Reference no: EM131389325
Charles and Jack orally agreed to become partners in a tool and die business. Charles, who had experience in tool and die work, was to operate the business. Jack was to take no active part but was to contribute the entire $500,000 capitalization. Charles worked ten hours a day at the plant, for which he was paid nothing.
Nevertheless, despite Charles's best efforts, the business failed. The $500,000 capital was depleted, and the partnership owed $500,000 in debts. Prior to the failure of the partnership business, Jack became personally insolvent; consequently, the creditors of the partnership collected the entire $500,000 indebtedness from Charles, who was forced to sell his home and farm to satisfy the indebtedness.
Jack later regained his financial responsibility, and Charles brought an appropriate action against Jack for (a) one-half of the $500,000 he had paid to partnership creditors and (b) one-half of $80,000, the reasonable value of Charles's services during the operation of the partnership. Who will prevail and why?
|
Find short run equilibrium level of output and prices
: Assume a closed economy described by the following equations: C = 300 + 0.6(Y-T) ; I = 500 - 40R; G = 200; T = 200; M = 2800; (M/P)d = 4Y - 100R; SRAS: P = 1; LRAS: Y=1000 e) Find short run equilibrium level of output, prices, and real interest rate.
|
|
What is primary prediction of the philips curve
: Over the past several years, the predictions of the Philips Curve haven’t exactly panned out. Now, with the expectation of meaningful expansionary fiscal policy on our horizon, and starting from near full employment, the predictions of the Philips Cu..
|
|
How many of the partners must agree to achieve objectives
: Creditors are pressing for payment, and some have filed suit. The partners cannot agree on a course of action. How many of the partners must agree to achieve each of the following objectives?
|
|
Economy was initially operating at natural level of output
: Integrating both the IS/LM and AD/AS model, graphically illustrate the SHORT and LONG run impact of implementing a contractionary monetary policy on a closed economy’s equilibrium interest rate, output, unemployment, and price level. Assume that the ..
|
|
Who will prevail and why
: Charles and Jack orally agreed to become partners in a tool and die business. Charles, who had experience in tool and die work, was to operate the business.- Who will prevail and why?
|
|
Firm owe ethical duty to take this product off the market
: Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way. Does the firm owe an ethical duty to take this product off the market? What conflicts might arise if the fir..
|
|
Most researchers agree that an attitude has three components
: Most researchers agree that an attitude has three components. List and briefly describe those three components.
|
|
Explain is glenn liable in given contention
: 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.
|
|
Specify the theory that you believe most closely aligns
: Compare and contrast the significant similarities and differences among the theories of goal setting, self-efficacy, and reinforcement. Specify the theory that you believe most closely aligns with your current or future approach to motivating empl..
|