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Atlantic Richfield Co., 613 P.2d 293 (Ariz.App. 1983) □ Parties ◊ Nogales Service Center (NSC) - Plaintiff ◊ A corporation to sell fuel and other services, including truck repairs. ◊ Originally established by Cafone and McKenzie. ◊ Terpenning, Cafone's brother-in-law, assumed McKnezie's position in May 1972. ◊ In August 1972, Terpenning brought out Cafone to become a sole owner, in reliance on Tucker's promise mentioned below. ◊ Atlantic Richfield Co. (ARCO)  NSC borrowed $100,000 from ARCO for financing its facility, of which value was about $500,000.  NSC committed itself to sell only ARCO products. □ Fact  NSC's operation was in financial difficulty from the beginning due to its high price of diesel fuel.  According to Terpenning, during meetings between Terpenning and Tucker, ARCO's manager of truck stop marketing, NSC and ARCO entered into an agreement in which; ◊ construction of motel and restaurant was a "must"; ◊ ARCO would lend $100,000 as a part of the construction cost of $400,000; and ◊ ARCO would give a 1 ¢ per gallon on all diesel fuel. ◊ ARCO would keep NCS "competitive."  ARCO loaned $100,000 to NCS, but refused 1 ¢ discount. ◊ According to Terpenning, ARCO never made NCS "competitive."  Terpenning and NSC defaulted on notes to ARCO.  ARCO obtained a foreclosure judgment against NSC.  This suit was filed as a counterclaim from NSC against ARCO. □ Procedural History  ARCO contended; ◊ no agreement regarding "competitive" or 1 ¢ discount 9/7 2005 年 9 月 1 日 10:58 Schedule : ○ ○ Assignment :  § 2.2.4  § 2.2.5 Corporation - 1 ペ ー ジ k!xW}LUe t5XaelBqGZiZME2L,Ҝ20Mq6[S+sװ䏮M\8~﹯^pZy<|y<1ȣ& \%ۭpeD^K*g"W)-IzRZJc֞"@'ؖnmˍzedn?x'!lAF: {Ceoa-92Gv e`~7E?D-ZI'Od(Xbs%^Xzq +u׋u[s>Fzژ?)G\ޖ#?s N+u_bչ~_WZYmƼpiTG,#cWSw s tGu3t`HdYA w6#7# X?~ȃ\ 0)IXin YG9w(8^y0^zIz2@ g`dal#}y A.}c}z*: oe |KME)RyS>U}W@|:<XU¾vƖ@ߓr?`UUI3I>򾃰VE9[ 2:a"T\U3k] 4B Ӗ!'Ag୲ZjT~Waf@^ 9ra?r{RVٙ7S%L}SgO{ZMs<ˉ 0 EB94{F':mKs3A,_-| cyv'!s) ٬q1o>,> 2cyVRh8|~3LA.l=+{{q:gȾ,gtO2o|r4=, TIA55{BR&ĚWwYS!?g0@xse[śxkl={)Zʲ'n3rӒ$ʜ8I.9y;լu1IDD jn3Ypڦg9Fk$VNwtYSϟ,Wz>պk:W$Z/Wkh=oħ3_=|qgqگ'3fȚb=Fbqz,.{rtG~LO=kF/~;w Aw~n6Microsoft Office Document Image Writer 11.03.2175.00 2005:10:04 12:25:11  C CCC(16S2S/f C0x 1cY31Jכ4ݙǨ^R)Wm˂PMW2iڻR*6Tt.hmu]jh }PVoysQf5ҝz_zޱӺ]Ša]qcUߩY_ߠjMb+GFדJ0K (<$W(=^e+ {]KJ^U9ͽyԐcޱ߿wJo Ѩ b{9." w||Epި0*WĆ_?igˁ*7)HW#k28^lJX#htmT~zHsdELS^$N+ćq^Je h*opwF']C7w{btSi]{NVa'W)ޱ{Olwu ~)\…O!&$L9|P*&sȝ*m)/x| 8^yS|YѰPK緩k׀{)LUxBJԅ4(aH$kN^{>Mb-a\ԭ$b-m >ZH~GZ:~b.E_Sȏ43UJ|2GlϏ߬4 w]I#Kʝ| . 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What considerations should be bear on mind from ex ante viewpoint? ◊ Incentive aspect; what outcome would create proper or efficient incentive for parties ? ► Should a party contracting with an agent check the authority ? ► Should a principal using an agent use efforts to avoid the agent's misconduct ? 3. Does inherent agency power shift undesirably the traditional (thus, argued economically efficient) balance of monitoring cost between principals and third parties ? ◊ 'Path dependence' would not ensure the "traditional" arrangement economically efficient. ◊ "Shift" does not necessarily mean raising monitoring cost because the principal has some measures to inform the third party about the scope of the authority. ◊ Investigating the internal power allocation of an enterprise can be a cost for an outside third party. 4. Are principals always or usually the least costly monitors ? ◊ Third party can monitor an agent by certain measures such as requesting a POA. For a transaction like a one- time, large transaction, third parties can be a better monitor. ◊ However, it would not efficient in repeated or continuing transactions to request a POA in each transaction. ○ Agency by Estoppel or Ratification 2.2.5 Liability in Tort ○ Master-servant relationship: Restatement (Second) § 220 (definition of servant)  What is "right control"?  What is the policy objective ? ○ Humble Oil & Refining Co. v. Martin, 148 Tex. 175, 222 S.W.2d 995 (1949)  Parties □ Petitioner: Humble, Mrs. & Mr. Love □ Respondent: George F. Martin, acting for himself and his two daughters  Fact □ Mrs. Love left an automobile at a filling station of Humble for servicing. □ Before any employee had touched it, the automobile rolled by gravity off. □ The automobile hit Mr. Martin and his two children from behind. □ The station was owned by Humble and operated by W.T. Schneider under the so-called "Commission Agency Agreement." □ W.V. Manis, the only employee of the station, was found by jury negligent on;  failure to inspect the Love car to see the brake was set or the gears engaged;  failure to set the brake;  leaving the car unattended on the driveway.  Procedural History □ The trial court held the petitioners jointly and severally liable. □ The Court of Civil Appeals affirmed the judgment. □ The petitioners respectively complain of the judgment in favor of the Martins, and each seeks full indemnity from the others. □ Humble contended Schneider is an 'independent' contractor, thus not liable for negligent conducts by him or Manis. 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(Warren was continuously in difficult financial position.) □ multiple roles ○ Nogales Case  Principal (Arco) employee (agent) Agent (Joe) Third Party (Terpenning) reps - 1. keep T. competitive 2. lend $ 3. discount on gas  P's defense □ never made promise - not an issue in appellate court □ out of scope of his authority □ "orals" - not an issue in appellate court □ Instruction No. 21 includes "but only if", which is conflict with "inherent authority" doctrine.  Factor inherent power (authority) □ P may say no □ Undisclosed P □ Reasonable reliance □ Specific v. General agent  Why is the express agreement overwritten ? Why is it fair ? □ You can't have effective agency if every third party requires to prove its authority.  To say, the ultimate principal is diverse shareholders, why it is efficient for such shareholders monitor the sales agent such as Joe ? □ Transaction cost perspective is not perfect ?  Basically, there is no way for corporation to evade inherent power. If you want to benefit from agency, the cost must be borne.  Why oil companies tend to use this type of structure ? □ incentive for owners  incentive だ け で 説 明 で き る ?  