Relationship a partnership for a term

Assignment Help Business Management
Reference no: EM131113456

Grace Tarnavsky and her sons, Manny and Jason, bought a ranch known as the Cowboy Palace in March 2009, and the three verbally agreed to share the business for five years. Grace contributed 50 percent of the investment, and each son contributed 25 percent. Manny agreed to handle the livestock, and Jason "agreed to handle the bookkeeping. The Tarnavskys took out joint loans and opened a joint bank account into which they deposited the ranch's proceeds and from which they made payments for property, cattle, equipment, and supplies. In September 2013, Manny severely injured his back while baling hay and became permanently unable to handle livestock. Manny therefore hired additional laborers to tend the livestock, causing the Cowboy Palace to incur significant debt. In September 2014, Al's Feed Barn filed a lawsuit against Jason to collect $32,400 in unpaid debts. Using the information presented in the chapter, answer the following questions.

1. Was this relationship a partnership for a term or a partnership at will?

2. Did Manny have the authority to hire additional laborers to work at the ranch after his injury? Why or why not?

Reference no: EM131113456

Questions Cloud

Sketch the individual phase flux contributions : sketch the individual phase flux contributions and their resultants in vectorial form.
Payroll processing description : Draw a DFD fragment for the following payroll processing description.  You may assume any level of DFD but all details should be captured in your DFD fragment.
Who economy are we helping when we send job overseas : Who's economy are we helping when we send job overseas?" There are so many aspects to this question, not the least of which is that many of the jobs we've sent overseas are low-skilled jobs that American don't want to do or are better done (for vario..
What remedies does he have for the faulty heater : Steve is renting a property from Billy. One evening Steve tripped and fell down the stairs. The issue is that one of the stairs in the common area was faulty. Billy knew about the stair, but he had never got around to fixing it. What remedies doe..
Relationship a partnership for a term : 1. Was this relationship a partnership for a term or a partnership at will? 2. Did Manny have the authority to hire additional laborers to work at the ranch after his injury? Why or why not?
Country has financial account surplus if the balance : A country has a financial account surplus if the balance on the:
What are the risks and benefits of the outsourcing approach : What are the risks and benefits of the outsourcing approach? What are the strategic advantages of outsourcing to vertically integrated firms?
Marketing communications or product offers : Explain how the information gathered about customers can be used to adjust marketing communications or product offers. Consider how mobile marketing can be used as a part of the IMC program.
Determine the resultant mmf : A two-pole, three-phase synchronous generator has a balanced three-phase winding with 15 turns per phase. If the three-phase currents are given by ia = 100 cos 377t, ib = 100 cos(377t - 120°), and ic = 100 cos(377t - 240°)

Reviews

Write a Review

Business Management Questions & Answers

  Evaluate the importance of employee feedback

Evaluate the importance of employee feedback from the manager’s stand point, as well as, the employee’s stand point. Discuss the three approaches managers can take to conducting feedback. In your opinion, what is the approach you would prefer and ..

  How is this industry being influenced by macro environmental

How is this industry being influenced by macro-environmental trends that one might identify through a PESTEL analysis? The company is Zappo's.

  What is the whole foods company strategy

What is the Whole Foods' company strategy? What were the company's goals and were they successful in achieving those goals?

  Show the leaders in art and entertainment

Do we measure leaders in art and entertainment with the same standards as organizational leaders in the sense that we expect them to behave ethically and be authentic and trusted

  Select and investigate an organization where teams are

select and investigate an organization where teams are frequently utilized. in what ways has the use of teams led to

  On the matrix management structure

On the Matrix management structure, you are able to suggest any acceptable method of paying bonuses on profits that want to be divided amongst different departments to teams working

  Capitalizing the opportunity

Determine the risks that the organization could face by attempting to capitalize on the opportunity?

  What can help improve alpha aeronautics existing

what can help improve alpha aeronautics existing organizational communication practices?a friend of the owner of 1995

  Show service and product design

Write a memo to the production department explaining the difference between service and product design and explain how it can incorporate service into the design process.

  Working in a matrix versus a functional environment

Organizational Structures - Explain what's the difference between working in a matrix versus a functional environment?

  Determining the role of cio

The role of CIO is the most influential capacity in the IT organization. Identify what you believe are the most important characteristics and qualities of successful CIOs. Of the characteristics and qualities you identified above, reflect on those..

  Companies tend to stress individual goals

While American companies tend to stress individual goals, achievement, and reward, Japanese companies

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd