Explain lawsuit against the vice president seeking payment, Operation Management

Soda Dispensing Systems Inc. (SDS) was owned by two shareholders, each of whom owned half the stock. One shareholder was president and the other was vice president. Their shareholders' agreement stated that neither could commit corporate property without the written consent of the other. When SDS went out of business, the two agreed to sell the assets, split the proceeds, and pay $9,000 to their accountant, Carter. Later, the president committed SDS to pay Carter $24,000, claiming that he had the authority, as president, to make that commitment. When the accountant tried to collect, the vice president objected, asserting that the president exceeded his authority. The accountant filed a lawsuit against the vice president seeking payment. How should the court rule? Discuss fully.

Posted Date: 2/3/2014 12:07:26 AM | Location : United States







Related Discussions:- Explain lawsuit against the vice president seeking payment, Assignment Help, Ask Question on Explain lawsuit against the vice president seeking payment, Get Answer, Expert's Help, Explain lawsuit against the vice president seeking payment Discussions

Write discussion on Explain lawsuit against the vice president seeking payment
Your posts are moderated
Related Questions
Explain the concept of a process approach. What is scope? Explain the concepts of normative references?

Analyze Apple, Inc.'s legal and compliance policies and practices. How do these policies and practices align with Apple, Inc.'s legal compliance standards? If alignment is n

Which of the following could not be used as a fire wall? a. hub b. router c. server d. PC

Medical Solutions, Inc. has the following claims it must complete in the next week (40 hours). The jobs are as follows: Claim Type Number of Claims to Process Setup (Changeover) Ti

State how production standards place managements and unions at odds against each other. Why do some unions prefer the right to strike in this matter while others prefer arbitration

Ongoing risk exists in any project. Once a project starts, risk increases. How should one monitor and mitigate risk in a rapidly changing project?

Answer the following questions on the Topic of Ethics / Pepsi 1 Pepsi asserts that its products meet all applicable government safety standards. From an ethical perspective, is

Performance & Productivity Measurement -Theory of Constraint Traditional financial measures of performance have been criticised by Kaplan and Norton (1992) who voiced thei

Identify three human resource practices that can impede customer service employees from delivering high quality service. Describe how you would modify each practice to promote high

Klein Karpet cleaned 65 rungs in October, consuming the following resources: Labour: 520 hours at$13 per hour Solvent: 100 gallons at $5 per gallon Machine rental: 20 days at $50 p