寧 ろ 、 20 世 紀 半 ば の 、 石 油 の 産 出 量 少 な く 、 motorization の 勃 興 期 の 特 殊 な 市 場 構 造 が 影 響 し た ? 組 織 の 中 に 組 み 込 む の で は な く 、 市 場 取 引 の 方 が 情 報 伝 達 に 有 効 だ っ た と 考 え ら れ な い か ?  設 備 投 資 の 巨 額 さ ? 撤 退 コ ス ト の コ ン ト ロ ー ル 。 sunk cost の 議 論 - 但 し 、 コ ス ト 負 担 や ロ ー ン な ど に よ っ て partially に は リ ス ク を と っ て い る 。  日 本 で は 、 GS の 直 営 化 が 進 ん で い る ? フ ラ ン チ ャ イ ズ ・ シ ス テ ム の 経 済 性  ガ ス ス テ ー シ ョ ン 側 の 事 情 と し て 、 多 角 化 経 営 が 望 ま し い が 、 多 角 化 部 分 を 石 油 会 社 が 取 り 込 む こ と は 望 ま し く な か っ た ? 組 織 の 境 界 Apparent authority ? Actual ? 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F Q'[^n6$[P_0H qg~>mYۘ;nܹsݺu+X`_,߸i_eSDӊ/y%@ &O?]fO?߯_n…M~zX>M>M-X?A_~)Dի/_>}^4MTi?r>M- a>Jm2>3IX|ҏΝwɃN5\8yWqŖv0]&-FMF׶m6l Fil& |:,otf@W itXdt|l}t颅͝ OĤIlܸqǎqy4CxǨ>m+<}0m64ڬm2v_Ο9sf>ޒ=˖-[|E4zmO}[(m7|o[~"rWJ?znnٲ/8$43_xA.u fL|.]\UV}ɧ~E r_.qǟ۩E?:W.(t`}bvF~%:zdlm_|!cꯤ}>L~4y٭N:igo/(@>4`yZ7o|~kIX<0f3۵GXvm1]b]ƚ>4P4.}.tƌ5w1|/>FIoDY˧Ŗ7ӨI,ïdmmZ,YdܹC51?p]'~չ_磌u2eҼHΣ|:[]:{=#GӡCc)8#^sUݻ5Ϩ9]/v>i-otDJ&t>*oNg%_,iڵϿn3Now /fEci%oaZoOOKMRl1ZD 2*E@gmu:>-W"L~%<6&s٢[G4<޽z0e}{>\?cyR; YiѠ θ6Jcz-ot([Kbm\3(w̘;?31EYO軾U`u-{<^bhqOy MFS ED_1 TE4WoX}YuU(?V!;o/ﮓ ޵'3†e<8(V96iXr#+WVcf.Uvo|uyv'|5S\\3maΌOioAu]I]wW~pwOۋ>)S}m5wO7vYzodξz}A#6㼳 .Ζd8pΖE)-Ĺ抑h%&/J'ꞿm2zt L?H'.p)Q/ %QOrXVfG9D*y, b8߇V{;+\~?OO5=4ݎr mN0%яGN0Џ]FUO[+wVqr-5'[ٖ_g\o~|UkNCMtqyEfK~r[&~TwoV| NMY2;TI2tO3 `#pG}Po>HT[1m}]༾8[ |7$98*H'8_)"&js8+"ίzxtShu`t%ʖo=`/wGcX@Oف|;p+@ iH^T!BGn4<#+BK.:x/so(jN6؍SΩpN/D5P~T-oʠj:egT UūhvgӖ._{s˪=s>pozF9­_| r~ZͯUΫ \VO_ ^*țg{+?p[o4]z+2ਫ_w}mi}!9t4ҚW8™7X9D/lKW62Vߓ5+ʁ$ChZWfg짒Y- V2F׫ 瓊=VE @C U|ޚ/5N4tsM4@xU<=DLJjW_H|9]̈u:6;V-O)L"4g_ >'%J޻C?#8rKym"c'8ƫ50HV^e K9o e||<}/tp˷4p_#N,3UeWsT^X}~;n_ 6{jVtl^6Zn Ϗ |򿵍EHY,:BʷQm}ۤهӇI IYO#?^Zx.)FX]J>ΥM-}guͦw"~3IzWu͚+ϙ]9rg\eQ}s?~[IkЎ.fﻩAqYp'Zg9Zt/8P UAUz:cۘxF-]'~HzsSZ}.74C;ȓ;g勾}񂷇?o* (Yt1/[SCIrRV'pヌytQt}PT1~%2*;EV DvYD?wcGQ7'{O;}BnjZ=z&moى,D*o{Nll$ßZ Nβ #4(UIVӵ9uào_ rO _F \ypYϬ;-vJ/4u?|Ϛ,k6J_7Q3ԅ9h^Y>[>o]ksH-gp \vy[P?7\m:\>f_y{ѿ5Lrڒ9Ό͇IʺdNw9\ݗ͙VIQr|Kk}䭵%眗譵Ot^uܗSr":ʼ>BtFҥ-tVmgm=Z1CA.k~LKK&9b6="*P6}~~ؕ>Uiοn!QJJɊ,-TН _•I~UltxvR@@C~ߪ h5xy3e|͛ULP}"ssT6Axbx8, mҔ)n;1؏O0]_u75\qVy挾-=%96&")T ǃ"*EHC>,A"y6\M[W$JZ~ ^uʀkD K@u(U/b<;Gp? jO,RyU%,,* 2.3 The Governance of Agency (The Agent's Duty) 2.3.1 The Nature of the Agency's Fiduciary Relationship ○ Concept of "fiduciary"  for the sole purpose of advancing the aim of a relationship ○ Three basic categories of fiduciary duties;  duty of obedience  duty of loyalty  duty of care ○ Economic description of fiduciary duty (by Cooter=Freedman)  Ideally, the relationship would be governed by specific rules. □ If an optimal use of the asset cannot be defined ex ante, in what sense should we suppose such 'ideal' arrangement ?  Agency's obligations are open-ended because of; □ risk and uncertainty; □ monitoring being prohibitively costly.  Duty of loyalty governs the misappropriation of principal's asset or some of its value by the agent (an act of malfeasance).  Duty of care governs the negligence in the asset's management (an act of nonfeasance). ○ Restatement (Second) Agency  § 388 (Duty to Account for Profit Arising Out of Employment) □ Unexpected and incidentally accretions should be accounted for the principal whether or not received in violation of duty. □ An agent owe a duty not to use confidential information to the disadvantage of the principal. □ He also has a duty to account any profits by the use of such information.  会 社 の 機 会 の 理 論 ?  § 390 (Acting as Adverse Party with Principal's Consent) □ Non misstatement would not be sufficient. □ If a principal 'naturally' would rely on the agent, the agent must give the principal 'impartial' advice unless the principal secures the advice of a competent or disinterested third person. □ An agent in a close relationship has a burden of proof that the profit does not derive from undue act. □ Less price than the reasonable market value would be the evidence of 'unfairness.'  Questions 1. 1 週 間 後 に 同 じ よ う な 家 が 2 倍 の 価 格 で 売 ら れ た 場 合 に 、 前 の 取 引 の 無 効 を 主 張 で き る か ?  後 日 、 家 が 2 倍 の 価 格 で 売 却 さ れ た こ と は 'unfairness' の 証 拠 と な る 。  代 理 人 は 、 適 切 に 証 明 し な い と い け な い と い け な い 。  代 理 人 は 'impartial' な ア ド バ イ ス は し て は な ら な い 。 例 え ば 、 別 の 専 門 家 か ら の quote を と る 。 2. ど う し て 同 意 の な い 自 己 取 引 は 、 反 証 の 余 地 な く 無 効 と な る の か ? ○ Tarnowski v. Resop, 51 N.W.2d 801 (Minn. 1952) Facts 9/8 2005 年 9 月 1 日 10:59 Schedule : ○ ○ Assignment :  § 2.3  Corporation - 7 ペ ー ジ {(xX[lTUw>",- X+ZyTPb+)`! 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 he had made thorough investigation;  Seller had 75 locations with one or more machines;  all the equipment were not more than 6 months old; and  the gross income was more than $3,000 per month. □ In fact, Defendant had made only a superficial investigation on only five sites and other representations were made solely based on Seller's representations. □ In fact, Seller's representations were false in that;  there were no more than 47 locations;  some of them were no machine;  there were machines more than 6 month old; and  the gross income were far less than $3,000. □ Plaintiff agreed with Seller at $30,620 and paid $10,000 down. □ After recognizing misrepresentations, Plaintiff rescinded the sale and brought suit against Seller, which finally settled in $9,500 settlement. □ Plaintiff sought to recover;  a secret commission which Defendant received from Seller;  damages for ◊ losses suffered in operating the business; ◊ losses of time devoted to operation; ◊ expenses in connection with rescission; ◊ expenses in connection with suit against Seller; and ◊ attorney's fees. □ At trial court, jury gave a verdict for Plaintiff of $5,200. □ Defendant appealed.  Analysis □ The right to recover profits made by the agent in the course of the agency is not affected by the fact that the principal, upon discovering a fraud, has rescinded the contract and recovered that with which he parted.  