...the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. Compare and contrast the differences between intentional and negligent tort actions Discuss the tort action of “Interference with Contractual Relations and Participating in a Breach of Fiduciary duty” and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action. With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the...
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...Accessions: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. Account: a right to payment of a monetary obligation, whether or not earned by performance, (A) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (B) for services rendered or to be rendered, (C) for a policy of insurance issued or to be issued, (D) for a secondary obligation incurred or to be incurred, (E) for energy provided or to be provided, (F) for the use or hire of a vessel under a charter or other contract, (G) arising out of the use of a credit or charge card or information contained on or for use with the card, or (H) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State or (ii) any credit device account. The term includes health-care-insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter-of-credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of (A) the use of a credit or charge card or information contained on or for use with the card or (B) a credit device account. Account debtor: a person...
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...for formation a valid contract 3 1. Agreement 3 1.1 Offer 3 1.2 Acceptance 4 2. Consideration 5 2.1 Adequacy and Sufficiency of consideration 5 2.2 Privity of contract 5 3. Intention to create legal relations 6 3.1 Domestic arrangement 6 3.2 Commercial agreement 6 3.3 Capacity 7 PART 2 – The impact of different types of contract 8 1. Verbal contract 8 2. Written contract 8 The parol evidence rule 8 3. Implied contract 9 PART 3 – The effect and meaning of different terms of contract 10 1. Condition 10 2. Warranty 10 3. Implied term 11 CONCLUTION 12 REFERENCE 13 INTRODUCTION The assignment is the presentation about the knowledge and understanding about Aspects of Contract and Negligence for Business subjects of student. The assignment is divided into three main parts. The first part discusses about the essential elements of a valid contract, the second part discuss the impact of different types of contract and the last one demonstrates the theories applications of these term of contract in given business situation. This assignment will help student link theory to practice by applying in typical examples. It is assessed by Mr. John Andre – teacher of Aspects of Contract and Negligence for Business subjects at ITP – Banking Academy PART 1 – The essential elements required for formation a valid contract A contract is defined as an agreement which legally binds the parties (Business Law, 2010). A valid contract cannot be formed without...
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...AND BUSINESS LAW I—Course Outline Instructor: Professor Charles O. Kwarteng References Materials Books Required: K. Adjei-Mensah, Principles of Business Law, Volume ONE (ISBN 9988-0-0944-5). (good for business law) Recommended. K. Adjei-Mensah, Principles of Business Law, TWO (ISBN 9988-0-0945-3) (good for companies) . Internet Materials: www. kkaufhold.net/files_/Bussiness_Law_Outline 2.pdf (good outline for business law) www. Ekconsultinggroup.com/assets/resources/Business_Law_Notes.pdf (good outline for company law) OUTLINE 1. Sources of Law a) Constitutional Law b) Statutory Law (Ghana Company Code) c) Executive Decisions: Executive Decrees, Proclamations, Orders Judicial Decision-Case Law: Doctrine of Stare Decisis (Salomon v Salomon) Treatises of Eminent Jurists Restatement of Torts/Restatement of Contracts International Law Treaties (Bilateral and Multilateral). Compare AGOA (Ghana and US) and ECOWAS Treaty (West African sub-region). Readings: Adjei Mensah, Principles of Business Law, Volume I, Part 3 2. Law of Contracts Types (Oral/Written; Bilateral/Unilateral; Executed/Executory, Terms : Express/Implied: Express Contract/Implied Contracts Oral Contracts and the Statute of Frauds (“MYLEGS” Contracts) 1) Marriage 2) Contract for Years 3) Land Contracts 4) Contract of the Executor 5) Guarantor’s Contract 6) Contract of Surety 2) Writing required in the ff cases (i) Real Property Contract including leases...
