an “Order Charging Debtor John B. Anderson’s Partnership Interest” in RMI. Despite the charging order, Hellman has not received any monies in satisfaction of the judgments because RMI had not generated profits and was not expected to do so in the near future. Explain what Hellman’s rights are with respect to the unsatisfied charging order.A, married to B, donated in 2010 a parcel of land belonging to the conjugal partnership to C, a minor of 16, subject to the condition that C shall become his mistress. The donation was duly accepted by C and by her parents. After the perfection of the donation, C became the mistress of A. When A died in 2015, his widow, B, and his legitimate children, X and Y, took possession of the land. Subsequently, C commenced an action for recovery of the property. Defendants advanced the defense that the contract of donation is inexistent because of the illegality of the cause; consequently, it has not produced any effect whatsoever. Plaintiff, however, contended that what is illegal is the motive of the donor and not the cause, since the contract in this case is one of pure beneficence. a.)What is the character of the contract — is it valid, void or inexistent? Reasons. b.) Assuming that the contract is either void or inexistent, what are its effects if any? Reasons.On June 30, 2005, Martin Hendrickson and Solveig Hendrickson were married, and on January 3, 2006, a home previously owned by Martin was conveyed to them as joint tenants and not as tenants in common. Solveig Hendrickson paid no part of the consideration for the premises. On August 3, 2013, Martin Hendrickson duly executed a Declaration of Election to Sever Survivorship of Joint Tenancy by which he endeavored to preserve an interest in the premises for Ruth Halbert, his daughter by a previous marriage. On the same day, he executed his last will and testament, by the terms of which he directed that his wife, Solveig Hendrickson, receive the minimum amount to which she was entitled under the laws of the State of Minnesota. Martin Hendrickson died with a valid will on October 9, 2013. a. What are the arguments that the joint ownership was severed by Martin Hendrickson’s declaration thus creating a tenancy in common? b. What are the arguments that the joint tenancy was not severed by…
- James and Suzanne engaged in the grocery business as partners. In one year, they earned considerable money, and at the end of the year, they invested a part of the profits in oil land, taking title to the land in their names as tenants in common. The investment was fortunate, for oil was discovered near the land, and its value increased many times. Is the oil land partnership property? Why or why not?In her will, Teressa granted a life estate to Amos in certain real estate, with remainder to Brenda and Clive in joint tenancy. All the residue of Teressa’s estate was left to Hillman College. While going to Teressa’s funeral, the car in which Amos, Brenda, and Clive were driving was wrecked. Brenda was killed instantly, Clive died a few minutes later, and Amos died on his way to the hospital. Who is entitled to the real estate in question?A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partners
- Curtis, who was blind, signed a will with an X in the presence of two witnesses. Is the will valid? Farber made a will leaving his estate to his wife and three children. After making the will, he and his wife adopted two children. Are they entitled to a portion of the estate under the will upon Farber’s death? Seward, age 15, made a will leaving all her property to her brother. She died ten years later. Will the will be upheld?Glenn refuses an invitation to become a partner of Dorothy and Cynthia in a retail grocery business. Nevertheless, Dorothy inserts an advertisement in the local newspaper representing Glenn as their partner. Glenn takes no steps to deny the existence of a partnership between them. Ron, who extended credit to the firm, seeks to hold Glenn liable as a partner. Is Glenn liable? Explain.The Cutler Company was duly merged into the Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by the Stone Company for the balance of the subscription. Yetta, who took no part in the merger proceedings, denies liability on the ground that, inasmuch as the Cutler Company no longer exists, all her rights and obligations in connection with the Cutler Company have been terminated. Explain whether she is correct.