cf. Lum v. McEwen, 56 Minn. 278, 282, 57 N.W. 662 "Fidelity in the agent is what is aimed at, and, as a means of securing it, the law will not permit him to place himself in a position in which he may be tempted by his own private interests to disregard those of his principal. "  Restatement, Agency, § 407(2). Comment e on Subsection (2) "if the other contracting party has given a bribe to the agent to make a contract with him on behalf of the principal, the principal can rescind the transaction, recovering from the other party anything received by him, or he can maintain an action for damages against him; in either event the principal may recover from the agent the amount of the bribe."" □ Our inquiry is limited to a consideration of the question whether a principal may recover of an agent who has breached his trust the items of damage mentioned after a successful prosecution of an action for rescission against the third parties with whom the agent dealt for his principal.  Restatement, Agency, § 407(1) "the principal is entitled to recover from him what he has so received, its value, or its proceeds, and also the amount of damage thereby caused"  So far as the right to recover attorneys' fees is concerned, [***12] the same may be said in this case.  The same is true of the other elements of damage involved. 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Why in other contractual relationship, the compensation against the breaching party is basically limited to actual loss suffered by the counter party ? 2.3.3 The Trustee's Duty to Trust Beneficiaries ○ A trustee owe a fiduciary duty to a trust beneficiary. ○ The trustee is subject to terms of the trust, which is fixed by the trust settlor. ○ In a trust relationship, a trustee is accountable for any profit insofar as the profit does not result from a breach of trust. In re Glesson, 124 N.E.2d 624 (Ill. App. 1954)  Parties □ Mary Glesson, the testatrix, died on 2/14/1952. (T) □ Con Colbrook, the trustee under the will. (P) □ Helen Black, Bernadine Glesson and Thomas Glesson, the trust beneficiaries (B)  Facts □ 3/1/1950 T leased the land to P's partnership for a year. □ 3/1/1951 T again leased the land to P's partnership for a year. □ 2/14/1952 T died. □ 3/1/1952 The partnership extended its lease based on a provision of the lease. □ 3/29/1952 The will of T was admitted to Probate. □ 3/1/1953 P leased the land to another tenant. □ 4/29/1953 P's appointment as trustee was confirmed. □ 7/22/1953 P filed his first semi-annual report, which was not approved. □ 12/5/1953 P filed the recast report. □ B filed objection to the report, which includes  "Report shows trustee was co-tenant of trust real estate but fails to account for share of profits received by trustee as co- tenant which by law should be re-paid by him to trust estate.  Analysis □ General principle is that a trustee cannot deal in his individual capacity with the trust property. 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Why it is possible under agency law ? □ structure of law □ considering about opportunity cost □ deter agent from receiving bribe  Law has the punishment to agent.  It does not work in individual case, because the probability of detection would be low.  Why is efficient breach allowed ? ◊ Insufficient information (secrecy) ? ◊ Kaldor-Hicks analysis would not apply to agency relationship. □ Agency law is not branch of contact law nor tort law (common law), it's independent developed "equity."  Predictability is low.  How about "duty of care" law case? □ Coates has no idea about it. ○ Glesson case  The transaction between the trust and Con seems fair and gave no damage to the trust.  Nevertheless, Con was forced to give up all his revenue form the land.  In fact, Con seemed a nice guy, who paid more than before.  Strict fiduciary duty might force the guardian of the children raise this suit - ironical.  Why is the per se rule used ? □ Typically, a trust is settled for people who cannot administrate properly their property and settler also cannot use appropriate monitoring, to say, because she was died. □ Why don't we have exception, even the cost of confirming the fairness of the transaction, e.g., the property has a market value?  threshold cost to make a rule between good and wrong.  How could Con structure the transaction if he really wanted to get the benefit ? □ Use a third party as a direct contracting party, with whom Con could enter into a profit sharing agreement. ○ Meihard case  The most famous paragraph: The Punctilio Paragraph □ It is true, but so what ? Information ? 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Sweet, 433 N.E.2d 860 (Ind. App. 1982)  Syllabus □ Action was brought for dissolution of an alleged partnership and for an accounting. □ The Circuit Court, Ripley County, Henry A. Pictor, J., entered judgment in favor of plaintiff, and defendant appealed. □ The Court of Appeals, Neal, J., held that:(1) evidence that plaintiff received a 20% share of nursery's profits was sufficient to support finding that a partnership existed and that plaintiff had a 20% interest in inventory of the nursery, and(2) bare assertion, unsupported by authority, that neither of alleged partners in nursery had any interest whatever in nursery stock planted on leased land did not comply with appellate rule requiring citation of authority and cogent argument, thus waiving such issue. □ Affirmed.  Points □ An accrual method of accounting was employed so that the enhancement of inventory would have been reflected in profits. □ Regardless of the legal meaning of "commission", it was used to refer to Sweet's share of the profits between the parties. □ Enhancement of inventories were financed by the profit, which was to be paid to Sweet. □ No agreement regarding sharing of loss was not considered as an important fact?  Question and Note on Vohland v. Sweet 1. Why the sharing of "gross return" would not be considered critical factor for a partnership ?  コ ス ト の 負 担 が な い (profit の 分 配 は 、 有 限 で あ っ て も 部 分 的 に コ ス ト を 負 担 し て い る こ と に な る ) 2. Usually, the formation of partnership would be asserted by a third party injury. 3.3 Relations with Third Parties 3.3.1 Third-Party Claims Against Partners ○ Prof. Brudney's UPA Problem  Case 1 Contribution Job Distribution Ars talents internal operation $5,000 or 1/3 of Profit Gratia land ($40K) sales 1/3 of Profit Artis cash ($5K) purchase 1/3 of Profit (Mayer) (cash $2.5K) N/A (1/6 of Profit) ○ Munn v. Scalera, 181 Conn. 527 (1980)  Syllabus □ Homeowners appealed from judgment of the Superior Court in the Judicial District of Litchfield, Martin, J., which found that one former 9/14 2005 年 9 月 14 日 9:12 Schedule : ○ ○ Assignment :  3.4  3.5 Corporation - 15 ペ ー ジ !xWklTE[5AV. 