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...7/5/2010 Professor Melchiori Week 1 Assignment Reading: Chapter 9: Traditional and E-Commerce Contracts Chapter 10: Agreement Chapter 11: Consideration and Equity Chapter 13: Genuineness of Assent Assignment: The following end of Chapter questions are to be written up and the answers in the Dropbox entitled Week 1: Assignment. The ideal answer will identify the applicable issue, propose a solution and state a justification. Answers should be 1-2 paragraphs in length. End of Chapter Questions: 1. Chapter 9.4 2. Chapter 10.7 3. Chapter 11.4 4. Chapter 13.1 Chapter 9.4 * Does Winkel receive the profit-sharing bonus? Did Dr. Vanich act ethically in raising the defense that the contract was not in writing? * As with the case for Winkel vs. Family Health Care, Winkel and Vranich enter into a modified oral contract which states Winkel will receive a higher salary and profit-sharing bonus after the departure of Dr. Qaas. This kind of contract would be classified as an implied-in-law contract (quasi-contract). Dr. Winkel performed his services and duties to Dr. Vranish for a year even though no contract existed. Therefore, the court would entitle Dr. Winkel the profit-sharing bonus. Pertaining to the second question, Dr. Vranich protest of the altered oral modification of the previous contract not back by writing would not be considered ethical. Based on our text, Montana law states that a written contract can be altered only in writing or...
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...Legal Analysis & Writing II Arderlius Boan Exercise IV Contracts Subject: Option Contract & Assignment -------------------------------------------------------------------------------------------------------------------------------- BUYER vs. SELLER: For Breach of Contract (1) What are buyer's rights against seller and what remedies, if any, are available to buyer? In order to determine if buyer has any rights against seller and to be remedied, there must exist a valid contract. Uniform Commercial Code (UCC) Contract for the sale of goods as defined by the UCC is all things, which are moveable at the time of identification to the contract. Here, the transaction between buyer and seller involved the sale of bees and hives, which are movable and identifiable at the time of the contract; therefore, UCC rather than the Common law governs this transaction. Merchant UCC defines merchant as a person who deals in goods of the kind or otherwise by his occupation holds him/herself out as having knowledge or skill peculiar to the practices or goods involved in the transaction. Here, B stated to S, " Since you are also in the bee business and have bought bees and hives from me in the past…" This statement shows both parties deal in goods of the kind (bees and hives) or have special skill or knowledge regarding the specific goods involved in the transaction; therefore, B and S are merchants and...
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... Chapter 16 Statute of Frauds – stipulates what type of contracts must be in writing Collateral promise – made by a third party to assume debts of a primary party to a contract if that party does not perform, must be in writing Prenuptial agreements – made before marriage to define each partner’s ownership right in the other’s property, must be in writing Parol evidence rule – if a court finds that a written contract represents the complete and final statements of the parties’ agreement, it will not allow either party to present “parol evidence,” testimony between the parties that is not contained in the contract itself Integrated contract – written contract intended to be complete and final in terms of agreement, extraneous evidence excluded Chapter 17 Privity of contract – only the parties that entered into the agreement have rights and liabilities under the contract Assignment – transfer of contractual rights to a third party, Assignor assigns right, Assignee receives rights Delegation – transfer of contractual duties to a third party, Obligee is owed duties, Obligor/Delegator obligated to perform the duty can delegate to Delegatee Alienation – assignments of rights in real estate (transfer of land ownership) often cannot be prohibited because it is contrary to public policy in most states, “restraints against alienation” Third part beneficiary – original parties agree that contract should directly benefit a third person Intended beneficiary – third...
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...Business Law Written Assignment 3 Case Study 1 Parks, a 7-foot, 265-pound center for the San Diego Slick, objected when his contract was assigned from the ABC Corporation to the XYZ Corporation, the team’s new owner. The change of owners did not cause a change in the composition of the team although a new coach was hired. Parks’s compensation and his responsibilities remained the same. Was this contract assignable? Facts of the Case: 1) Parks contract was assigned from the ABC Corporation to XYZ Corporation. 2) Parks compensation and his responsibilities remained the same. Issues: 1) The reason why we are in court today is to identify if Park’s contract was assignable. Rules of the Law: 1) Personal Service Contract – The parties agree that a personal service contract may be assigned. This allows the trade of an athlete from one team to another team. 2) Notice of Assignment – Assignee is under a duty to notify the obligor that the assignment has been made and performance must be rendered to the assignee. 3) Anti-Assignment Clause – Prohibits the assignment of rights under the contract. 4) Approval Clause – requires that the obligor approves any assignment of contract. Analysis & Conclusion: Since we do not have all the facts we can assume the following: 1) Parks contract did include the Personal service contract. 2) Notice of assignment was made by XYZ Corporation. 3) Parks contract did NOT include Anti-Assignment Clause...
