Your answers should be in a short essay format and include an introduction, body and conclusion. The “grading matrix” that we have used during this course will apply to these answers. You must use at least two sources of law (one of which may be your textbook) in responding to each of the three main sets of facts. If you make any assumptions about the facts of any scenario be sure to identify these assumptions in your answer.
I. John Albert and Matthew Baker have been friends for many years. They have decided to go into business together in Phoenix, Arizona. Each of them has worked as a loan officer for a mortgage lending bank in the past. They believe a new lending company would be prosperous. They decide to open a company and call it the “Lending Store”. They have never owned a business before so need some help getting their business venture started. They know you have recently taken a course about business law and come to you for some business advice.
II. Albert and Baker form a corporation and start their business as the Lending Store, Inc. They begin making mortgage loans. They lease a large office building and eventually hire twenty employees. After several months it becomes obvious that one of their more experienced employees, Mary Smith, has some personal problems. Ms. Smith is 60 years old and has a permanent disability that requires her to work from a wheelchair. She is often late for work because of health issues and has some absences each month. She shows up ten minutes late for work one morning and Albert fires her on the spot without explanation. The company then promotes from within and allows John Jones to take Ms. Smith’s position. John Jones is 25 years old. He has no mortgage lending experience but is on time for work every day.
III. The employees of the Lending Store, Inc. did join the union. The company was profitable for several years. However, the Phoenix economy recently took a severe downturn and business has slowed considerably. Also, a serious incident has occurred with one of their management employees, John Jones. While driving a company car with the Lending Store, Inc. logo printed on the side of the vehicle, this employee was involved in an auto accident. The driver of the other vehicle was seriously injured. The employee admits he purposely hit the other car when this driver shouted negative comments to him about the Lending Store apparently after seeing the company’s name on the vehicle. The employee also admits he had been drinking alcoholic beverages during his lunch hour in violation of company policy. He was on his way home when the accident occurred. The driver of the other vehicle files a lawsuit demanding reimbursement for medical bills and One Million Dollars in “other” damages. He names both John Jones and the company as co-defendants. The company does not have enough insurance coverage to pay for the damages claimed. In addition to this bad news, the poor economy has caused a significant decline in business. Now the company is losing money every month and has almost no cash on hand. The company is unable to pay this accident claim, the monthly rent for office space or its employees’ wages. Because the employees have not been paid for over a month, the employee’s union has threatened a strike. Albert and Baker have not taken their salary for the past six months in order to help the company financially. They are both very concerned that the company may not be able to continue in business given these recent and significant financial setbacks.
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