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S~\6?v|!#cr+yjfPw"r_)=I˪GY> |>AnD&䔗SR^(;~?v Ս5K#R\&.r觾SS^(;x,ewqEjI#.:-؇NAb^1|'U;%㮇o)l|n]}Y$1g,ɘ(ϚwAnҠWnO8c7"?BD̓H<PFlx.[f>XRGeדּI _B9RJ7$|DjùRzSI>sƍg[/A5vLq`7/ysxbo(0+-+Zާzd/eǗyp6𜤮Ǎ>ms6ph$f~!ݏ uW60Du|1ZoZow>طtTdmo8>D`v3@0b:jlw"{h`'8A?JOc)+C/sA2Z4s1_Wm6[r.Q!m[pySز)G&e<2ͣTwY[9zAi?S¶d {td`,,Judicial District of Litchfield, Martin, J., which found that one former partner of construction firm partnership was liable for breach of the contract to build homeowners' house, but that the other former partner was not liable. □ The Supreme Court, Peters, J., held that: (1) evidence was sufficient to sustain the findings that the construction firm partnership was dissolved, and that one of the partners assumed the partnership obligation to complete landowners' construction project, and (2) where homeowners agreed to underwrite the procurement of construction materials when the partnership contract assigned this responsibility solely to the partners, homeowners materially altered the partnership contract, and such alteration fell within the partnership statute providing for discharge from liability of partners whose obligations have been assumed, and thus, former partner who did not assume the obligation to construct the house was discharged from liability. □ No error.  Note and Questions 3.3.2 Third-Party Claims Against Partnership Property 3.3.3 Claims of Partnership Creditors to Partner's Individual Property In re Conmark, 53 Bankr. 945 (Bankr. C.D. Cal. 1985)  Chapter 7 trustee requested preliminary injunction enjoining judgment creditor of debtor partnership's general partners from enforcing claims against general partners.  The Bankruptcy Court, Ralph G. Pagter, J., held that preliminary injunction would issue enjoining judgment creditor from enforcing his claims against debtor partnership's general partners in order to protect trustee's interests in property or property interests of general partners from being adversely affected by such enforcement, since failure to issue injunction would allow creditor to enforce claim against property and property interests of general partners to detriment of estate.  Injunction issued. 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IR 3}A,ão_nGG*5oᩃENMo2 |tb '-^wbT2^[JvϜrIWX}\Ћ 8p)>~u,,Lecture Note ○ Vohland case  UPA § 7(4) equivalent to RUPA § 202 □ §202(a): partnership の 形 成 に は 意 思 を 問 わ な い □ §202(b)(2): "The sharing of gross return does not by itself establish a partnership"  no cost □ §202(b)(3)  What "cost" did Sweet bear in this case ? □ purchasing inventories □ Vohland was in a position to how much inventories should be purchased or kept. □ The court thought Sweet should be entitled to the "residual" inventories because Sweet had contributed purchase of nursery.  "Risk" tends to lead to "Control," i.e. "Risk" would give "Incentive." They also leads to "Right" or "Return."  Form of tax report of Sweet matters ? □ Sweet probably didn't care about tax side, which is natural.  How to avoid "unintended" formation of partnership ? □ Writing down in contact ?  Seems it paradoxical ?  Why so "many" presumptions ? ◊ い ち い ち 陪 審 に 委 ね る こ と な く 裁 判 所 が 結 論 を 下 す こ と が 可 能 と な る 。 ◊ foreseeability ◊  Share of "Loss" side ? □ All partners are liable for debts of partnership jointly and severally. § 306. □ Each partner is "agent" of other partner(s). § 301. □ Would Sweet be liable, if the partnership had debt ?  Sweet would be, because every factual setups were exactly same ?  Practically, it may not be likely because in a third party creditor case, creditors, such as banks are normally more sophisticated than Sweet so the outcome may be different.  What is the difference between agency and partnership ? □ unilateral fiduciary duty or bilateral (mutual).  Liability from torts. □ If it is caused by "ordinary course of business" of the partnership. § 305(a).  Why is a "partner" necessary ? □ (Division of Labor (substituted multi agencies ?)) □ wealth constraint  riskness of debt to borrow □ incentives □ overcoming information problem ○ Prof. Brudney's Problem  Case 1: □ Is Ars liable ? - Yes. § 305(a) □ Is Mayer liable ? - No. Corporation - 17 ペ ー ジ 7xWklU>ji Ubim4D!&֢& RA`4jlXm56b CLx@ *($blˎ]&_{9瞙9FHψHjKkEZo0t*$)vhB9F/Xm]y1_¤jkNH.p*8R*y Px\mX/q(Kd@;mvFێ2Y/%;#c3=ܦ6Vw*PzY'Q_mit_haR=е"*IﬣkBw;AcKզ66mع~67XxX/j#2Ci#9<Ȁ|ˢHn/3:k[} uzFmhWx>aӼ"?(gtϖ)]`Uzixp']{G,2M>KE=Qb4P)3TR"A:"9Ѥ mT+OqsmS:eXRgJߑ 2Co9J#.Ȝ o*vu!Ve;FK9.;c/VXreu؈'J 莀$u˸\|$g 3Ϟc4Jdz驤:1~A_xFP5u0͛'BX~6,4LaO pC8kk1o[9j'7A]mYwQwhEG_TqFcmՃ~b*`2߆ ?sw;/Dн]%/-s nQJ@kZذXY$V䴳cϏ6= ~5(744hLnth޿2>19k|'z_-ܷ `Y0Nٯ[%iخQ%dʞn i{c2{^{cܤ<3˳s~}6>̻Yjs>+#dƸ|fxF%:R :D{~Yj6biս\Z|+2VҦzxّhnvssTsf#o1OG|µtPz3IMdkݟM<ƿwϦ'i}x%[~6]暩ƇƿOedߊxl#A *T_>/@PAOsMicrosoft Office Document Image Writer 11.03.2175.00 2005:10:04 12:25:13  ^X, ;2^^(16m2m/^1'Xgn{pJx՜ VyC`](C݅ H# e7 Ԙ]>²/Ґ+؄A'mMj h[$1&4GxRͽ{_XxMggyfy;s NtJ_9wŹ?\ε]܈> f"qHg5s ݭt:pkn8ʪv/S]B Xz aÃaWftoE~cAf2 0~U1GgcӦR>;&(7Og^8Q޺cӗs_ 1tmWi*mЩⱣ'|\C~*w;fQ}S?'G#=lc"|]^};\pwvo6heڒ1>}4]bٕI:V_~^.8P*8w o_W|pSE~$#W꼬=Aަ:{ܫýo^vxf":7ݝu{5 5;T{ $x~PuxȎ_S=Cýb؎dLp/EONv_ݵͪ{ٟrɽDIKa",U>S:pA_hzNy-:;4g<{T qb֑!ƷX#䦃ٵ/)eޓs"((d3lx pK]̟eo-~ϟ&w r {E?kfȇi8G6sm8>:+9nigEꙀX,!`^2&&u}%Fq"F=\YD,1|QYk[/)o"۵!Y&Zd7J7׹`o ^xtJmQsg 6W\{e)#0n_Y#i^XsomdâяeڜљcxS?{N-T{8;q]fC<'EFM*rǖr} ,\?[^m\G[FBͅ(Tud{^+*F0WA*׷1pFT|;[<7't;/q޾ߪwM'|}m]ȁZ%cUxm:{Bnlxx6n}H6)OR2!H'ԠtKi,FOǏj>ݥyh6b7&M>S| 7+=JaV Sj2v(\DiRi[ 7ypi}NXvFL&CG>?@RF~V&}%:7,ElRN%St.n :1|A[D[^!'IYXyFL\t{ϊu~h_ժ$M A@&_ܵ |e\ϦT~9ru%e=)UbK@s|sݼQ{T;?$czۂ qδ2dt5F•/{agfh2Co3'E5 Dy|*Ԯ HB(M^}:|49a>l~1,WVJk25zL2e/8.T;q(OV9n_HMm]{9pvI?YtˆVωeE'Q` >bd39n"1|840WSys_JbN*5>s7 ө^qmIOGI&Δ|T.P~re=sajJ~4SSc}]?|VEhM:K>Jhsei-(PAv8EwNk]m-{qxPMc]V(Ԛm >Ͳ6< W8U| sA|uú%9vƃep|`;̰l~uKWUϕHBZ֛9S>94,y|֍pbA|yxkC5=4}GGA?b~`.̉g^$r=zޙkb_$LOz@ÈӗU$65+嵢svZ;>m^4}2ѐ,3LB[755L{irOiK9lK~.۩AjJ7L7z_39yPGol4]]54i>V&Y L%4f|(Vi<j;}Gw:M=PQVa"]} :\r&O[$v±o)=6=B+W Ɩ~u钶=M.[;)]F /Z)`kY"/)v̈m{)ZvIE|~.%[CBGMty.*-)"uY>eل;c8tك Mg:;@yrP-wπq $-fb(b(BȘ95\]]H)p =M>z뙲gޅ \i0Yv9^vّ(m'ȼW(殈wt*M93znR>Im"4_e :$xza>f@nm/ -i';LH]2f|,| unE.4±Wos|Yv_ˢ\?h!vqlU})]T䮪Y6bm'ZF`[316e.ُ>\J*3.{RNkٰ6'rcuZlu+Ρ=e/N)jwY{E4@vʞ)§ \n>X=)Mi\늦;iѼfsdsm3=epn/҉{Z.,u}wt~侯f~[w|侂m{a7ê>N3w67FN+ EP1Ow~Śu'*_vloe3<3Iەi;ċ<ҾFBnF>}BY\-R?l\zNm8]@nw)djS=G+Dv&EN_|NE|bb*7G}F2F; } >erpgx 46.A[-B68'E\w]R'Ijsf^dPXtCf4U.+ Pŧn7@k;OE!