In Ironite Products V

question 286

True/False

In Ironite Products v. Samuels, where a major shareholder of a company disputes changes in the bylaws, the appeals court held that the bylaws of the company had been properly changed by the board of directors, so the shareholder could not complain.

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Definitions:

Sum Certain

A legal term referring to a specified or fixed amount of money.

Unconditional Promise

A pledge or guarantee that is absolute and not subject to any conditions or contingencies.

Bearer Instruments

Bearer instruments are financial documents that entitle the holder or bearer of the document to the rights or property stated in the document, without requiring proof of ownership.

Demand Instrument

A financial document that requires payment to be made by the issuer upon request by the holder of the document.