(a) Material facts of the case Hacon & Sons Pty Ltd is a family grazing business and a trustee for the Hacon Family Trust. After Mr Walter Hacon and his wife passed away, the remaining shareholders of the Hacon & Sons Pty Ltd are their three sons. The properties that trustee’s grazing business were conducted on are owned by corporate subsidiaries of the trustee, and three sons. The allocation of the operation profit of the company is not conducted by dividend but invest to the distributed fund by the trustee in “off-farm assets”.…
The general rule says, company has approved or endorsed an act or contract that has been done or made except prior authorization. (PRBL Week 5 2015) As Karen and Jones were two legal directors so they were legal authority by law to take decisions. They thought it would be a good expansion opportunity for Delish and took the loan.…
Next step to this was to draft a proposal for square trade and ask for additional data fields that are necessary for the audit. Different steps were identified in this meeting and the particular artifacts that we would require to inspect were laid out. 5. 23 checks that have been returned to us were posing a problem for our accounts payable as checks lying in their department more than 4 months are subject to inspection. The issue was alleviated by a handover procedure suggested by me to void all those checks and let BWG take over and issue these checks from their end.…
Carter V. Tokai Financial Services, Inc. In the case, it follows Randy P. Carter and Tokai Financial services, Inc. where Tokai sued Carter for money that was not given under a lease agreement that the two had entered. It as stated that ARC made 4 of the rental payments before they defaulted on the obligation they had with Tokai. Following the ceasing of payment, Tokai the repossessed the equipment and sold it for $5,900. After the sale, Tokai brought a suit against in which they were awarded $56,675.74.…
UCM:CPSW did a home visit and met with Landen and Mr. Keith. Landen was playing with his toys during the visits and watching children cartoon. Also, at times he was playing with his father Keith. CPSW asked Mr. Keith who is living with him. He stated that he is living alone with his child.…
Simon was correct to question whether or not Frosty Co. could capitalize some of the interest on the new loan. After checking with GAAP, it was determined that Frosty Co. cannot capitalize the interest on the new loan as part of the construction project on the new factory. According to GAAP, three conditions must be met in order for the interest to be capitalized: expenditures for the asset must have been made, activities that are needed to get the asset ready for its use are already in progress, and interest costs are being incurred. Unfortunately, Frosty Co. does not meet the second requirement.…
On 10/10/2015, at approximately 0243 hours, your affiant was on routine patrol in a marked patrol vehicle. Your affiant observed a red Ford pick-up truck travelling west in the 700 block of West Centre street (State Route 54). The truck had numerous cracks throughout the entire length of the windshield impairing the operator's visibility. The truck turned right into the parking lot of Boyer's Market. The operator stopped the truck next to vacant parking stales and was blocking the travel lane.…
According to the industry group Airlines for America, 14.2 million people are expected to travel during the 2015 Labor holiday weekend. With that number increasingly on the rise, air travel is booming and has just piqued business titan Warren Buffett’s interests. Warren Buffett’s illustrious Berkshire Hathaway Inc. has recently acquired Precision Castparts in an estimated 32 billion dollar deal that can only be written in the stars. In what is said to be the company’s largest merger, Berkshire Hathaway Inc. paid $235 per share in cash for the company which makes metal equipment for the aerospace industry. The merger is reportedly expected to close in the first quarter of 2016.…
On September 1, 2017, Governor Greg Abbott signed the HB 1935 bill into law. The HB 1935 allows Texans 18 and older to openly carry Bowie and double-edged knives, daggers, swords dirk, spears and or knives 5 ½ inches or longer. An attorney named Stephen Halbrook, noted that the history of the Bowie knives was practically used by hunters for cutting small trees and to skin and process animals. The HB 1935 law came into effect, because of events that occurred 150 years ago, after the civil war; distinct groups paralleled to the Ku Klux Klan terrorized communities with long blades. In 1871, a bill was passed by the Texas Legislature not allowing people to carry knives over 5 ½, swords, brass knuckles and sling shots.…
Contracts are promises, offers, and/or agreements made between two or more parties that becomes legally binding and enforcing (Kubasek, p.304). Regarding the situation of Sam Stevens, he created a new security protection inside his apartment, verbally agreed to have it sold from a chain supply store, and then was notified of eviction due to his security protection disturbing the surrounding neighbors. Between Sam and the store, there was never a signed contract made, but as stated above, Sam did speak with a manager at the store and verbal agreements and promises were made. The store would receive 1000 units of Sams product, directly from Sam himself, and then sell it to consumers from there store shelves. Between Sam and his landlord, Sams…
Discuss the significance of the case AG Seurities v Vaughan. In the two cases tried together, the House of Lords reasoned that having exclusive possession of a bedroom is not enough to form a tenancy and in addition a tenancy cannot be treated as a license in relation to a section which disputes the nature of the agreement. In AG Securities v Vaughan four people were to share a flat with three other people in favour of the landlord after they had signed the lease. The lease agreement was signed by the individuals each at separate times respectively which allowed them to share a flat. Each of the licenses were given at separate times and for separate license fees as people occupied the flat.…
A lawsuit has been filed on behalf of all people who purchased or acquired Pacific Coast Oil Trust (PCOT) securities that became effective on May 2, 2012 and September 19, 2013. It is alleged that PCOT violated federal securities laws in its disclosures. The disclosures issued are believed to misrepresent its business, operations, and prospects. More specifically, it is claimed that the statements are misleading regarding PCOT’s capital expenditures and hedge contracts (Faruqi & Faruqi, LLP). PCOT announced its Secondary offering on September 18, 2013.…
Case 13.3 Kohel v. Bergen Auto Enterprises, LLC Superior Court of New Jersey, Appellate Division, 2013. 2013 WL 439970. Issue: This case involved allegations of breach of contract involving which parties and for what actions?…
Apple is a Public Limited Company, found by Steve Jobs and Steve Wozniak in 1976, which design, develop and sell their goods worldwide and operate in telecom and technology industry. Their headquarters are located in Cupertino, California, USA Apple, being a successful technology and telecom company in the secondary sector who have lots of capital, have chosen to be a Public Limited Company because companies usually become public because they get more capital by selling their shares to shareholders, who own parts of the company. They are also able to get limited liability, which is an advantage where if the company goes bankrupt or fails, the owners will not be fully liable to debt. They’re also able to have continuity, which helps improve…
Berkshire Hathaway: “Trust” and Laissez-faire Management Berkshire Hathaway, under the leadership of Warren Buffett, is one of the largest conglomerate by revenue in the world. It has earned successful achievements and growth from the size and diversity of its asset base including insurance, gas and electric utilities, rail roads, wholesale distribution, manufactured housing and many other specialty finance companies. Looking at the number of acquisitions made by Buffett, this indicates something remarkable about Buffett’s management and governance approach. Unlike what has been typically adopted in the corporate world, Berkshire Hathaway takes on a non-traditional laissez-faire and trust approach – a hands-off management style that requires minimal guidance from leaders and provides employees…