BLAW FINAL EXAM SERIES 2024

Istari investigations is a corporation. Its stated purpose is to use magic as a supplement to traditional detective work.... The Istari votes in favor of the merger. This is an example of what? - correct answer an ultra vires act Zach manages and is the primary stylist at Snyder Cuts, a single, solitary, unaffiliated barbershop...Is Snyder Cuts an S-corp, C-corp, or a close corp? Why? - correct answer If Snyder cuts issues only one class of stock it should form as a close corp so it can take advantage of enhanced shareholders protection. Mordor pharmaceuticals, Inc. pleads guilty to criminal allegations surrounding its role in the opioid crisis. Several board members are also indicted and plead guilty, but the chief executive officer is not. What sort of penalty will Mordor face, if any? - correct answer Mordor will pay a monetary penalty Boromir and Faramir are directors at MTC.... Will the court find that the board is liable to the shareholders? - correct answer No, because board members are not liable to shareholders for honest mistakes of judgement and bad business decisions Shire Inc. is a small company owned by Sam and his friends. Sam is also the CEO... What is the likely outcome and why? - correct answer The court will find that because Bombadil treated shire like a corp. Bombadil is estopped from denying Shires corp statutes Erebor Inc is a statutory close corp. One major benefit of close corp status is that: - correct answer the corporation is managed like a partnership meaning that is not required to follow the usual corporate formalities Adrian is the majority shareholder of Veidt corp owning 65% of the shares... to what extent is Adrian liable for Veidt's debt - correct answer Adrian is liable to the extent of his investment in Veidt Brett and Jermaine are both shareholders in Concorde corp. In an effort to ensure that his vote is cast on these issues, Brett submits a form designating Jermaine as his.. - correct answer proxy