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nirvana33 [79]
4 years ago
15

The Chicago National League Ball Club (Chicago Cubs) operated Wrigley Field, the Cubs’s home park. Through the 1965 baseball sea

son, the Cubs were the only major league baseball team that played no home games at night because Wrigley Field had no lights for nighttime baseball. Philip K. Wrigley, director and president of the corporation, refused to install lights because of his personal opinion that baseball was a daytime sport and that installing lights and scheduling night baseball games would result in the deterioration of the surrounding neighborhood. The other directors assented to this policy. From 1961 to 1965, the Cubs suffered losses from their baseball operations. The Chicago White Sox, whose weekday games were gen- erally played at night, drew many more fans than did the Cubs. A shareholder sued the board of directors to force them to install lights at Wrigley Field and to schedule night games. What did the court rule? Why? Business judgement rule g
Business
1 answer:
Lemur [1.5K]4 years ago
3 0

Answer:

The court held that the Cubs were not required to "follow the crowd° by having night games like other baseball clubs. The judgment of the executives of an organization appreciates the advantage of an assumption that it was shaped in accordance with some basic honesty and was intended to advance the eventual benefits of the partnership. The court accepted that the chiefs acted to the greatest advantage of the partnership. The court was intrigued that the since quite a while ago run interests of the Cubs would be served by saving the encompassing neighborhood, which would make Wrigley Field increasingly lovely for supporters and keep up the estimation of Wrigley Field.  

Note that the Cubs, under various possession today, have placed lights in Wrigley Field and are playing night games. The Cubs method of reasoning for needing lights is that without lights games must be played during hot days in July and August (making the players tire quicker during the long season) and that with lights more fans who work will come to games. Furthermore, without lights the Cubs' home season finisher and World Series games that TV contracts direct will be played around evening time would need to be played away from Wrigley Field. Ask your understudies whether an investor who sues to constrain the Cubs to expel the lights would be fruitful or whether the business judgment rule would secure administration. The appropriate response is that the business judgment rule ensures Cubs' administration. This shows how defensive the business judgment rule is, on the grounds that it secures executives whether they choose to have lights or not to have lights at Wrigley Field. Shlensky v. Wrigley, 237 N.E.2d 776 (III. Application. 1968).

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Mitch is a director and officer of Numero Uno, Inc. Mitch makes a marketing decision that results in a dramatic decrease in prof
Stells [14]

Answer:

As long as Mitch acted in good faith and tried to make the best possible decision regarding all available information, and his decision was something that any other person could have made, his mistake has to be considered a bad or negative business judgement (business judgement rule). He thought that his actions would benefit the corporation, but he was wrong and the corporation lost money. That types of mistakes are considered normal and just that, mistakes that anyone can make.

In regards with the second issue, that Mitch is a shareholder and a director of a firm that will directly compete with Numero Uno, he must inform the board about this and resign to either Numero Uno or One of a Kind.

6 0
3 years ago
A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s
SSSSS [86.1K]

Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

           To Notes payable $70,000

(Being the issuance of the note is recorded)

b. Note payable $70,000

  Interest expense $1,575

              To Cash $71,575

(Being the payment of the note at maturity date including interest is recorded)

The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

= $1,575

We assume 360 days in a year

Now the effects on the accounts and the financing statement for issuance of the note is shown below:

Balance sheet

Assets          =   Liabilities   + Stockholder equity    Income statement  cash flow statement

No effect = Account payable - $52,000 + No effect  No effect + no effect

                   Note payable + $52,000      

7 0
3 years ago
Consider the supply curve for basketballs. Other things held constant, if the price of basketballs goes up from $7. 99 to $14. 9
Tanzania [10]

There will be an increase in quantity supplied. (The Law of Supply)

  • A key tenet of economic theory is the rule of supply, which asserts that a rise in price will result in an increase in the quantity provided, all other things being equal. In other words, there is a direct correlation between price and quantity, and quantities react to price changes in the same way.'
<h3><u>What is a case of the law of supply?</u></h3>
  • For instance, if Apple produces 100 iPhones, then this is the quantity that is sold. The link between pricing and supply is referred to as the "law of supply." Supply also rises in tandem with price growth. In the event that prices decline, so will supply.

To Learn more about Law of Supply, Click the links.

brainly.com/question/17805586

brainly.com/question/17805586

#SPJ4

8 0
2 years ago
The agreed cost of an item to be purchased by a business on credit is $4,000. The applicable cost will be debited to advertising
Hoochie [10]

Answer:

$4,480

Explanation:

The total amount to be recorded as expense would include the cost of the item purchased an the values of the applicable taxes.

As such, the advertising expense would include the value of the goods and services tax as well as the provincial sales tax with both tax rates applied to the applicable cost.

Goods and services tax = 5% × $4,000

= $200

Provincial sales tax = 7% × $4,000

= $280

Total debit to advertising expense

= $4,000 + $200 + $280

= $4,480

7 0
3 years ago
A traditional cover letter’s format includes an introduction, a __________and a_____________ paragraph.
ehidna [41]

A traditional cover letter’s format includes an introduction, a body and a closing paragraph.

4 0
4 years ago
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