@T 6VƄrݡ=NRJ]SqDL(7)G27)OӓV>ZzlCr)xV<9{&} 䃮}^~#+7٥;lhfw_#WwCW}"SFO1ɔwgVϔ-pGygʇwБ퇦YN;+:vdŻG40͒D㷼D7ĺco?;]j3g7G7GuwDa+k ׅM,h˓2Xff1+C?xVy$3a>ۘڑA΍6 hg\~s;W9R)T[ `'J|NU۴s-N n)YfWф:{ Og`5y GXx6}MF-b2#}WX?-44ϗP{2}̺lO+5nA|Б,lFYޛ]&cd_ w5XACǙ!gC=io5$uzpߡ:7 Y$(%z_뛦~~P!W;|K$9|gԾgIn㵍=syHR;D|?%?Pyp2rx.Y*5y3YX}q1hY*Ʃ̢oX*W =vhPo.JFȗs$G׹7͖SDgrE^m4qEK)'!ߤOjn`:rd+j] ,PMS&qN 8òohyAOY uiƂ4k_? 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NtQB ]{~Ca oIگ׷ñV,ڛ:}g)R>w1ftozm!o2VO]~\Mlk5pxSg[o梡Y c.k?72,|\vDOޮGMz56V)4YWvŅcI2SXP AZ,ۿ{ӿx4Z{ -oJ9ɍ[_ڪPү,ν~~. m*_ NeC]EBpQqm>IcBwPI/x].}ܸ/Vle4 W:oLEZ{)mUSٻZu\'f'+=`Uٱ7\0L7$~zg78Kԉ'vT^)RL?_?+L56 _.'u QqS_i|/V.|[;ցa_]E{6T7uǷ7yj2Iy/5>"^ 2<8C*_S,THΡ z⪢E䥥B V@,, 3.4 Partnership Governance and Issue of Authority National Biscuit Co. v. Stroud, 249 N.C. 467 (1959)  Syllabus Proceeding by seller of bread against former partners who had operated food store for value of goods sold and delivered. The Superior Court, Carteret County, Joseph W. Parker, J., rendered judgment for seller, and partner appealed. The Supreme Court, Parker, J., held that purchase of bread by food store operated as going concern by two partners was an ordinary matter connected with partnership business within statute to effect that any difference arising as to ordinary matter connected with partnership business may be decided by majority of partners, and although partner told bread seller he would not be personally responsible for additional bread sold to store, partner and partnership were liable for such purchase by copartner. Affirmed. Rodman, J., dissented.  Questions 1. Why hold any partner liable who explicitly opts out of a transaction with a third party ? 2. In Brudney's Problem, without consensus among the partners, Gratia signed a construction agreement for $50,000. a) Are the firm and partners bound ? i) Is it "normal course of business"? - no. ► apparent/ inherent authority ? ► ratification ? ► Suppose in the middle of construction, the constructor is noticed, what would happen ?  Partnership cannot keep the building because it's extraordinary transaction. 3.5 Termination (Dissolution and Disassociation) Adams v. Jarvis, 127 N.W.2d 400 (Wis. 1964)  Syllabus □ Action for declaratory judgment construing a medical partnership agreement. From a judgment of the County Court of Lincoln County, Donald E. Schnabel, J., the defendants appealed. □ The Supreme Court, Beilfuss, J., held, inter alia, that where medical partnership agreement provided that withdrawing partner should no longer actively participate and provided for winding up affairs insofar as his interests were concerned, partnership was not wholly dissolved so as to require complete winding up of its affairs. □ Reversed with directions.  Questions 1. What should Paragraph 16 of the agreement say ? a) They should have used the term "winding up", rather than "withdrawal." 2. 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How would you draft a withdrawal provision for a law firm ? ○ Dreifuerst v. Dreifuerst, 280 N.W.2d 355 (Wis. 1979)  Syllabus □ Action was brought for dissolution and windup of partnership. The Circuit Court, Fond du Lac County, Eugene F. McEssey, J., divided partnership assets in kind according to plaintiffs' valuation, and defendant appealed. □ The Court of Appeals, Brown, P. J., held that under statutes providing that unless otherwise agreed any partner who has not wrongfully dissolved partnership has right to wind up partnership and force liquidation, partner likewise has right to force sale upon dissolution and windup of partnership in absence of written agreement to the contrary. □ Reversed and remanded.  Questions 1. Are there any circumstances where payment in kind might generate more value for partners than a cash sale? 2. Call option arrangement for majority is preferable ? ○ Page v. Page, 359 P.2d 41 (Cal. 1961)  Syllabus □ Action for declaratory judgment with respect to right to dissolve partnership. The Superior Court, Santa Barbara County, Ernest D. Wagner, J., rendered a judgment declaring the partnership to be one for a term, and plaintiff appealed. □ The Supreme Court, Traynor, J., held that the evidence was insufficient to support finding that partnership was not one at will, but for such term as would be required to permit the partners to discharge its obligations. □ Judgment reversed. □ Opinion, 5 Cal.Rptr. 652, vacated.  Additional Point □ The court pointed out that a partner must exercise his right to dissolve the partnership in good faith i.e. in accordance with fiduciary duty.  Questions 1) Difference between Meinhard and Page Corporation - 20 ペ ー ジ  xV[le1K[^4HkEv[kFmEA } Ab%H$b}0#HP$Ƈ>x}3;0tm˹gJ4 ԒnR<2|ʨrI=bjl_DDglkqK8m&L1_cX_-ǩ˹j2T0^p 5QSb{ 벟3 agw͋v~ԪqSR}#"?ficn49M*^4M=b~176ܥ[:NCfϘ)CbIljͮ7N%yC %od wR>A}$Z? 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Delaney v. Fidelity Lease Limited, 526 S.W.2d 543 (Tex. 1975)  Syllabus □ Suit was brought against limited partnership, corporate general partner, and limited partners for breach of lease. The District Court No. 41, El Paso County, Charles R. Schulte, J., severed cause against limited partners and granted summary judgment for such limited partners, and plaintiffs appealed as to three limited partners. The El Paso Court of Civil Appeals, Eighth Supreme Judicial District, Ward, J., 517 S.W.2d 420, affirmed, and plaintiffs appealed. The Supreme Court, Daniel, J., held that personal liability which attaches to a limited partner when he takes part in control of business cannot be evaded merely by acting through a corporation. □ Affirmed in part and reversed in part and remanded.  POINTS □ UPA § 7: "takes part in the control of the business" □ Difficult to separate the dual capacity of limited partners and officers of the corporation. □ Liability as a general partner cannot be evaded merely by acting through a corporation. □ "Reliance" by a third party is not necessary. □ Exception to rule that corporate officers are insulated from personal liability arising from their activities or those of corporation exists where corporate fiction is used to circumvent a statute.  