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20 terms

Business Law p.3

STUDY
PLAY
Dale and Ernie are partners who own and operate Cluck'n Hut a chain of fast food restaurants. Their partnership obtains insurance on the owners' lives. This is
key-person insurance
Grover is an accountant with the firm of Hall & Associates, which obtains insurance from Interstate Insurance Inc, on Grovers life. Groverdies. The proceeds of the policy belong to
Hall & Associates
EZ Rentals Company wants to insure the equipment taht it rents to the public. To obtain insurance, EZ must have an insurable interest in the property
at the time a loss occurs
Ginny obtains a health insurance policy for her family from Hope Insurance Company. The policy includes an incontestability clause. Under such clause, after a policy has been in force for 2 or 3 years
Hope cannot contest Ginny's statements in the application
Dag obtains from Excel Insurance Company that provides that Dag has 30 days after a premium's due date to pay it before the policy will be canceled. This is
an antilapse clause
Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company. Lawton can cancel the policy
at any time
Speedy Shipping Corporation applies to TransInsurance Company for a fire insurance policy on Speedy's warehouse. On the application, Speedy misrepresents the age of the property to obtain a lower premium. When a fire soon destroys the warehouse, TransInsurance can
deny payment, because of Speedy's fraud in the application
Mia's voluntary petition for bankruptcy is found to be proper. The order for relief is effective as soon as
Mia files the petition
Valley Ranch cannot provide its creditors with adequate protection during the automatic stay. The bankruptcy court is most likely to
remove the stay and permit the affected assets to be repossessed
Kipper files a petition in bankruptcy. Kipper's dischargeable debts include
unsecured credit-card debt
To reorganize debt and continue in business, Sports & Fitness Corporation may file a petition in bankruptcy under the Bankruptcy Code's Chapter
11
Veda believes that she needs to obtain a Ch. 13 discharge in bankruptcy. A Chapter 13 proceeding can be initiated by filing of a petition by
a debtor
Genetic Seed Comapny hires Howie to work on Genetic's shipping dock, accepting deliveries and dealing with other companie's drivers. With respect to Genetic, Howie is most likely
an agent
Janet and Julie work at ABC Interiors. Janet is a designer who works with clients of ABC on interior design projects. ABD closely supervises all of its designers, and dictates their work schedules. Julie works part-time in the evenings cleaning the offices.
- Julie is ABC's
employee or independent contractor, depending on whether ABC controls the details of her physical performance
Jill introduces Kelly to her friends as "my associate." Kelly puports to act a Jill's agent in several business transactions with those friends. If Jill is liable for Kelly's actions, it will be under
the doctrine of estoppel
Home Development Company employs llya to buy property for a future residential development. llya secretly buys some of the property and sells it to Home Development at a profit. llya has breached
the duty of loyalty
Cory employs Daily Delivery Agency as an agent under a written agreement that describes the rights and duties of both parties. This is
express authority
Clive is a purchasing agent for Double D Ranch with the authority to buy cattle at a certain auction. After the cattle are bought, the agency relationship terminates
AUTOMATICALLY
Holly takes temporary leave from her job at Interstate Trucking Company to care for her new baby. When she attempts to return work, Interstate refuses to reinstate her. Under the Family and Medical Leave Act, Holly may be entitled to
double damages, job reinstatement, a promotion, and more.
Greta is the only female employee in the maintenance department of Hydraulics Inc. Greta's supervisor and co-workers tease and play tricks on her so relentlessly that she feels compelled to quit. This is
a constructive discharge on the basis of gender discrimination