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Terry was an employee of Cosmo Mining Services Pty Ltd (CMS). CMS is a subsidiary of Cosmo Mine Ltd (CM) as CM owns 120 of the 200 issued shares in CMS. CMS owns and operates a lead, zinc and copper mine at Gunbarrel, Western Queensland. CM has an arrangement with the New Vision Bank Ltd whereby it leases all of the mining equipment and then subleases the equipment to CMS which pays CM a leasing charge per annum equal to the bank’s leasing costs plus 10 per cent.
Recently, CMS has attracted considerable media attention as scientists have discovered that CMS’s mining activities have contaminated a nearby river which supplies the water to the
mine and Gunbarrel. A number of Gunbarrel residents and former employees, including Terry, have contracted cancer because they drank the contaminated water. The CMS shareholders call a general meeting for the purpose of addressing CMS’s potential liability to its employees (current and former) as well as the residents of Gunbarrel. The CMS shareholders unanimously vote in favour of selling CMS’s business to a newly formed company, Lazarus Pty Ltd, and winding up of CMS. Advise Terry if he can take action against Lazarus Pty Ltd, CMS and/or CM.”
Business Law Discussion week 1 “While related, law and ethics are not the same. The law establishes what individuals must do, while ethics describes what individuals should do. What this means is that some things viewed as immoral may in fact not be illegal, and some illegal activities may not necessarily be immoral.
For this discussion, pick one of the topics below and explain whether you think it’s immoral, and then whether you think it should be illegal. Make sure to fully explain and support your answer.

Gambling with friends at work.
Using marijuana at a party.
Obtaining an abortion.
Marketing sugary drinks to children.”
2 quastions “1. Quastion

Sally and Tom decide to go into business, which they call “Pelatone,” which manufactures and sells exercise bicycles. They sign a partnership agreement that requires Sally to contribute $100,000 and Tom to contribute $140,000 in capital to start the firm. The partnership agreement says nothing about the management of the firm or the division of profits. Without Sally’s knowledge, Tom informs the owner of United Wheel Co, that he represents the Pelatone and signs a large contract with United to buy wheels to be used on Pelatone’s bicycles. In its first year of operations, Pelatone makes a profit of
$240,000.
i. What are the Tom’s and Sally’s rights with respect to the management of the firm?
i. Is Pelatone bound to the contract with United? Why or why not?
i. How should Pelatone’s first year’s profits be divided between Tom and Sally? Why?

 

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