Fact Pattern 88-1B
Standard Company (SC) and Typical Corporation (TC) form United, INC., a close corporation, and agree to restrict the transfer of its stock to anyone else. SC sells it's physical assets, but not its United stock, to Variety, Inc. TC files a suit against SC.
Refer to Fact Pattern 38-1B. Under the reasoning of the court in casse 38.2, Salt Lake Tribune Publishing CO. V. AT&T Corp., SC's sale of its assts
a.) did not invalidate, violate, or void the stock transfer restriction.
b.) invalidated the stock transfer restriction.
c.) voided the stock transfer restriction.
d.)violdated the stock transfer restriction.
Standard Company (SC) and Typical Corporation (TC) form United, INC., a close corporation, and agree to restrict the transfer of its stock to anyone else. SC sells it's physical assets, but not its United stock, to Variety, Inc. TC files a suit against SC.
Refer to Fact Pattern 38-1B. Under the reasoning of the court in casse 38.2, Salt Lake Tribune Publishing CO. V. AT&T Corp., SC's sale of its assts
a.) did not invalidate, violate, or void the stock transfer restriction.
b.) invalidated the stock transfer restriction.
c.) voided the stock transfer restriction.
d.)violdated the stock transfer restriction.