Question 3.6.2 The Limited Partnership and Companies 4.1 Introduction to the Corporate Form 4.2 Creation of a Fictional Legal Entity ○ Role of Corporate personality  Reducing the transaction cost for creditors. □ information and coordination costs of closing the transaction □ cost of contracting for credits 9/19 2005 年 9 月 15 日 18:41 Schedule : ○ ○ Assignment :  3.6  4.1-4.5.1 Corporation - 22 ペ ー ジ d xWklE>K?J*x (5DQL,5EJ}D(4A@ Հ4Q@)"B{mӋcLv/y9gfggmXD n" 2MIiT<px4BlksYZAe9.`g${J|f_HNN$)ƹ[vVeͱo־ES\ҪHǵg)Ko:~k";:*\gBp檵NzrȷvOqg9_Q98A鞱AsP;?t^3#CuU5٥ Y-}ь#%&Gvc?ޝqR1_*ûԢk%-2ƻQ=Ob2J\ҭ:oPKLnߍI)o@#>u lH96|q|J=abؾ|k1kbj>r_G3Fob'Kx=0yZ{v|w>$^19q? 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YONQ&`+ki]>4~eK:?g>|a{ |!t{oN<"_GZ |cUYUIYX:;w&B]70:z(6x5%vuxšW ax ft;+ìx-x3eKuWEl.Q'.ц]S;X gLjMXʲ[fţWSo3GSe',xD}繎i.yoS63>n|ԉiNюRuEvrqm#g&Yt/Ñ@®Iy1}1=3zzȞGp/E`37/Wx)rÂ{IEg 66DMW+ _cex7|>.ss[>ᇶ"< 'ӔON}2Mfc>+rq_sgW̷#性w_f[~j_oyno_ ^>w܋ۭ1K٦2N4eho[+y QYq˄-ShW,EFe4QX*Qk}Az 7kҶPΪ?5uFg6$|T[goٺ oϺqM}G_":ryHMQ:pVVen8oyʫ?ZW$tlo}FJSd7^i~^h(V2|p\*dwO9|(P+zvѝKq8{fpc[Ɛᙟ$U+4*cÔ_^f 0`R_:rM'>M !6QTH_퀱ܜxh j{Ǽb1k Oyp&6H~kespܩ9^6b^1jK+sB+0,, shareholder ’ s interest ○ Solving the agency problem  Default rule that management must be appointed by the board and that the board is elected by the holder of common stock  Four features of the board of directors □ The board is formally distinct from management and is the ultimate holder of managerial power in the corporation  DGCL §141 – the business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its charter  “ Fundamental ” corporate transactions (sale of substantially all assets, merger of corporation, or dissolution) require board authorization □ Board is formally distinct from firm ’ s shareholders □ Board generally has multiple members □ Board is usually elected by firm ’ s shareholders  General default rule – stock votes at ratio of one vote per share. Permitting holders of common stock to designate board ensures that board will act in interests of owners of residual returns 4.5.1 Legal Construction of the Board 4.5.1.1 The Holder of Primary Management Power Automatic Self-Cleansing Filter Syndicate Co., Ltd. v. Cunninghame  P and friends held 55% shares of Self-Cleaning. P wanted to sell assets. Directors convened and 55% shareholders voted for sale, while 45% voted against. Company articles provided that directors had control, subject to regulations made by extraordinary resolution (3/4 vote of shareholders). P filed to compel the sale of the assets  On construction of articles, the directors were authorized to affect this sale. 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RUPA  UPA apply to partnership formed before the RUPA was effective.  Dissolution in UPA(29): Any change in relationship of partners, including exit of a partner □ in RUPA (601,801): Only liquidation situation  Disassociation - "dissolution" under UPA  Dissolution  Wind-up  Termination ○ What would happen in dissolution when the partners could not agree the dissolution form ?  Each partner can ask to court to mandate sale of the business.  Who's the person who evaluate the business the most ? □ Most likely, remaining partners. ○ Why winding up process is not so great ?  Difficulty in evaluating assets  Auction process would benefit outsiders, such as IRS and creditors. ○ Alternatives  Court would evaluate the fair value of business. □ Court's ability of evaluation - trustworthy ? □ expert witnesses ? □ Who's paying the cost ? ○ Adams Case  Why account receivable matter ? □ cash account v. accrual  How should § 16 be drafted ? □ It should draft about "winding up," not "withdrawal."  No "winding up" shall take place……..  Generally, written agreement overwrite the background rules such as UPA or RUPA even it is silly. Why the appellate court come up to the other way ? 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PgaL4weؾ(.$[*':vX_h ZE+NǐE:393]8-W<:[D]4XcT 86tىMw1O:dFv%ÓlYMU6Da1^=8mWXSBw]A^F=x" x,,5.1.1 Legal Character of Debt ○ Signal characteristic of debt is maturity date – the legal obligation to repay at a stated future date ○ Tax costs of debt are less than those of equity since deductions are available to corporations for interest paid out 5.1.2 Legal Character of Equity ○ Common stock  All stock is entitled to vote in the election of directors and that stock carries one vote per share  Control rights – the power to elect the board of directors  Any deviation from one-share, one-vote must be in corporate charter ○ Preferred stock  Preferred stock – any equity security given special rights, privileges, or limitations by the corporate charter  Typically has a preference over common stock in liquidation  Preferred stock generally does not vote so long as its dividend is current. On certain fundamental matters, holders get a class vote ○ DGCL §141 and §151 are key sections. The board can decide the votes of the stockholders and the dispensation of dividends  Blank Check Authority – board has flexibility to give preferred stock any voting powers and issue preferred stock at any time Corporation - 28 ペ ー ジ 4xVKQ>3u,, XR%$AFZ$$T o@ Ӳ? 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G2W0LV=L ʛ"Fa1w_@?`W"DBSFd-O'ށӲ? IWOy'TIY"IJA; %m!!V-,,tLecture Note ○ Possible alternatives in Page and Meinhard Page [No disclosure] At will No sharing after termination At will But fiduciary duty to share pre-term opportunities Implied term (= until debt paid) Implied term, but let Boss Page off hook Meinhard No Disclosure No Sharing Disclosure Competitors No sharing Sharing of Pre Term Opportunities ○ Limited Liability Entities (other than corporation)  LP □ Combination of general partners and limited partners □ If a limited partner is involved in operation, unlimited liability would apply. □ Simply because directors of a company, which is a general partner, acts as an organ of the company, such person would not deemed as a general partner of the partnership.  cf. Delaney Case  ULPA § 7  RULPA § 303  LLC □ Recently dominant form □ Limited liabilities: No liability anything beyond invested money  LLP □ For law firms and accounting firms □ Provided some type of protection against certain type of claims □ Varies in states. ○ Why do you invest in a limited partnership even without a control on the operation ? How to control a general partner ?  Contract  Incentive - General partner can obtain certain share of profit at the end of a partnership.  