Engage in the manufacture of farm implements

Assignment Help Management Theories

Reference no: EM131045225

Frank McAnarney and Joseph Lemon entered into an agreement to promote a corporation to engage in the manufacture of farm implements. Before the corporation was organized, McAnarney and Lemon solicited subscriptions to the stock of the corporation and presented a written agreement for the subscribers to sign. The agreement provided that the subscribers would pay $100 per share for stock in the corporation in consideration of McAnarney and Lemon's agreement to organize the corporation and advance the preincorporation expenses. Thomas Jordan signed the agreement, making application for one hundred shares of stock. After the articles of incorporation were filed with the Secretary of State, but before the charter was issued to the corporation, Jordan died. The administrator of Jordan's estate notified McAnarney and Lemon that the estate would not honor Jordan's subscription. After the formation of the corporation, Franklin Adams signed a subscription agreement making application for one hundred shares of stock. Before the corporation accepted the subscription, Adams informed the corporation that he was canceling it. (a) Can the corporation enforce Jordan's stock subscription against Jordan's estate? (b) Can the corporation enforce Adams's stock subscription?

Reference no: EM131045225

Questions Cloud

Why the given situation represents a risk : Auditing ACCT 3000 - Identify and discuss why the above situation represents a risk and By applying auditing knowledge, identify the main account or group of accounts affected in the audit plan by the risks identified in (a).

Green & freedman baking company : Green & Freedman Baking Company (Green & Freedman) was a family-owned Massachusetts corporation that produced and sold baked goods. The terms of a collective bargaining agreement required Green & Freedman Baking Company to make periodic payments o..

The loan calls for equal annual payment : Prepare an amortization schedule for a 10-year loan of $150,000. The interest rate is 8% per year, and the loan calls for equal annual payment. How much interest is paid in the eighth year? How much total interest is paid over the life of the loan?

Determine whether the tool would be beneficial in testing : Determine whether the tool would be beneficial in testing the security of a corporate network. Use the vendor's website to collect necessary information about the tool to be able to explain its purpose and benefit.

Engage in the manufacture of farm implements : Frank McAnarney and Joseph Lemon entered into an agreement to promote a corporation to engage in the manufacture of farm implements. Before the corporation was organized, McAnarney and Lemon solicited subscriptions to the stock of the corporation ..

What recent evidence about the performance : What recent evidence about the performance of ACOs can you find? Are they growing? Are they saving money? Do enrollees seem to like the care they get? Is the quality of care good?

A bond is issued with coupon : A bond is issued with a coupon of 4% paid annually, a maturity of 30 years, and a yield to maturity of 7%. What rate of return will be earned will be earned by an investor who purchases the bond for $627.73 and holds it for 1 year if the bond's yield..

Forest and landscape of a large tract of public land : The National Park Service is considering two plans for rejuvenating the forest and landscape of a large tract of public land. The study period is indefinitely long, and the Park Service's MARR is 9% per year. You have been asked to compare the two pl..

Find the relationship between the regularization parameter ? : Find the relationship between the regularization parameter λ in the ridge formula, and the variances τ and σ2

User Account

All Pages