Greg, Mike, and Charlie Carry on Business in Partnership as "Tree

question 1

True/False

Greg, Mike, and Charlie carry on business in partnership as "tree surgeons." Serena contacted Greg and arranged to have a large tree removed from her front yard on a Saturday morning. Greg arrived, and cut the tree in such a way that it fell on Serena's house, causing considerable damage. Only Greg is liable, because he cut the tree on a Saturday morning.

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Definitions:

Dissolution

The change in the relation of partners caused by any partner’s ceasing to be associated with the carrying on of the partnership’s business.

Board of Directors

A group of individuals elected to represent shareholders and direct the affairs of a corporation, setting its strategic direction.

Dissenting Shareholders

Shareholders who do not agree with certain corporate actions, such as mergers and acquisitions, and who may have specific rights to demand the corporation buy back their shares at a fair value.

Appraisal Rights

Legal rights that allow shareholders to demand an independent evaluation of a company's shares during certain transactions.