However, incentive scheme would not prevent general partners to cheat or fraud limited partners. CORPORATION ○ Most large difference between corporation and other type of entities  Continuation of Life  [Taxation - pass through rule]  Still difficult to convert a LLC to a corporation. ○ Features of corporation  Limited liability  Central management  Freedom of transfer of shares  Indefinite Life Tension between the stability of the entity and agency cost (incentive of managers) Corporation - 29 ペ ー ジ .xX{U~ΪcQZGk֕ )\+46I[]2@VbBjI)BeB "2BL2vݾΜ,49{gs<  x"ڕ?Ci%rIȃhi}S$ũ`yS4J^Xw)lq] K8J,lr'QXA'v0 k9{+/a (Jt0\NBaKAbƺ}WP\ b "r'cj'I~;VLȫMEB-O*Hx떐}<~4lc 2=\*Ҝ3ig;bO([-'ɧ?B[k9G|;㣂< :x7 & $~Bb4 b(2N4 wOj]&g3tk~)cO{'vQd0GoKq~F nk asۇiVdml Sp"D"1[uRKcy" Z-w됪wv:jq'D R i @.99EY| 8t$G~kq귦?D|J\Dy"O}?tO$[H & |Wmou*ўzGq\k`뉣tbzGDbrfoaL~ ӞMO" Ozװ˘.>lE6n}FfLlJ{EcĨ`~ףq=qZbEѳFؘ]ӳn5=?#[>:ŹVoOf> 2@. ܠ5\rd_ |Microsoft Office Document Image Writer 11.03.2175.00 2005:10:04 12:25:14  S >SS(16`2 a/zS18[ޤ{x ^EDIDup1$Q Bve!I^..qvqdg]\E0 QYuEͮC>îdS_S_']TWzzU:UeYv e/ɲ7fYsN˲ZGYvԾYvAA(~guwp, ;x>Yw*[-duEjzDiOC1F;THUNե,(ݫ\N:(Hdq5wRu8.xҭʫ(PoC8oy_p'wf;tٖm4˼|٩+N/+>>>|e;gO)>*kZsK+[hC"(;HR ̯dr3٥-z6[wl!g=nܘ_n^;^e(ڱbomIr26i}ߓG~l3b1 9f+}~Jύs׶Pvi UVz`~h%EV,,[;c4)ZՇle*UȇkN~PÊU|Ec [Y+D-4ZJd)K5IV\4:v_<JP@>>}Ak§.RB|AD5f<{`vl}IKNߞgOE$˟zpctͯ~=~R?vM,=EgޝS+W-}RNd)>o&*?@u-Ss  Xn]rA!|o ͒9r\ G{ƊBјlԽ>}+{ o;0VN#Cvay5j֣,*hSϩqb]2 ukq|ơϐP۱{$*Fhz]sd5X" 4>LhOr9` &:H7n\e]>nyn\'vܛis;6;ٿ^m4 öx d\#ߌN (ftR=Wa,6e\/|3ZGfNG6K=J>͍ÖF't]&_2 G@َwt`k8^c0!_kx29$CfbƼ9Ϳ(fNsBOlC!78b]WҞӸ.hļӝ ]c,*\|%t+}'[$ͅ%'nsϿ]x(>\$HbN|<1~߻ g.?6g'q?=j#m=P۹RmESg?2/'rS!E`3Ex\U=;MLxz)j5U8@~۷Z/p4(K9/'8)X+ci_%WO '(t('Ə2+8W WsKsD=y{;|.hy'0/wz^@2S#h__޳~Dpⱂȗb _屢5>=Lyy v^Y6Eg+CŊ\TdaG;F:,]حGoϺ>>ZӲ#>H;|zѼZ$zS|c-ŷ{CWɯMhv7NyZ=uw}=së|INn ?$o/J!] C>% }Rv}Xy{?'){L9ųZ8sVjtշ%O^gS=/_9VujQ'waaNou6oCӬcF6!Axm|"1N# mkؾF0ȧ vboOs^K^ek>7)~+g+`y k?<{%Y6#5̻紞)sl Qc ugk ghbz+^74o(\<߸;oy֞R{] kHCyyB}G̭X߶hG(SBgO-|JLs1iqhWUuدIG|̳7jUv26+?XUp‡f(@ǔigml&4:=rzV6wWiGYy}^5bǀKIl&?h4HqSyB]_\R GKKOٌvOHl@>4jSiݿR3&`wmqC7nZwF ]:\C;p+?{oߓSO\vg<\o{,{PN{mIdS*P%mO#AG0‡:0‡>C;X.;[ma;m7v͟_~g;kbCcx8~gi?PٶZ욇:/|:^g(Wy#A#|C<ގÈ>CЁ%>ͧ<+F}K:.$=6ZcޝY7ua7=wՇ jvqޅo5kpfe{?| 9gnc9O{2vȯo:^*qQNgIvE|}^cAoce׃A.$i1ɋq2F9y~iiyqpȳ3z-ӣ lJWR=)ݹS::4:4p,8pǸG[ Y/εiYC4=[4 ޘ\\S/0'61X#6˻msìOȇ:bw1͔ѡ}3c{)09,ЙhY1mUW1¬=ІՒ3"ք<Rs8ߤFo|L\6%e4mO;์wup=42 nn>Q]}'*tWijKCJ*;=1/˅i<`R'q曺[юL~az=Q^烂s v#ɲ݊`u@7H_)l-Ti}mӺkUգ} FO:RIG~XYƊpD~\ cBϛ<2\Z<2߄ 1;>y>H}+~unENlʯUV^}ښBm\$]<񌵺OR 6?561:ɱp֩{?=*1ڡx(cӆ}4̏.ܹ"OlNK{Vwp_g1ƽ_:ZWȶ?UvGR(aЇ$gNJ vj<ٖ;asag/]o`{O'jWN5˲ʠcn/}&ɟ{Yۗ^ x+ӏQyX#^P7jAzF.)3e31:8[\7˅ff'x#<:Vf?9ψqG9p)0i0Aڸrc ٦;32m8Nw ʞ \R Ӳ \U\ -)lÎΕ^<,!*_|eڅ /i.|4iebetX(8J͟axw|3d^Qp[c[v+Oʸ/&8mJ7#>Oë'< |[[S1xk0l:S+X z#vo(Nm5ƅWt ?,rE{k09֛Pٟgr[)+4ƅ-͆_kD+3 bVV7o'] #n ŎsVSGǒUt [=Drx+j+`)1 3l5Oa$&~Eg288iff[`1t4۵?zҾ ҟ;\%uy~+Ӂß* +۾כ^<\㽵أyq5+rj>C讃 O[sZOUz9oAzQɷ &|^s%%nmVۄcӱ^F"K|('(gԏfTA}3wo+P^f"bU=hq3(4dq1rm}x=\g|?Zs'71YQ gK`'Ğۖ౦eLt 'eRq6UȋqAm&&P-?^G{c]"gЙmҕ3c ĉ›PHLS~7g|Os&i$ųSsYxVN*^ɼ4W.}t\4 Ic8v=nxei9^2 w1-5CX+җ̪ЛU(B޼,g¹o®ᤡ){HG>ͺbMggo>oc~Cxk8!q Тqs9Ìv2:)S boj A[~W'hܝ ~ V;zy ~3#m݉I[\&=eKe\_,+˽&m냎2픎ғҏ'_ГUY *Uټ i Ҵ n~KLzgO>}P/ii :W5|oZ})=qU25,heFzX[c:ﺈMjoI/ja +4 e7gIMEi  - ;o?yhd{<|ǖl\G-inVe}Ur=Swd\rF4P%g彲 sI"+ +aamF8[*_BTy"#N5 Ƽcμ4-b\˙8`p!]nCL0bw]#$EQ 1:X)Ja52HǷ3t|ΘM nAe[2iYqXq<Җaٛf.pj|bwʴK>2wY.C>ZIw- gV7s4ŝ/;g ugqyk87̫x~n<@s 4Ӣ3s)zP,'(+w$`Z~g3\ƯNnf kÎQ̓8>û1?5ë3QǪެw$z))yN0ލ*|'cμRe!F֔yL=s2e{_$ o_prgФ/Yt1 & ";)9]EzܓO^A|ҮMn ~=zRǻc8L5>ݿLa}6z}p@_( b-[>qץip8>vo¯S+BGFHsU+ yh!MKbʽ\o1غFbmF{ۂyPOƯ-j!8u<\ۡ/ >KI>^şBi|ۤ``Uxz?̓RzF5"5OOzv8kgD(!܃k<o-Z/|C]؆b|/9fc] fTX3ط?/ߑsëxOE^PܡQ`:}þ~U+YvηLW r%ͅN_TwzY-3Mޯ *;O5X'%ޘ4ߪwq?{1~O_G1{m'%϶a;2AynLs(ueOlaL ҥSO6Ƙ!چS'TU5[;CƘve7lvV 0kUx/Z)^$yxuZEAi;8K>:=bqpm[ıP{bÆ{8ƳmkO^5>(`|Z0>*|74LLuD<>0>% lť:k_ ժe,w 7xT-).L3vExТ,<3^;mォ pVR9]Z'eiB;lo4GKDՙo-B[ւ?~Jc mgKlk%^bOUy7)ti}l p|ۚ5Σ,Lf.yn7pҮ0֮1s߯=?>iWp ts;h>ފ? ^ş |Asvk$d1Z>"HfΔw&^c풱;sv3dD1}v%}Bem'w+ۜĔۋm{WH}vmUs_."f}wM!W*ң4Ux}7^ }.O<7/.3Ekײ뿧m@+'}id  2/O\ ]2y}+0i\ﯻZMU~a&zߜ[?bCn #+ԟnݷo~3şF7kùO$sxׂ_\*k_E.!ocMusg26`w؆m'v|Oۯcl1Q|b`wA/(6򟬧0.GkBSEk* YO dºQrR^lveA>Zow1#|rY]>u}3 :-WX,muCߑOJw#8įR|k\uylxYOp5v9Fu+uV)Ixhy(s%oDk~w{C va㞴m{c#;VI(;--b8e&(P6 h KAg;M2EydqJ=e3tO *>|aY&,}\H fK>qSyR'q\җ6ʗ 0eK?إhUSN\\\nݷ}+dXӒ_6U7hLTgBvޓ_Ӄv@/ & _,MizɗYO kTS#TOSM ,)+M N,83  7Is~2G<0L9żC61l[?r2[V/+ ;`.FyҴ=4˴c{ kdd}_o )Ysrx=&[UєnKsbS|6AF xoqFɃsO*{A]erY@\72u@:\m ^q}X8?Ї‘$Bʫn#F{h6vj-R 1/ϪX-GݥK=ëx{E WQQGn~*#UWC!wĺؗݴN!&mڹ'S6yc'|\Ջ]]~l/lۨgG>c߱2;cDuO&4{|1T]ƣ !Fo}A+{pXB U .?Ji׉cU+v?/ IeKZ ֙qŸf[1B[gwW}j:]3g9Zaxtc(WoD&ġ)ooϋq%.S_(Vv +Naw_ӌ $xPʊd߭lΗ DEq?)W'/}@ ]2*~8e`8tǓߜd|GnS[}?eP' vž\^Hq)`ݣ/cZ?WC,,S ○ Tension between the stability of the entity and agency cost (incentive of managers) ○ Automatic Self-Cleansing Filter Case  Basic rule: □ The ultimate power is vested on the Board, not shareholders. □ DGCL 141(a):  The business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation. If any such provision is made in the certificate of incorporation, the powers and duties conferred or imposed upon the board of directors by this chapter shall be exercised or performed to such extent and by such person or persons as shall be provided in the certificate of incorporation.  Order of Rules □ Statute -> Articles -> Bylaws -> Board resolutions -> Agreements  Even over 3/4 vote exists, still unclear (doubtful) whether shareholders take control from the Board. ○ Why does the Board typically needs 6 days a year?  Outside directors □ day jobs -> opportunity cost □ Prestige □ networking  Real (day to day) decisions are made by officers. □ DGCL 142  Every corporation organized under this chapter shall have such officers with such titles and duties as shall be stated in the bylaws or in a resolution of the board of directors which is not inconsistent with the bylaws and as may be necessary to enable it to sign instruments and stock certificates which comply with §§ 103(a)(2) and 158 of this title. One of the officers shall have the duty to record the proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose. Any number of offices may be held by the same person unless the certificate of incorporation or bylaws otherwise provide.  Relationship between corporation and officers is governed by agency law. ○ Jennings case  Apparent authority - Agent cannot represent apparent authority by himself.  Corporate offices such as vice president do not provide the basis of apparent authority.  