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Bob and James have been friends since high school. They decide to start a business (B&J Property Management) to acquire residential structures, fix them up, and then sell or rent them. They used some of their retirement money to capitalize the business. Bob put up $100,000 and James put up $80,000 for a total of $180,000. However, both men agreed that each one would have equal authority to manage and operate the business. They acquired six properties for $30,000 each. Without any formal or informal written agreement, they purchased the properties in the name of B&J Property Management and operated as a business for nine months. They leased an office, bought office furniture, opened a bank account, and obtained printed stationery. James’ sister Lisa moved into one of the homes. Lisa had not paid her rent for the last six months. Bob initiated eviction proceedings by sending Lisa notice to vacate the premises within ten days, as required by the lease. James challenged Bob’s authority to file the eviction without his agreement. No court proceedings have yet occurred in the eviction. Although the relationship between Bob and James is strained, Bob and James decide that they should seek legal advice on how they should structure their business as well as other outstanding legal issues. They have concluded that they should either incorporate as a corporation or form a limited liability company. 1. What would you recommend to Bob and James to resolve their disagreement over whether to evict Lisa?

What would you recommend to Bob and James to resolve their disagreement over whether to evict Lisa?Bob and James have been friends since high school. They decide to start a business (B&J Property Management) to acquire residential structures, fix them up, and then sell or rent them. They used some of their retirement money to capitalize the business. Bob put up $100,000 and James put up $80,000 for a total of $180,000. However, both men agreed that each one would have equal authority to manage and operate the business. They acquired six properties for $30,000 each. Without any formal or informal written agreement, they purchased the properties in the name of B&J Property Management and operated as a business for nine months. They leased an office, bought office furniture, opened a bank account, and obtained printed stationery. James’ sister Lisa moved into one of the homes. Lisa had not paid her rent for the last six months. Bob initiated eviction proceedings by sending Lisa notice to vacate the premises within ten days, as required by the lease. James challenged Bob’s authority to file the eviction without his agreement. No court proceedings have yet occurred in the eviction. Although the relationship between Bob and James is strained, Bob and James decide that they should seek legal advice on how they should structure their business as well as other outstanding legal issues. They have concluded that they should either incorporate as a corporation or form a limited liability company. 1. What would you recommend to Bob and James to resolve their disagreement over whether to evict Lisa?

What would you recommend to Bob and James to resolve their disagreement over whether to evict Lisa?

 
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The information provided for this question applies to this and the following 2 questions (so, question numbers 5-7). Mr. Jonathan Eastwood, the owner of a soda stand at the Champaign Market Place Mall finds that he sells on average 100 bottles of regular 16 oz. Coke a week. He currently purchases Coke at $0.40/bottle from the bottler (Coke Company). Each order placed with the bottler costs him $10 (shipping and handling). The holding cost is 25% per year. Use 52 weeks in a year. Indicate, showing your calculations, the Economic Order Quantity (EOQ) that he should be ordering if he uses the continuous review system for inventory management. Round your final response up to the next whole number.

In reality, there is some variation around the average weekly demand. Weekly demand approximately follows a Normal distribution with a mean of 100 bottles and a standard deviation of 10 bottles. After Mr. Eastwood orders from the bottler, it takes exactly 3 weeks to receive the order. If he wishes to provide a 95% service level (use z = 1.64) to his customers, when should he place an order if he opts to use the continuous review system for inventory management?


List two factors (provide one sentence describing each) that might cause Mr. Jonathan Eastwood to schedule an order quantity different from the EOQ that you computed in question 5. Reflect on violations of the assumptions required for using the EOQ model that may lead him to move away from the EOQ for his order quantity.

 
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Kiva connects individual lenders with microloan clients globally. This is a form of social impact investment. View the brief video Kiva Story(Links to an external site.). Look at the information in the “About” tab on the kiva org website(Links to an external site.) and peruse the site before addressing the following questions:

1. What is the vision of Kiva? What is its mission? How many borrowers has it served? In how many countries? What is the amount ($) of loans funded from how many lenders? What is the repayment rate?

2. What are three advantages of accepting a microloan through a Kiva lending partner for the borrower?

3. What are Kiva’s four primary unique selling propositions? How do they describe them on their web site?

4. What is the relationship between Kiva and its field partners?

5. What interests you about Kiva? What questions/concerns to you have?

 
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Significantly, the U.S. Supreme Court in Exxon v Bakerly reviewed the history of punitive dam- ages in the United States. At issue was the appro- priate amount of punitive damages the plaintiffs should receive as a result of damage caused by an Exxon supertanker grounding on a reef and spilling millions of gallons of oil into Prince William Sound, Alaska. The plaintiffs were com- mercial fishers, seafood producers, and others who relied on Prince William Sound to make their livings. What made the circumstancesTof the acci dent particularly egregious was that the captain, who had a history of drinking problems, “inexpli- cably left the bridge, leaving a tricky course 00 correction to unlicensed subordinates.” Expert evidence indicated that the captain was legally impaired at the time of the accident. At trial, the jury awarded $5 billion in punitive damages against Exxon, which was lowered to $2.5 billion by the appeals court. The US. Supreme Court low- ered that amount even further, based on its view that punitive damages, in federal maritime law, should be limited to the same amount as the com- pensatory damages. Compensatory damages in this case were set at $507.5 million, and therefore an equivalent amount was awarded by way of punitive damages. In bolstering its analysis, the U.S. Supreme Court noted that some states have regulated punitive damages by legislation, such as, for example, limiting them to a 3:1 ratio of punitive damages to compensatory damages, with Nebraska going so far as to ban punitive awards altogether.” The Supreme Court’s view was that, contrary to myth, there have been no “mass-produced runaway awards” in the United States.”? However, the court acknowledged that “punitive damages overall are higher and more frequent in the U.S. than anywhere else” and, more importantly, expressed concern about the “stark unpredictability of punitive awards in the United States. Setting a 1:1 ratio would alleviate that problem. The court was fortified in its selec- tion of a 1:1 ratio by studies indicating that most awards of punitive damages put the median ratio at less than 1:1. In the court’s words, “we consider that a 1:1 ratio, which is above the median award, is a fair upper limit in such maritime cases,”45 among other matters, discusses the punitive damages awarded against Exxon in a civil class action suit. In addition to being subject to a successful civil action described in the box, Exxon was indicted by the U.S. federal government on five criminal charges with potential penalties totaling $5 billion. The company soon agreed to plead guilty to three counts with a fine of $25 million, or less than 1 percent of the total potential criminal fine, plus $900 million in civil fines to be paid over 10 years. In addition, the company paid $2.1 billion in cleanup costs and several hundred million dollars more to fishermen for their lost summer catch. In all, the company paid $3.4 billion. 1. Are these penalties sufficient? Why or why not? 2. Are there other penalties that could have been imposed? What are they and why or why not may they be used?

 
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