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ETH 321 FINAL EXAM
Applying the parole evidence rule
a written contract is the final expression of the party’s agreement and may not be contradicted by oral or written agreements made prior to the writing.
oral agreements may be used to change a final written contract if the final written contract isn’t exactly conforming to the pre-contract agreements.
written contracts with ambiguous terms are automatically void and cannot be corrected.
written agreements may be used to change a final written contract if the final written contract isn’t exactly conforming to the pre-contract agreementsLLPs were created to
Increase the duration of the business entity permitted under LLC statutes.
Provide limited protections for general partners increasing protections offered by LLCs.
Ease the costs and filing requirements present with LLCs.
limit taxation burdens existing in LLCs
Stan is an investment manager. He has received money from various investors with a promise of very high returns on their investments. The invested money is not supplying enough capital in order to pay the returns promised so he has started using new investor’s money to pay older investors. By advertising and by word of mouth, people are anxious to invest with Stan because of the money being paid and with the influx of new investors he is able to continue operating. Stan is
operating an insider trading operation.
guilty of conspiracy to defraud.
operating a Ponzi scheme
There are several reasons why whistle blowing may not be protected on an international level. These include
Most business is not truly international and so there has been no push for globalization of protection.
Dictators typically do not care if companies are engaging in illegal activities.
Many nations across the globe do not have the dishonesty problems that are found in western nations.
Collective or collaborative cultures may frown on whistle blowing instead of working together to fix a problem.Judicial review
is the power or right of a court to hear a case.
is the power of a state or federal court to declare a statute unconstitutional.
is the power of an appellate court to reverse a decision made in a lower court.
is the power of a federal court to declare a state or federal statute invalid if inconsistent with the constitution.
In Lucy v. Zehmer, the two parties were drinking in a bar when Lucy offers to buy Zehmer’s farm. After some negotiation a written contract was executed. Zehmer claimed that the whole episode was only a joke and he never intended to sell the farm. The court