Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6 % interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance. To find: The circumstances in which a member of an LLC is liable for the debt of the firm.

Question

Ginny DeWitt borrowed $30,000 from SunTrust Bank to pay for her first year of college and signed a promissory note that required payments to start six months after graduation or the student fails to enroll in at least one-half of the full time load. Ginny dropped out of college to pursue her passion of opening a gift shop. When Ginny failed to pay the debt, SunTrust transferred the note to First Bank in New York. New York Bank obtained a court order allowing it to garnish Ginny’s wages and her federal income tax refund. Ginny filed a lawsuit seeing to avoid the payment, claiming the debt was not valid because she did not sign any documentation promising to pay First Bank. She also argued that the note lacked consideration. Explain the holder or holder in due course status of SunTrust when the bank took the note from Ginny and then First Bank when it took the note from SunTrust. Address GInny’s arguments concerning the validity of the debt. Determine the outcome of the case and…

Answer 1

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Ginny DeWitt borrowed $30,000 from SunTrust Bank to pay for her first year of college and signed a promissory note that required payments to start six months after graduation or the student fails to enroll in at least one-half of the full time load. Ginny dropped out of college to pursue her passion of opening a gift shop. When Ginny failed to pay the debt, SunTrust transferred the note to First Bank in New York. New York Bank obtained a court order allowing it to garnish Ginny’s wages and her federal income tax refund. Ginny filed a lawsuit seeing to avoid the payment, claiming the debt was not valid because she did not sign any documentation promising to pay First Bank. She also argued that the note lacked consideration. Explain the holder or holder in due course status of SunTrust when the bank took the note from Ginny and then First Bank when it took the note from SunTrust. Address GInny’s arguments concerning the validity of the debt. Determine the outcome of the case and…

On April 1, Orizon LLC sent Jim Stevens a letter via overnight delivery, offering to employ him to audit Orizon, LLC’s financial statements for the current year for $10,000. In the letter, Orizon, LLC stated that Jim had ten days to accept. On April 5, Jim sent Orizon, LLC a fax that stated, "The price for the audit seems too low. Would you consider paying $12,000?" Orizon, LLC received the fax. The next day, Serena Williams heard about the offer to Jim and said to Orizon, LLC, “I will accept that offer!” On learning of Serena’s statement, Jim immediately e-mailed Orizon, LLC agreeing to do the work for $10,000. Orizon, LLC received this e-mail on April 7. 1. Explain in detail why Orizon, LLC and Jim do, or do not, have a contract. 2. If you did not discuss it already, would applying the mailbox rule change your answer in #1? 3. Can Serena accept this offer?

Before the purchase transaction, Shell had made know to Carbonic Co the purpose and intended use of electrodes. In short, Shell company put their trust and reliance on the skill and expertise of Carbonic Co. So, Shell ordered 60,000 kilograms of welding electrodes from Carbonic Co. for use in a project involving the fabrication of a cross-country gas transmission line. It turned out the electrodes are incapable of producing satisfactory weld in a vertical position. Shell sued Carbonic Co for violation under the Sale of Goods Act. Does Shell action prosper? Please state your reasons.

Answer 2

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 3

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 4

Question

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

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Answer 5

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 6

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Answer 7

Chapter 17, Problem 8BCP

(a)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The circumstances in which a member of an LLC is liable for the debt of the firm.

Answer 8

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Answer 9

Summary Introduction

Case summary: Publisher B, an LLC, situated in Ohio, opened a bank account with printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The liability of the person L for the unpaid amount of the publisher B under the credit agreement.

Answer 10

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

Answer 11

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser, and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To find:The effect of the promissory note of person L on the liability of parties on the account.

Answer 12

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

Answer 13

(b)

Summary Introduction

Case summary:Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. Person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The ethical responsibility of the members of an LLC to meet the obligations of the firm.

Answer 14

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 15

(c)

Summary Introduction

Case s ummary: Publisher B, an LLC, situated in Ohio, opened a bank account with a printing company G. The person L, a member-manager of B, signed a credit agreement with G that identified him as a purchaser and the agreement stated that the payment would be required within 30 days. In spite of the agreement, B took 6 months for the settlement of the payment. G agreed, after refusal, to take new orders only after the assurance of payment. L signed a promissory note payable to G along with a 6% interest payment per year. G printed new orders, but in the end was paid a lesser amount than what was agreed. Company G filed a suit in the state court of Ohio against company B and person L to collect the balance.

To f ind: The legal duty of person L to mitigate the damage by the sale or distribution of the copies.

Answer 16

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Answer 17

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Answer 21

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Answer 22

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Answer 23

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Answer 24

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Answer 26

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Answer 27

Ch. 17 - Prob. 1RE Ch. 17 - Prob. 2RE Ch. 17 - Prob. 3RE Ch. 17 - Prob. 4RE Ch. 17 - Prob. 1IS Ch. 17 - Prob. 2IS Ch. 17 - Prob. 1BS Ch. 17 - Prob. 2BS Ch. 17 - Prob. 3BCP Ch. 17 - Prob. 4BCP

Solution Summary: The author explains the circumstances in which a member of an LLC is liable for the debt of the firm.

Chapter 17 Solutions