Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 14, Problem 8Q
Summary Introduction
To discuss: The person who prevail.
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Treasure Salvors and the State of Florida entered into a series of four annual contracts governing the salvage of the Nuestra Senora de Atocha. The Atocha is a Spanish galleon that sank in 1622, carrying a treasure now worth well over $250 million. Both parties had contracted under the impression that the seabed on which the Atocha lay was land owned by Florida. Treasure Salvors agreed to relinquish 25 percent of the items recovered in return for the right to salvage on State lands. In accordance with these contracts, Treasure Salvors delivered to Florida its share of the salvaged artifacts. Subsequently, the U.S. Supreme Court held that the part of the continental shelf on which the Atocha was resting had never been owned by Florida. Treasure Salvors then brought suit to rescind the contracts and to recover the artifacts it had delivered to the State of Florida. Should Treasure Salvors prevail? Explain.
Green was the owner of a large department store. On Wednesday, January 26, he talked to Smith and said, “I will hire you as sales manager in my store for one year at a salary of $48,000; you are to begin work next Monday.” Smith accepted and started work on Monday, January 31. At the end of three months, Green discharged Smith. On May 15, Smith brings an action against Green to recover the unpaid portion of the $28,000 salary. Is Smith’s employment contract enforceable? Explain.
David E. Ross, his two brothers, and their families operated and owned the entire stock of five businesses. Ross had three children: Rod, David II, and Betsy. David II and Betsy were not involved in the operation of the companies, but Rod began working for one of the firms, Equitable Life and Casualty Insurance Company, in 2007. Between 2009 and 2013, the elder Ross informed a number of persons of his desire to reward Rod for his work with Equitable Life by giving him stock in addition to the stock he would inherit. He subsequently executed several stock transfers to Rod, representing shares in various family businesses, which were reflected by appropriate entries on the corporate books. Certificates were issued in Rod’s name and placed in an envelope identified with the name Rod Ross, but they were kept with the other family stock certificates in an office safe to which Rod did not have access. In all, one-fourth of the stock holdings of David E. Ross were transferred to Rod in this…
Chapter 14 Solutions
Smith and Roberson’s Business Law
Ch. 14 - Prob. 1COCh. 14 - Prob. 2COCh. 14 - Prob. 3COCh. 14 - Prob. 4COCh. 14 - Prob. 5COCh. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5Q
Ch. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10CPCh. 14 - Prob. 11CPCh. 14 - Prob. 12CPCh. 14 - Prob. 13CPCh. 14 - Prob. 14CPCh. 14 - Prob. 15CPCh. 14 - Prob. 16CPCh. 14 - Prob. 17CPCh. 14 - Prob. 18CPCh. 14 - Prob. 19CPCh. 14 - Prob. 20CPCh. 14 - Prob. 21CPCh. 14 - Prob. 22CPCh. 14 - Prob. 1TSCh. 14 - Prob. 2TSCh. 14 - Prob. 3TS
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