Condominium project contractual obligations

Assignment Help Operation Management

Reference no: EM132257676

The Home Corporation (Homes), a closely held corporation whose sole stockholders were Jerry and Beverly Allen, purshased ten acres of real estate near kahalu on the island of Oahu, hawaii. Homes made a down payment of 50,000£. It was the Allen's intention to obtain approval for a planned unit development from the city and county of Honolulu and then develop the propertywith some 60 condominium townhouse. To further the project, the Alllen'project. The two parties entered an agreement whereby a new Hawaiian corporation would be formed to build the comdomniums, with Hardley owning 51% of the corporation's stock and the Allens the remaining 49%. The two parties began extensive planning and design of the project. They also took out $70,000 loan from the Bank of Hawaii. After a year had gone by, Hardley informed the Allens that he was no longer able to advance funds to the project. Soon thereafter, the city and county denied their zoning application. The new corporation was never formed.

Who is liable for the failed condominium project's contractual obligations?

Reference no: EM132257676

Questions Cloud

Market research on the eyewear industry : Topic of Research: Market Research on the Eyewear Industry.

Discuss the new ideas that emerged from the great schools : Discuss the new ideas that emerged from the Great Schools of the Axial Age. Compare and contrast the ideas of China's sages with the ideas emerging.

Opportunities leading to the core decisions : Identify the key issues/problems/opportunities leading to the core decisions.

Explain the historical context of the film : In what ways did Charles Norris and Alexander Gettler use science to fight science, especially in the case of Prohibition, leaded gasoline, and radium?

Condominium project contractual obligations : Who is liable for the failed condominium project's contractual obligations?

What is the right number of toilets to have in bathroom : “What is the right number of toilets to have in a bathroom?” We all must use toilets every day, and we often need to use public toilets.

How has your perception of this ethnic group changed : How does your selected religious group differ from other religious groups (in beliefs, worship practices, or values)?

Drivers for the recent growth of global virtual teams : What are the rationale and drivers for the recent growth of global virtual teams?

Describe how the history of lathy migration to us is linked : Describe how the history of Lathy migration to the U.S. is linked to U.S.' involvement in the political and economic affairs of Latin America.

User Account

All Pages