Case s ummary : Person J, resides in New Jersey, desired to start a restaurant business. He asked person K, residing in New York, for legal and business advice related to the exchange for a 20 percent ownership interest of the restaurant. Person J opened a restaurant CO with the help of K and cut K out of the deal. The restaurant became a success and K filed a suit against J and the company for the damages. To f ind : The jurisdiction of the federal court over the parties on the grounds of diversity of citizenship.

Question

Want to see the full answer?

Answer 1

Question

Chapter 17, Problem 2BS

Summary Introduction

Case s ummary : Person J, resides in New Jersey, desired to start a restaurant business. He asked person K, residing in New York, for legal and business advice related to the exchange for a 20 percent ownership interest of the restaurant. Person J opened a restaurant CO with the help of K and cut K out of the deal. The restaurant became a success and K filed a suit against J and the company for the damages.

To f ind :The jurisdiction of the federal court over the parties on the grounds of diversity of citizenship.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

homas Persson and Jon Nokes founded Smart Inventions, Inc., to market household consumer products. The success of their first product, the Smart Mop, continued with later products, which were sold through infomercials and other means. Persson and Nokes were the firm’s officers and equal shareholders. Persson was responsible for product development, and Nokes was in charge of day-to-day operations. In time, they became dissatisfied with each other’s efforts. Nokes represented the firm as financially “dying,” “in a grim state, . . . worse than ever,” and offered to buy all of Persson’s shares for $1.6 million. Persson accepted.On the day that they signed the agreement to transfer the shares, Smart Inventions began marketing a new product—the Tap Light. It was an instant success, generating millions of dollars in revenues. In negotiating with Persson, Nokes had intentionally kept the Tap Light a secret. Persson sued Smart Inventions, asserting fraud and other claims. Under what principle…

Trusted EmployeeFine Works Pavers hired Sharp as a part-time bookkeeper in December 2005, and the owner was so pleased with her performance that he offered her a full-time position the next year. John Travolta, the owner of Fine Works Pavers, grew up on a farm. He did not attend college but had a knack for business. His construction company had grown tremendously when the economy was booming.Over the years, he purchased and sold several businesses, and “as a result, he controlled approximately a dozen companies, each with their own financials in an enterprise that grossed $25 million a year.”Sharp was a trusted employee and soon was overseeing the finances of four companies. However, Sharp was having difficulty paying the rent and fearing eviction, she stole her first $750 from her employer, and no one noticed. From there, it escalated. She started small, but by 2009 she had taken nearly $460,000. She would come to work dressed as she always had and lived in a modest home. Her only…