Business Law: Principles for Today’s commercial Environment
This assignment should be between 2 and 4 pages in total, and should be the product of careful thought and more than one draft. Please remember that when providing an answer to the specific questions posed, it is not enough to give the correct answer unless you back up that answer with a legal argument that includes the following:
A brief restatement of the legal question posed–usually a sentence or two that focus on the specific legal issue in this case, without reference to extraneous facts or information.
A statement of the applicable law or rule that should be applied to the facts in this case. This will be taken from the text, and will not consist of a personal opinion or ethical reaction, but rather be a statement (usually only one or two sentences) that summarizes the rule of law that you will apply to come to a correct answer. You should not restate the law in its entirety, but instead summarize the appropriate law into a short explanation of the ruling principle in this case.
Finally, a clear statement that explains how you applied the applicable law to these facts to reach a specific conclusion. This will be usually be a few sentences culminating in an answer to the specific question posed in the text. This portion of your answer should demonstrate original thinking and reasoning, and result in a definite conclusion.
All three elements are really needed for a complete answer and your entire answer should probably require, but not be longer than 5 or 6 sentences. Remember that a “gut” feeling, or an answer that tells me what you think is “right” is not enough in a course that emphasizes the accuracy of application and the importance of making a persuasive argument that explains that application.
Business Law: Principles for Today’s Commercial Environment
Chapter 10 – Q4
The case that the bank will not disclose the confidential information is guided by the Bank Secrecy Act. In this case, the SEC wants some information from the bank on the people engaged in buying stock. However, the bank declines to disclose such information arguing that they were prohibited by the law to disclose such information. However, the SES can use the Bank Secrecy Act (BSA) to compel the bank to release such confidential information in the interest of the public. The BSA was created in 1970 to prevent financial institutions from being used as tools by criminals to launder or hide ill-gotten money. In this regard, the law requires financial institutions to provide documentation on the transaction taking place in the bank when ordered to do so.
In the case of Dozier, the daughter and grandson requested Pascal to make improvements to Dozier’s house and thus Dozier was not obligated to make any payments. The issue, in this case, falls in the law of contract. For a contract to be enforceable it needs to have elements such as offer, acceptance, legality, legal capacity, consideration, competency, mutual consent, and the contract must be in writing. In the case, the contract lack one or some of the elements then the contract cannot be enforceable. In this case, the case between Dozier and Pascal lacks some elements of a contract such as mutual consent, consideration, competency and agreement in writing making the contract null and void and thus cannot be enforceable.
Carriage Way Property Owners were liable to the benefit conferred on them. Under the contract law, there was a probable course to continue paying for the benefit the property owners were receiving. Initially, the owners were paying for the benefit thus justifying the payment. The directors of the carriage Way Property Owners Association were in a contract that had fulfilled all the elements of a contract with the Western National Bank to take care of the neighborhood areas and a lake for a fee. In this regard, as long as the homeowners were enjoying the benefits extended to them they were liable to continue with the payment.
In the case of Partipilo v. Hallman, 510 N.E.2d 8 (Ill. App.), Partipilo had no case to answer and was not obligated to pay Hallman any amount. In this case, the tax assessor erroneously increased the assessment to Partipilo instead of Hallman. Partipilo was engaged in the payment of excess tax for three years before he came to realize the erroneous cause of tax increment. In this case, there was a need for a Restatement of Restitution where Partipilo would be referred to all the tax he had erroneously made and the same burden would be shifted to the tax authority.
Parties in the bilateral and unilateral contracts are obligated to fulfill their promises under the contract. In a unilateral contract the promisor makes an open promise in exchange for a performance and a bilateral contract the promisor and promise enter into an agreement and they are obligated to fulfill their promises. In this case, Bernie and Phil are obligated to fulfill their promise to Marsha Lufkin.
The offer was not revoked by Catherine since Paul has accepted the offer within the time limit given by Catherine. In this case, the contract will be enforceable since all the elements of a contract are met and Catherine would only have revoked the offer after the set time limit of 10days.
Coddil and Bank of Benton had a contract since there were oral acceptance and offer. In this case, Buster offered the bank to fund his construction in exchange of favorable interest rate and the bank accepted the offer and begun preparing the paperwork.
The conduct of the salesperson to unknowingly lie to Lester is fraudulent. In this case, the salesperson acting on behalf of Mackintosh lied to make a sale without considering the queries of Lester. Therefore, Lester bought the automobile based on falsehood thus amounting to fraud.
The contract where Office Supply Outlet, Inc. erroneously ordered more computers than they could sell in a year was not enforceable. In this case, the order was wrongly made and thus could not be enforceable. Additionally, the store would avoid the contract for additional machines by provided their sales evidence to show the court that their sales could not allow them to make such a huge order for it would overwhelm the business.
In the case of the children and their stepmother, all the properties would be returned to children as intended by their father. The father held the property in the children trust but died without leaving the property on their hands. The fact that $1 was given as a consideration payment will not be ignored on the basis of being trivial and uncertain since those were the terms of the contract between the father and the children.
The case of Hoffman V. Red Owl is legally enforceable. In this case, the court needs to force the Red Owl grocery to grant Hoffman a franchise. In this regard, there was offer and acceptance meaning the contract was sealed. Hoffman implemented his obligation within the contract thus Red Owl need to meet their obligation under the contract.