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NEWYORKSTATEBAREXAMINATION
FEBRUARY2003QUESTIONSANDANSWERS
Question-One
Dressco,Inc.,(Dressco)amanufacturerofdresses,isacloselyheldNewYorkcorporation.
UntilMarch2002,Major,Min,andDanwereDresscosonlydirectorsandshareholders.Major,
theownerof100shares,wasresponsibleforsalesandbusinessoperations,whileMin,who
owned50shares,wasinchargeofdesigningtheDresscocollections.Dan,theownerofthe
remaining50shares,wasnotinvolvedinthedaytodayoperationsofDresscobutattended
regularlyscheduleddirectorandshareholdermeetings.
OnJanuary2,1990,Dressco,Major,MinandDansignedawrittenagreementthatprovidedin
pertinentpart:
Uponthewrittenrequestofanyshareholder,Dresscoshall,withinsixtydaysofreceiptofsuch
request,purchasethesharesoftherequestingshareholderfor$1,000pershare.
InMarch2002,DandecidedtomovetoFloridaandmadeawrittenrequestonDresscofor
Dresscotopurchasehis50sharespursuanttotheagreement.MajorthenremindedDanthatatthe
timetheagreementwassigned,thepartieshadorallyagreedthatthebuybackprovisionwould
onlyapplyifthecorporationwasmakingaprofitonthedateoftheshareholdersrequest.Asof
March2002,Dresscohadnotmadeaprofitfortheprecedingthreeyears.Forthisreason,Major
toldDanthatthecorporationwouldnotbuyhisshares.
DandulycommencedanactionagainstDresscoforbreachofcontract,seekingtorecover$50,
000forhisshares.Attrial,Al,Dansattorney,objectedwhenMajorandMinsoughttotestify
abouttheoralagreementlimitingthebuybackprovision.Thecourtoverruledtheobjectionand
permittedthetestimony.Afterhearingtheirtestimony,AldecidedthatitwouldbeinDansbest
interesttosettlethecase.AlthoughDanwasnotpresentincourtandAlwasnotabletoreach
Dantodiscussthesettlement,AlenteredintoawrittenstipulationwithDresscosattorney,
settlingthecasefor$7,000.
InOctober,MajorstartedtoneglectDresscosbusiness,wrotecompanycheckstopayhis
alexpenses,andstoppedpayingDresscosrentandelectricbills.WhenMinquestioned
Majorabouthisactions,MajortoldMinthatDresscobelongedtohimandthathecoulddo
whateverhewantedwiththebusiness.Sincethat
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