BUSINESS LAW FINAL EXAMINATION

| November 30, 2015

1. Susie Sign Post was the manager of a sign company. Susie received her checks from the Sign Post, Inc., but she had little communication with anyone at corporate headquarters. In addition to her paycheck, she received 5% of the gross sales of her sign company. To help at the store, Susie hired Lucy. Susie had directions from Sign Post, Inc. that she was never to create any political signs. Susie was suffering mental health issues at the time and as a result, she did not read those directives. She needed more income from her store so she sold political signs during the New Hampshire primary season. When Sign Post, Inc. received the bills associated with creating the political signs (for the supplies), Sign Post refused to pay the bills. Susie was then fired. The next day, Lucy showed up for work, found the door locked and broke in. When inside, she saw a man and thinking he was a burglar, grabbed him thereby breaking two of the man’s ribs. The man turned out to be the new manager. Discuss all legal issues.
2. Jack and Diane decide to open a business to manufacture and sell swimming pool covers designed by Jack. Jack does all the work but Diane contributes money. The business bought a computer that Diane uses at home financing the purchase with a bank. After the installation of one of the swimming pool covers, a child falls on the cover and drowns when the cover collapses. The family sues Diane. Dianne files bankruptcy. Discuss all legal issues.
3. Describe the requirements of negotiability under Article III.
4. Describe the implied warranty of merchantability and how this law is different than ordinary contract law.
5. Describe the differences among corporations, LLCs and limited partnerships.
6. Describe an agency relationship and the obligations of every agent.
7. Describe at least five laws governing employment.
8. Describe some debts that cannot be discharged in bankruptcy.

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