Asked by
Lexus Morris-Carballo
on Dec 18, 2024
Verified
Braun was a director of Cable Shipping Ltd., a corporation which leased a large wharf from Valdez. Braun gave instructions to the person in charge of the wharf that the S.S. Cambridge would be using the wharf to unload its cargo. The S.S. Cambridge damaged the wharf on its arrival, and the wharf owner brought an action against Cable Shipping Ltd. for repairs. Braun would be personally liable to Valdez for the damage, because he gave permission for the corporation's ship to use the wharf.
Personal Liability
The legal responsibility of an individual to satisfy debts or obligations from their personal assets when they cannot be met through insurance or other protections.
Corporate Ship
An unofficial term possibly referring to a company or a corporation operating in a global or international market, navigating through business waters.
- Acquire knowledge of the duties and liabilities faced by directors and shareholders during events like insolvency and interest conflicts.
- Examine the legal ramifications associated with corporate behaviors and decisions, including the selling of assets and the conduct of board members.
Verified Answer
KF
Learning Objectives
- Acquire knowledge of the duties and liabilities faced by directors and shareholders during events like insolvency and interest conflicts.
- Examine the legal ramifications associated with corporate behaviors and decisions, including the selling of assets and the conduct of board members.