Discuss the liabilities of the parties to ah long finance

Assignment Help Business Law and Ethics
Reference no: EM133352870

Question

Sam and Daniel, who are young entrepreneurs, formed a partnership called S-D Enterprise, to sell high tech drones. Neither of them have any past experience in selling high tech devices and hence approached Teresa for help. Teresa agreed to provide her expertise to the firm provided she is given a 20% share of the profit made by the partnership. Under Teresa's stewardship the firm prospered.Sam and Daniel left the firm under the sole management of Teresa. Unknown to Sam and Daniel, Teresa borrowed RM100,000 from Ah Long Finance in the firm's name, purportedly to finance an expansion of the business. Ah Long Finance loaned the money to her, believing it to be for the firm, at an interest rate of 15% over current Bank Negara's rate. Teresa used the loan amount to purchase a multi-purpose vehicle which she uses mainly for her private purpose. The firm failed to make repayment of the loan. Discuss the liabilities of the parties to Ah Long Finance.

Reference no: EM133352870

Questions Cloud

Party documents and evidence prior to trial : In the Superior Court, you are entitled to disclosure of the other party's documents and evidence prior to trial.
Relation to undue influence and unconscionable conduct : Jeffery gifted his land and house to James, a man he had known for many years and whom he had a strong affection.
External and internal opportunities and threats : The Organisation must consider both external and internal opportunities and threats, as well as identify their strengths and limitations.
Hospitality businesses are regulated by variety of laws : Hospitality businesses are regulated by a variety of laws, including federal, state, and local laws. What are the primary sources of these laws,
Discuss the liabilities of the parties to ah long finance : The firm failed to make repayment of the loan. Discuss the liabilities of the parties to Ah Long Finance.
Compliance with law statement : A "compliance with law statement" may be made electronically only by qualified lawyers.is this true or false?
Small gas station : Sam owns a small gas station in Alberta. He is very angry that a customer has failed to pay her outstanding account with his business,
Discuss what is meant by eminent domain : Discuss what is meant by eminent domain and whether it would be an appropriate action by the Grand Bay City Council.
Identify four negative consequences paralegal : Identify four negative consequences a paralegal/legal assistant may face if he/she engages in unethical conduct.

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Is there a contract between mcelfresh and big burger

After he had been swimming for four hours and was about halfway across the sound, McElfresh saw another plane pulling a streamer that read, "Big Burger revokes.

  Explain the mosaic theory with a specific context

Explain the mosaic theory with a specific context/scenario. (how does it affect and what could be the consquences in context to; health, financial, research)

  Explain the difficulties the commonwealth parliament has

Explain the difficulties the Commonwealth parliament has had in legislating a national consistent approach to Corporations law in Australia

  What are vitiating factors of contract law

What are the three essential elements of a contract? What are the vitiating factors of contract law? What are the main damages in contract law?

  Description of how crime is related to addiction

Include the following in your presentation: The characteristics of addiction and substance abuse and A description of how crime is related to addiction

  A completed request for service worksheet an fillable

a lot of the work done by a digital forensic investigator is done in the field and documentation is crucial. for the

  Theodore brown and james green legally create the business

Can Theodore Brown and James Green legally create the business that Ted Brown and Jim Green have been discussing? Why, or why not?

  What other states have anti-spyware law

What other states have anti-spyware law? Why are anti-spyware laws important? Or aren't they? Discuss what makes the Texas anti-spyware law significant

  What is the main function of a jury

Why do you believe some people do not want to perform their duty by sitting on a jury? What are some of the potential issues or risks if they do?

  Describe and explain two models of ethics-morality

Describe and explain two theories/models of ethics/morality as outlined in the text. One of them should be close to a model that you believe in or one you can relate to.Compare the theories/models of ethics/morality. What is different about them? W..

  Examine the relationship between poverty and crime

Briefly describe the situation discussed in your article and then explain how a relationship between income and the crime rate is not the same as income level causing crime.

  Is political control of the bureaucracy beneficial

When working with bureaucrats, elected officials (the president or members of Congress) face the problem of political control.

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