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Business Organizations Keyed to Smith
Klang v. Smith’s Food & Drug Centers, Inc.
Citation:702 A.2d 150 (Del. 1997)
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- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
SFD entered into a merge and share repurchase agreement with another supermarket company. Before the board formally approved the agreement, it engaged an outside firm to determine the financial impact of the merger, specifically on the outstanding par value of SFD stock. Following the merger, it was discovered the firm’s report erroneously did not include other liabilities which resulted in negative valuation of the company’s “Total Invested Capital.” Common stock owners alleged this valuation caused an impairment of capital, which they alleged was brought about by the improper balance-sheet calculation.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.