LAW 421 (Contemporary Business Law)

Week 4

WEEK 4 Discussion Question #1

•      What aretheUCCprinciplesofgood faithand reasonableness to sales contracts?

•      What arethedifferent ways thattitletransfers underUCCArticle2?

•      Which partybears therisk?

•      What distinguishes asaleon approval,saleon consignment,andsaleor return underUCCArticle2?

WEEK 4 Discussion Question #2

Greg,Kim,Phil,and Tianyaeachown 20percent ofthesharesofacompanyand serveas theboard ofdirectors ofthecompany,HomeHealth,Inc. Samis also a20 percent shareholder,but sheisnot amemberoftheboardofdirectors.When Tianyadies,her husband Michaelinheritshersharesofstock that werethen worth

$100,000,and replaces Tianyaon theboard ofdirectors.Unfortunately, Michael is sogrief–stricken that heis completelyinattentiveto corporateaffairs.During this period,Greg,Kim,and Phil extend loans to themselves totaling$250,000 from corporatefunds that theyneverpayback. When Samdiscoversthat HomeHealth, insolvent,shesues Michael forbreach ofhisdutyofcaretothecorporation.

·   Discuss Michael‘sliabilityand fiduciaryduties.

MayMichael assertthelimited liabilityofthecorporateformas adefense?

·   Is it likelythat acourt will piercethecorporateveil?Explain.

Week 4 Assignments:

LAW 421 WEEK 4 Critical Reflection (700+ Words)

LAW 421 WEEK 4 Individual Assignment

LAW 421 WEEK 4 Team Learning (1150+ Words)

LAW 421 WEEK 4 Team Learning Reflection (400+ Words)

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