Explain fred is liable because he was put on notice

Assignment Help Business Management

Reference no: EM1349231

Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable?

Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge.

Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building.

Neither Ginger nor Fred are liable personally, nor is the partnership, as they did not put the substance in the building.

Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners.

Reference no: EM1349231

Questions Cloud

Describe perfect competition and long-run equilibrium : Describe perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.

Cash conversion cycle of daniels corporation : Daniels Corporation has $15 million of sales, $2 million of inventories, $3 million of receivables, and $1 million of payables.

Definition of belief perseverance : Also, what is a good definition of "belief perseverance" and how it interferes with critical thinking?

Explain organizational change and development : Organizational Change and Development - Paper on organizational development - plan of action based on the OD approach including: Scientific management, Ideal bureaucracy and Administrative management.

Explain fred is liable because he was put on notice : Explain Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge.

What will be the new period of the system : A 23 bullet traveling 240 penetrates a 4 block of wood and emerges going 170. If the block is stationary on a frictionless surface when hit, how fast does it move after the bullet emerges.

Organizational change model : There are many different models of organizational change. Each has advantages and disadvantages. It is up to the organizational development specialist to match the specific model to the current needs of the organization.

Find the expected return and standard deviation : Ebenezer Scrooge has invested 60 percent of his money in share A and the remainder in share B. He assesses their prospects as follows:

Determining joint cost problems : Calculate the amount of joint cost allocated to commercial building lumber (CBL) on a physical units basis. Calculate the amount of joint cost allocated to the mine support braces (MSB) on a relative-salesvalue basis.

User Account

All Pages