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LAW CASES Chapter 11 - 15

by: ANM Notetaker

LAW CASES Chapter 11 - 15 ACCT 215

Marketplace > Iowa State University > Accounting > ACCT 215 > LAW CASES Chapter 11 15
ANM Notetaker
GPA 3.82
Business Law
Michael Bootsma

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Business Law
Michael Bootsma
Study Guide
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This 3 page Study Guide was uploaded by ANM Notetaker on Tuesday December 15, 2015. The Study Guide belongs to ACCT 215 at Iowa State University taught by Michael Bootsma in Summer 2015. Since its upload, it has received 373 views. For similar materials see Business Law in Accounting at Iowa State University.

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Date Created: 12/15/15
FINAL EXAM CASES CHAPTER 11 15 Stewart Vs Judy Stewart has a farm but actually they re not the owners Farmed wo permission of true owners udy was actually the owner of the land COURT Stewart POSSESSED the land hostile actual exclusive open and continuous manner Marriage of Heinzman Beth and William moved in together Will buys a house and deeds himself and Beth as IOINT TENANTS Engaged but never marry Beth sues William common law marriage COURT Beth was a TRUSTEE not a coowner Ellish vs Airport Parking Co Ellish parks her car Receives ticket Exculpatory Clause Car disappears COURT NOT A BAILMENT because plaintiff parked her own car Vulcan Metals Co vs Simmons Vulcan purchases vacuum cleaners from Simmons Vulcan sues Simmons misrepresented the capabilities of vacuums not effective COURT Claims were FACT not opinion and could be considered misrepresentations Discount Tobacco vs USA Misleading advertising is inherently likely to deceive or where the record indicate that a particular form has in fact been deceptivequot COURT Use of certain COLORS IS NOT DECEPTIVE in this court s mind The Act is properly tailored under Central Hudson Clemens vs Lesnek Plaintiff purchase home in as isquot condition Filed complaint against defendant for FRAUDULENT CONCEALMENT OF LATENT DEFECTS Principle of Caveat Emptor disclose concealed dangers amp seller remains liable to 3rd parties for dangerous condition COURT Denied defendants motion of judgment because as isquot clause will NOT preclude a claim of FRAUD Torosyan vs Boehringg Pharma Torosyan hired by Boehringer as a chemist Toros was wrongfully accused for submitting false expense reports amp got fired COURT IMPLIEDINFACT CONTRACT just do a good job and Boehringer will take care of youquot potential basis for an express employment contract not at will Griggs vs Duke Power Co Duke Power INTENTIONALLY discriminate against African Americans Company implement requirement of a highschool diploma to prevent African American from gaining employment COURT Requirement of diploma UNINTENTIONALLY DISCRIMINATING Vande Zande v Wisconsin Plaintiff Vande Zandeemployed by the state of Wisconsin Plaintiff suffered pain from ulcers State argued ulcers were not a disability because it caused pain in episodes not continuously and court disagreed because the pain was a symptom of her disability COURT AGREE that the state did not have to allow her to work from home In re ha Mr Iha filed CHAPTER 13 IRS received notice IRS sends letters of intent to levy on his which violated AUTOMATIC STAY MR Iha claimed IRS actions caused distress and he missed work and canceled family vacation COURT Award 20 for extra medication but he did not prove damages of lost wage Commodity Future TradingLs Weintraub Chicago Discount Commodity Brokers CDCB files for CHAPTER 7 Iohn Notz Jr is appointed as trustee CDCB s attorney Weintraub raised the attorneyclient privilege when being questioned by the Commodity Futures Trading Commission COURT Mr Notz has this power Supreme Court mentions the managers can be stripped of their powers by a bankruptcy court and these powers could be allocated back to the trustee In re lohnson Debtors purchased land and granted the bank a security interest in the land Debtors parked a mobile home on the land Debtors did not make timely payments to the bank for the land Bank claimed its security interest had attached to the mobile home because it was real property COURT mobile home was not permanently affixed to the land and so the bank could not have a security interest in the mobile home In re Miller Miller couple files for bankruptcy Trustee alleges abuse based upon Voluntary contributions to retirement plan Payments on a mortgage for family member Excessive voluntary withholdings from paycheck for income tax COURT Did not find bad faithquot but did find the Miller s had sufficient income to repay their debts Rembert vs Citibank S Dakota Benethel Rembert had a gambling problem Ms Rembert begins to suffer gambling losses Takes out credit cards to get cash advances Takes out a second mortgage Bankruptcy court found some of her credit card debt was not dischargeable because she had fraudulent intent when she took out the credit cards COURT NOT A FRAUDULENT ACTIVITY to take out the credit cards Ohio vs Kovac amp W Enterprises State of Ohio obtained an injunction against Mr Kovacs because he failed to clean up hazardous waste at his business Mr Kovacs argued the injunction was debt or a liability on a claimquot COURT Mr Kovacs would owe the state money if he did not clean up the site so he technically owed a debt which could be discharged Perpetual Real Estate vs Michaelson Property Perpetual Real Estate Services asked the court to pierce the corporate veil disregard limited liability of Michaelson Properties The plaintiff PRES and defendant corporations Michaelson Properties had formed several partnerships One of these partnerships was sued and the plaintiff paid the judgment Plaintiff sued the defendant seeking reimbursement The plaintiff claimed the sole shareholder of Michaelson Properties should be held personally liable COURT Only corporate veil will only be pierced where a shareholder has used the corporate form to disguise wrongs obscure fraud or conceal crimequot Having control of the corporation and using it carry out shareholder objectives is NOT ENOUGH Diamond vs Oreamuno Shareholders of Management Assistance Inc MAI filed suit against some of the officers and directors of MAI The shareholders alleged the defendants sold their stock right before MAI released negative information The defendants knew about the negative information Restatement 2d of Agency Section 388 states an agent who acquires confidential information in course of his employment or in violation of his duties has a duty to account for any profits made COURT The court found federal securities law had not been violated but the defendants breached their fiduciary duty to the company by using inside information


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