I- Jack Inc and Sys/Com Ltd Are Two Large Corporations

question 50

Multiple Choice

I- Jack Inc and Sys/Com Ltd are two large corporations carrying on telecommunications businesses. They want to work together to set up a new business that would develop and sell telephones specifically designed to take advantage of the new Internet services each is offering. Their idea is that the new telephones could be sold with their telecommunications services as a package. Sys/Com will be responsible for the management of the business. This joint venture could be set up as

• A) a partnership, in which each of I- Jack and Sys/Com are partners, and the parties' respective rights and obligations are set out in a partnership agreement.
• B) a relationship in which the parties' respective rights and obligations are set out completely in a contract between I- Jack and Sys/Com.
• C) a corporation, in which each of I- Jack and Sys/Com are shareholders, and the parties' respective obligations are set out in a shareholders' agreement.
• D) a relationship in which the parties' respective rights and obligations are set out completely in a contract between I- Jack and Sys/Com, where Sys/Com is an agent with authority to bind I- Jack for obligations incurred to carry out the joint venture business.
• E) any of the above.

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Definitions:

Ganglionic Layer

A layer of the retina that contains the cell bodies of ganglion cells and is a critical part of the visual pathway.

Choroid Layer

A layer of the eye between the retina and the sclera that contains blood vessels and provides oxygen and nutrients to the eye.

Pigment Cell Layer

A layer of cells that contain pigment, such as the melanin-containing cells found in the skin or the iris of the eye, which provide coloration and protection from UV light.

Tympanic Membrane

Also known as the eardrum, a thin membrane that vibrates in response to sound waves, transmitting sounds to the middle and inner ear.