Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6 % interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance. To find: The circumstances in which a member of an LLC is liable for the debt of the firm.

Question

B. Hawkeye Bank & Trust and affiliated banks agreed to refer bank customers to Financial Marketing Services, Inc. (FMS) for the purchase of life insurance. Hawkeye and FMS shared the commissions. Hawkeye employees and some independent agents licensed through FMS made the actual sales; however, all insurance business was FMS’ property. Because of concern about the confidentiality of bank customer information, Hawkeye decided to terminate its contract with FMS and sell insurance directly to its customers. The independent agents claimed Hawkeye terminating the contract with FMS constituted intentional interference with the agents’ contracts and prospective relations. Was it? Explain your position.

Answer 1

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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B. Hawkeye Bank & Trust and affiliated banks agreed to refer bank customers to Financial Marketing Services, Inc. (FMS) for the purchase of life insurance. Hawkeye and FMS shared the commissions. Hawkeye employees and some independent agents licensed through FMS made the actual sales; however, all insurance business was FMS’ property. Because of concern about the confidentiality of bank customer information, Hawkeye decided to terminate its contract with FMS and sell insurance directly to its customers. The independent agents claimed Hawkeye terminating the contract with FMS constituted intentional interference with the agents’ contracts and prospective relations. Was it? Explain your position.

OTC Ltd has ten members which included Hudson, a chartered accountant, not employed to the Company. The articles of the Company contained a provision that Hudson would be employed by the Company to do the Company’s account by February 20, 2011 for a stated fee. Several months after the date stated Hudson did not hear from the Company and after several inquiries he was told that the Company hired another accountant. Hudson has decided to take action against the Company. Advise him

Vuitton, a French corporation, manufactures high-quality handbags, luggage, and accessories. Crown Handbags,. a New York corporation, manufactures and distributes ladies’ handbags. Vuitton handbags are sold exclusively in expensive department stores, and distribution is strictly controlled to maintain a certain retail selling price. The Vuitton bags bear a registered trademark and a distinctive design. Crown’s handbags appear identical to the Vuitton bags but are of inferior quality. May Vuitton recover from Crown for manufacturing counterfeit handbags and selling them at a discount? Explain.

Answer 2

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 3

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 4

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 5

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 6

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Answer 7

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Answer 8

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Answer 9

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Answer 10

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

Answer 11

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

Answer 12

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

Answer 13

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

Answer 14

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 15

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 16

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Answer 17

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Answer 23

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Answer 27

Ch. 17 - Prob. 1RE Ch. 17 - Prob. 2RE Ch. 17 - Prob. 3RE Ch. 17 - Prob. 4RE Ch. 17 - Prob. 1IS Ch. 17 - Prob. 2IS Ch. 17 - Prob. 1BS Ch. 17 - Prob. 2BS Ch. 17 - Prob. 3BCP Ch. 17 - Prob. 4BCP

Solution Summary: The author explains the circumstances in which a member of an LLC is liable for the debt of the firm.

Chapter 17 Solutions