Past practices - Extraordinary transaction □ (inherent authority rather than apparent authority)  Who is better position to monitor Egmore ? □ Board cannot monitor effectively ? □ Jenning, outsider cannot know the actual scope of authority. □ Point would be whether the transaction is unusual or not ?  In practice, the secretary of the Board would give the signed document certifying the authority of the officer.  The reliability of such certification is supported by personal liability threat to the secretary.  If you are representing Jennings, how to recharacterize the case to improve for Jennings. □ Jennings just wanted to recover "commission." He need not to claim the validity the transaction, he should have simply proved he was "employed" as an agent by Egmore. Hiring an agent for searching transactions would not be "extraordinary" or "unusual" for a corporate officer. ○ Menard Case Difference between Menard and Jennings Corporation - 30 ペ ー ジ T*xϼ}onk%Xw*?[ bS)MڈBm1/\5&6D(jm%R٤2| +y K9?9{wf^,nffW@[ Ў3 7`vL|=ֳ쨳MA$~Z!l Ɵrl γ1nn8;o E/ 6ɂB8ړ͟=|GywZmAO vu);z4߅n隂5<4\C6lŠҿg\j _> : є^4׈`l,y#BN??YǮw379rs]䳦m'.m_E˱QGWuMlJ0խcKasaspWaZނʫ*X/`:Xmm/)EZKle_q<>gPsE(EE*|)>lҹ<4)cON͵7W:Ksz'sg)|來K+'x/Mw:V ǞmWPgUvt50t>hucKcj[M-tح~=3:~+ؿ3] Ϸɜ*{\, e@c > OQ`ywJՃ[rĵ kZ#A'; vhh$6EnoBA<|eQ-|=(.g.GS5{A#lVk:hݡe~ 8qWK;@ BX7OI}]qH< (Or;~Mޏ~܄n8z|&j~@;TPS.D;-NN}6:n `'6Ӽ.v5ۙ y.;OE}/;^%`؉4e@gxG@r6>N׃;]5%AYYkx4{(guؿ~V ۠k Н;]kwu}gԫA霌AJn;bGWqt>%s(mP=;kUe#@:+69>,+>; #}s]o"^5Cb .=޴{B:ojns*Fѣ)/=:_eGVSca_vWUi,:rU9UѣsY F}xRwxo|ֿv]t'cmk/?޿9_9w7徨&=[7Pڦ7'i4re@{ dO٨}W1g-ܛO66V *^ =˩Mi<k} Q?\n;ݳߤ4^(9e*U @VY d*p:UoU @VY d*pV^Microsoft Office Document Image Writer 11.03.2175.00 2005:10:04 12:25:15  a .(162ʤ/Y 1 ̷{.x͚ lˇ׮T@1XԙU1[1.#VEfEL Dfs,q,c3q%s>}x"mv{Ϲ{so9FD+}sF3˹c ps~s7g&)$Ý{O}"R(uz9V1"kt ^heՆUGuݦzꕮS5Ks9Gm줭ǩvRm-H--o3f[Ni!k.XbDNEsp2W3gUǨ>Iĭxkg oP?YgdG%cƔm -ug/|WI}ҹCjmv[fwEJ2GN=UmO|N{nƿ:r-R6[U=l8s?5l$sd;JXs5|ݓq٩5\eawrG_|2>~M}>Uw fNwOgwxɽeDeOJv\7ԞFդ `R`F9M/pYs#kv;1 l:|)D[}7VصOuZqZU??xqu sAطT;rEg} jz==0MfOMj  }4&6M#Ox8ۦ+ߥ\q Y8XHv6c/xuoPhY*M^k>~ O"[VQrQO֤6s?ڬʥ5vKw)둰^{LSQ vc>SFO>&/dkYc}XtLr>n >wIƝ=w;tyxad*ԆK>^,.%%Q.>g6ђws/wJso8|Mdo74p789a}|d3!s x/R|!-Wzb,T |gxsװ/S_PO܇Lf8SǐY@@{xT{yd^Of4dl"l'C6+O`fZT} i .`T,Yow+/dK7+*t6;Л&y@EȽWGOK|ܕi< 0aQB֜{acPx6?@1M?'S_ޫ('{LxBx;Oum{~^N|߾^ye_Md4;-j,35v% 1|{c&l61~pP8X voԽ3ywXgRτۓϲ>e ީz@H %6v,9S'fdyR/3OnA Эf6+I2_\nSW =gZe;HbG8 pn&/ikG[e윷9ogd֎Qi/9͇vy667G|]蠟/sn4eBt(oҳXa)_݅Pl.vw4<_Ży~ߗyFE9&іw|&Ƹl omGdvNH;aalߘ\+/}P{\b2B1bspOuov K1y!TjFLɁAL>[br}k4l_4yO!&S♜~45|Dy>vGb 7xqømx1Qeeg>f0^&.7ukՠM{T;MQܪkM<&8)]":>cg9ndY1H s_Pq*^u8[u^l M .W_[egdE݄1Sm i\oIo8W"Fn+<&l,աŚ[]`~ Ԇ;AV)@/'׏Lӱr, 3Tu2GS d1+cؒS퍞Uʹ*CD/çǑ.#lNQ9G:~#c+wV)Dr?B_,,○  Difference between Menard and Jennings □ President v. Vice President ? □ Representation in signed contract v. oral ? ○ What is main difference between Board and officer ?  Board (group) v. individual  It is not efficient to give a decision making authority of daily business to a group, because it cannot be in a timely manner.  On the other hand, a group discussion would be more effective in difficult or high decision making. 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PV=$1.10 i=5% n=1 -> FV=$1.155 2. PV=$1 i=10% n=10 -> FV=$2.594 3. The lower the discount rate is, the higher the present value is. 4. PV=$120 FV=$150 n=1 -> i=25% ○ Net present value  Exercise in P/117 □ FV=$10,850 n=1 i=7% -> PV=10140.187 □ i=8.5% -> PV=10,000 □ PV=$10,000 n=1 i=8.5% -> r=7% NPV=140 □ r=8.5% NPV=0 5.2.2 Risk and Return ○ Expected return – a weighted average of the value of an investment. Sum of the returns of success multiplied by probabilities of success plus returns from failed investment ○ Total risk is defined by how much an investment ’ s return is expected to deviate from the expected return ○ Investors are risk neutral if all that concerns them is the investment ’ s expected value ○ Additional amount demanded by risk-averse investors for accepting higher-risk investments is the risk premium 9/22 2005 年 9 月 20 日 20:35 Schedule : ○ Exercise on 116 ○ Qs on 117 and 120 Assignment :  5.2 (5.2.1&5.2.2) Corporation - 32 ペ ー ジ xU[HTQ]gƦԊ rԱEERYQiEQDу> ه=iу?QQqnk/\Xu{sw K iD !$|U vqq^Ee^Y {+CN|O2٠.zBjgT Qۅm4 !\kz~<4oKx%lVE$vN6 yԴOjH}<TzbmN8gMXxt Ւ׭H=f63fO$%)A*r<m-T[tl*J~S5A}k?vr\1O\<Ϲpq7Dzݱ}qL{=.=e>E;b cX8srƋ^:|b1x@/u#HfRЊJ9$o*vE%$cr~F|7hnh=zR"Ӝ+!BD!Q]D):"{ED=I>؄AYe߫Us^-r9LOg}т1;JRe1 ]&iG_!q=)XW ^?@?>.Microsoft Office Document Image Writer 11.03.2175.00 2005:10:04 12:25:15   '(16b2/1dd.{xx `Uյ SD&QoB@TI 0 mb& $6Eh⌖*V|uS+O/Z}JڢSZZ= {V^{59ޔsnZ?{uP Twn,CG s.?ך;FX \t URTT%G6q34unu \Z0_hp*k#T+edS|([r>v~ߜXYZQH}Q3Hky\Wh ,SӪ,QVߥ]s9GLm8 |۽+hM.!AQ%H s ?iᶩ ੕U\nowb ⒮{BC5n(tĮ4N QJ]jg>%q&5hhj\.$xWYG %KM/j?lݕ ^d7un`FfAԴl{'Ȳ+W C0WLh^)-ID&QV6v'Ԯ9kq'*1mqWw{ aU5*q-n9_X6vpkt妚/q_̟¾m.y#~=]iqUn/5-wosۏRQ\rݼW87BslwQ{qӛUj?*<լ7jZkgXɲc, %M\Gٝc)֡׫UQӷ#KcG\<;cǬ[ͩV͵8#䃼ګW3>^Jn__߭yEEM :MN>SeӳN~wvnn^z%ld?{&?inI_^X}Nˆ]ZF\=uƎĭXnݟrʗiįt vɄwK+ȿ+)Zw]}}]˾3e9k[빮.ԇ_9[WnDÇ?mXx bp^zC.yp+U]_1d5aW{oOͭxpńg,6Yˎun;\{Fդ#OXR׾${3٬]<'}ֲe+v\IM^e?w?Xqy˨_?o+~g1xU{]Yӧ=RZ4z}T55Un{[?jin PD!X$=qݩ7TӖ,~${PAWswft[}VrGzە4Sݮ)m[.r5)pJf9re'=[6zjЬvo{K!.t˳\Xq/{Rشfwvfg Y.=AM.?nRܓ7k׿:sڮ~pCFҺ;6=zBKNNotntٚ<_Ã96<Fv4xx^#*92EgT^1ʬ>K#4%2{m޾CϻG7K6ӴpBRd]](ßxtaݛoՖwuһJ\g\Yڹ7rZU}GfuXi]ܶsc:Oy:uoTF=kZ9.ki-{>G|y)m t#NPzjeE?v ow[nw6t;Ԅ#L֜6>t=_0k5^H]Մ{*ys-.>B67:!4lg4mTUů~y1g_e^p"{d%k,ׯ3Jw}{p|NVey>VsZqZu+^K,tm^fSU޴iEn=:Cvfֳ\Z$gVcsJ^ e[l1&mѐLTI _cp[*5Cm9mmݜf,}[\O<ϵucТMjҍ-yWuNV[ӯΫB}=휻dzS\<~k| ֽ*3&8 *inWğiJq_>Ok]<Z'?JK. c0^WCA>_ [J\vr+]u<lW>&8;AC /u׶|ov,_6EsOݹh㟀[*}]js]߬r޵-~wg߱smw.'Lߺ}"TpeGUw(ܻK9T;ੇխB kʯ;T3߅km汯jq'~tҎQ.+v=3qi5^0\&8CJf}W)s_ȯJ.dǵN'q`ق)Z(=Oy:Xէ*?EcnFpχ6nx<)RWtpN /Ee4Z#J/P=}7cXlqYT|_~QNybx 23Cꑡй. u!3=9131vsta\;CϭҊ9s,Y7>`;soyj1R lN93<-,35=cvgWLA:A6:'ͲuČESv,3yiP|Y5yرh❡W=s_޹%U?Q|e6|]_ս^@et"hvܿc/RJwR%.}g/~F:nեO1&ny['8Z&G;~u֤gʼn/.qӕ7;Aר5޺UںH_Nz]EJ&bpuBuq}߅h6_tu[' 3'?g]^G:GRvqh">o }lQtVњk0ش cC~zT֓],}>`N*N|49iU]:}n`[O!%c;xRsz|5mu GehZǡ/#O;Rp6fu/ml,D?kMC+ٝչG eL摤™o WνD)~;qDt%?24FyhZS.P$xg>';>iyyT{|!G롶JU=u_أ740FcfY ~_ڂc,So}}@v̍4O?}ߗ9d7ِyeۭ'].-J^ bX%#f 7'РҺoM}>r>f̗y0)NÓy S^2NnYm|/>b&~O5ki|Z$=zxt;X߱sH+{o?sKq,~(j9gJ:g3A3Ͱ}9COtO7飓R3ex|sf(rϲ:L1 4EAZ?3w]HеkPp@AʣX XG_TY6j&'y\4_'(#â]I*Yv_?[*^%]y(Ǿl ߷kGWǧj^"N(QymS;f]jN1),OZLJxg88o~61 yoyړvN;p༛2mH?IL=l=S6S< ߂H~r7<>gl&{s.O\ CM;\2nV$Ap_6?3eUhr ]8o_o WI3fs,R.|eV,C ?;3ݵy9kƅ&I3@9c=_X;{ʤ@Feڀ'g}lgF[2ml7e:"ІyR(Cvc([{8y]f u ݺS :Vv$\%,,BGhY|緓Ig`-wqRoe|1>r 0=Y[p7A~@uu'#N -2֡O߾`Y_~W7$ )<~L~d'2nk#Y-K,A~k$rJwB^i{A#EWMg| 8s؊5yall2g|57O r+%HrҡQGB Y7"렿ItX$.FtN߻69h'\Uۆ25!3[5J#`*SIE8 bVs*JdyYdd#ڹ?-j9dP6z~\h'5?pCӦ#oH1