BUL 6810 FINAL EXAM ANSWERS
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BUL 6810 Final Exam Answers
The final examination consists of 4 essay questions; each
question is worth 25 points. Eachquestion and any subparts of the question must
be answered. The final should be 6-8 pages,double spaced and only 1 inch
margins, please. The answer may exceed the page limitations.This is not a group
project. Each student should work alone. READ THE QUESTIONSCAREFULLY BEFORE
ANSWERING.In order to do well on this test you must refer to materials in the
chapters, including cases,and you may also refer to the handouts and in-class
case studies and discussions. Make sure to use the legal and business terms
that you have learned in the course and apply them to the facts of the
questions. When you use a legal term, provide an explanation of its meaning
and/or any legal test that explains how it is applied to any factual situation.
If there is a case that supports your argument, make sure to explain the reasons.
Please turn in your exam in dropbox.
LATE SUBMISSIONS WILL NOT BE ACCEPTED.NO EXCEPTIONS!
1. Using the course readings and materials, explain how
legitimate accounting methods facilitate fraud. Give examples.
2. Explain what Arthur Leavitt meant by the “erosion” of the
quality of financial reporting.Give examples.
3. The South Miami Engineering Company of Florida (SMEC)
recently began marketing a uniquetest that can predict what the stability of
soil will be during a flood. This test benefits propertyowners because it
allows them to determine whether a building will be structurally stable in
floodconditions. No one else performs this test in Florida. SMEC did not invent
the test, but insteadpurchased the rights to a license for the entire geographical
area of south Florida from a vendor.SMEC hired and trained Xavier, an
experienced engineer, to perform this test. SMECprovided Xavier an employment
contract for Xavier to sign. The contract contained thefollowing
non-competition clause:“In the event Xavier leaves the employ of SMEC, he
agrees not to perform or providesimilar testing services within the State of
Florida for six years. Xavier read and signedthe agreement. After one year,
Xavier quit work at SMEC and opened up his ownengineering company. His company
provided engineering services, including a test verysimilar to the one
performed by SMEC. The test was not developed from any informationgained during
Xavier’s employment at SMEC. Instead, one of SMEC’s competitorsdeveloped a
different prototype of the test and licensed its use to Zavier’s company.SMEC’s
sales declined after Xavier’s company began performing the similar test.When
SMEC learned that Xavier had opened his own engineering firm and wasperforming
a similar test, it sued Xavier for breach of the noncompetition clause.a. Is
the non-competition provision between SMEC and Xavier enforceable?
Explain.(Florida courts will rarely refuse to enforce a non-compete agreement
due to its lengthor geographic scope. Instead, courts often employ the “blue
pencil” to reignimpermissibly broad terms within the limits of Fla. Stat. §
542.335) See, final examattachment.b. Assuming the non-competition provision is
enforceable and was breached by Xavier,what types of damages might SMEC be
entitled to?
4. A development company has decided to raise capital from
private investors to build stripshopping malls in three separate towns in south
Florida. Your consulting firm has beenretained to advise the company on the
form of business organization to be used tofacilitate the transaction. The
development company wants to keep the three investmentsseparate. It is not
intended that profits be shared between investor groups. Theinvestment
transactions should be wound up and terminated within 90 days after thecompletion
of the construction. Investors will receive the return of their investment
withan additional 6% return on investment. What form of business organization
would yourecommend and why?
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