1. (Assume that you and your best friend have decided to form a partnership after graduation.) You have both studied Business Law, so you both know the importance of having a written partnership agreement. Summarize the clauses that you would include in your partnership agreement. Discuss fully.
2. (Compare a partnership, a limited partnership and a corporation) with respect to the following attributes: Discuss fully.
a. How each is created;
b. The liability of persons having an ownership interest;
c. How management is conducted;
d. The duration of existence.
3. a. (Compare the respective roles of the officers, board of directors and the shareholders of a corporation.) Who runs the corporation? Explain your answer and give examples of the kinds of tasks each performs. Discuss fully.
b. How does the management structure of a closely held corporation differ from that of a publicly traded corporation? Discuss fully.
4. (Agatha, Betty, and Clara are sisters who own 300 acres of land as joint tenants.)
a. What interest does each of them have in the parcel of land? Discuss fully.
b. If Betty dies, what happens to her share of the 300 acres? Discuss fully.
c. If Clara sells one-half of her interest to Diane, what interest does Diane acquire in the 300-acre parcel? Discuss fully.
5. a. (How do you distinguish between tangible and intangible property.) Discuss fully.
b. How do you distinguish between real and personal property? Discuss fully.
6. (John Smith and Mary Smith sell a residential home to Ryan Jones and Jennifer Jones.)
a. Please explain and discuss fully the process of the Sale and Purchase of Real Estate.
b. Please explain and discuss fully the differences between Warranty Deeds and Quitclaim Deeds, and when it would be appropriate legally to utilize either a Warranty Deed or a Quitclaim Deed?
c. Please explain and discuss fully the following forms of real estate ownership and when each should be used by the Sellers' Lawyer:
(i) Tenancy in Common;
(ii) Joint Tenancy;
(iii) Tenancy by the Entirety.
7. (Clarence is the trustee of a trust.) With $75,000.00 of his own money, Clarence purchases a parcel of real estate. Two months later he sells the parcel to the trust for $150.000.00 and pockets the profit. Discuss the situation in terms of the duties and powers of the trustee. Discuss fully.
8. (Fritz is seriously considering bankruptcy,) because he has a large number of outstanding debts, the principal ones of which are as follows: (1) he owes his ex-wife $25,000.00 in back alimony and child support; (2) he owes $20,000.00 in guaranteed student loans; (3) he has a lawsuit pending against him in which his ex-girlfriend is asking for $50,000.00 in damages (the suit is based upon the intentional tort of battery and arises from an incident in which Fritz got mad at his girlfriend and beat her up); and (4) he owes the First Bank $20,000.00 for the loan securing his new Alfa Romeo sports car. Should Fritz file for bankruptcy? Discuss fully.
9. (Discuss fully the process involved in a D.U.I. case) from the arrest to the case disposition by plea bargain or trial, the subsequent court order, and driver's license issues.
10. (Discuss fully the process in a divorce case) including an uncontested divorce prove-up hearing, subsequent Judgment for Dissolution of Marriage, and the issues of grounds for divorce, child support, child custody, maintenance, alimony, and property division.