Pampered Pooches, Inc. proposes a merger with Sit Means Sit, Inc.(SMS). SMS will obtain the approval of its shareholders; and then, byoperation of law, SMS shares will become shares of the survivingcorporation, Pampered Pooches, Inc. Assume that prior to the merger, Paulie Smith owned 25% of SMS stockthat he purchased three years before in a private placement. Smithwill only own 2% of the Pampered Pooches shares and will not be anofficer or director of the merged company. Is it necessary to register the Pampered Pooches shares?May Smith freely resell his Pampered Pooches shares?Would it matter whether they were registered in connection with the merger?

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

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Afinancing project has an initial cash inflow of $42,000 and cash flows of −$15,600, −$22,200, and −$18,000 for years 1 to 3, respectively. the required rate of return is 13 percent. what is the internal rate of return? should the project be accepted?