IHI 87.doc

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Gamma Company owns a hazardous waste disposal site that it sells to Omega Properties, Inc. Later, the EPA discovers a leak at the site and cleans it up. The EPA can recover the cost from
Gamma only.
Gamma or Omega.
neither Gamma nor Omega.
Omega only.
Question 2
Fred drives across Gail’s land. This is a trespass to land only if
Fred damages the land.
Fred does not have Gail’s permission to drive on her land.
Fred makes disparaging remarks about Gail’s land.
Gail is aware of Fred’s driving on her land.
Question 3
Assume that there is a provision in the Colorado state constitution that conflicts with a federal statute passed by the U.S. Congress and enacted into law. Which is TRUE?
a. The Colorado constitutional provision will prevail since states existed before the national government; and thus the federal law is invalid.
b. The federal statute will control due to the Supremacy Clause in the U.S. Constitution and thus will make the state constitutional law provision invalid.
c. In Colorado, the state constitutional provision will prevail; but the federal statute will apply in the other 49 states.
d. Whichever was passed first will control over the other in Colorado.
Question 4
The four shareholders of Delta, Inc., want to prevent each other from selling the shares to third parties without first being given the opportunity to buy them. The shareholders can provide for this in
a buy-sell agreement that includes a “take-along” clause.
a buy-sell agreement that includes a right of first refusal.
a key-person clause that specifies who can sell what to whom.
none of the above.
Question 5
Shareholders of X Investment Corporation believe their corporation was harmed when the directors followed the advice of certain financial “experts” who advised them to have the corporation invest in mortgage backed securities. The shareholders want the directors to bring suit in the corporation’s name against these so-called experts; but the directors refuse to do so saying the lawsuit would be costly and a difficult one to win. Nonetheless, the shareholders want the corporation to sue. The shareholder’s best approach would be to institute:
A pooling agreement.
A voting trust
A shareholder derivative lawsuit
Cumulative voting.