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...CHAPTER 16 T (T or F) After an assignment, only the assignee has a right to the obligor's performance. T (T or F) The person who makes an assignment is the assignor. F (T or F) A gratuitous assignment is always revocable. F (T or F) Consideration is required in order to have a valid assignment. T (T or F) The general rule is that an assignee stands in the shoes of the assignor. He acquires the rights of the assignor but no new or additional rights. F (T or F) Arthur enters into a contract with Bob as a result of Bob's fraud in the inducement. Under the contract, Bob has the right to the payment of $100. Bob assigns the right to the $100 to Carl. Arthur may not assert the defense of fraud in the inducement to avoid paying Carl the $100. T (T or F) A gratuitous assignment is generally valid and enforceable. T (T or F) The delegation of a duty still leaves the delegator responsible for the performance of the duty. T (T or F) An incidental beneficiary has no right to enforce a contract. T (T or F) An intended donee beneficiary may enforce the contract only against the promisor. T (T or F) In some states, the vesting of a third party's rights occurs only when the third party learns of the contract and assents to it. T (T or F) Some states have statutes which prohibit an employee from assigning his future wages. F (T or F) A valid assignment requires that notice be given to the obligor. F (T...
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...Did Jim and Laura Buy a Car Week 6 Assignment 1 Matthew Ader Professor Lori Baggot LEG 100 Feb 14 2016 A contract is an agreement that creates an obligation that is enforceable by the law. The law has clear guidelines that before there exists a contract that will be binding, there has to be an offer, acceptance, mutual obligation and all parties should be of sound mind and by law be of legal age. A contract can either be written or spoken. Assuming that the buyers were at the required age went to the car dealership looking to purchase a new car. Stan the salesman made an offer to Jim and Laura and they both agreed to the terms. They asked that Stan the salesman hold the car for a day. He told them to put down $100 dollars to hold the car and that it would go to the final purchase of the car or that it would be refundable. Jim and Laura just wanted to hold the car so that it would still be there the next day. With mutual understanding Stan the salesman keeps the car and calls the next day to confirm when the purchase would be completed. I do believe that Jim and Laura did not enter into a legal contract that is binding. There are several factors that do not exist that would show a legally binding agreement. Like a contract that both parties would sign, agreeing to the purchase of the car. Having a contract in writing that both parties signed could show the sale of the car. Stan the salesman let Jim and Laura have a chance to test drive several cars that they were interested...
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...Contracts and licenses Contracts and licenses are not themselves intellectual property and are generally considered to be a distinct discipline, not part of the same area of law as intellectual property. Nevertheless, contracts are essential to our system of intellectual property. They are the means by which you share intellectual property. Contracts and licenses are the means by which people let their intellectual property out in a controlled way. Importance Normal people interact with contracts on a daily basis. There are contracts for cell phone service, contracts for parking your car, and contracts for starting a job. Each time you pay with a credit card, you are entering a contract. Contracts are also everywhere in the business world. Contracts are used to buy office supplies, arrange loans, sell assets, and enter partnerships. In one way of thinking, the only way for a corporation to interact with the world is through the language of contracts. That is because contracts are just agreements. People sometimes think of “contracts” as something official, whereas “agreements” are something less. This is not the case. Any binding arrangement is a contract under law and will be subject to the legal system. When dealing with intellectual property, we make agreements about how that IP can be used.These agreements, called licenses in this context, are contracts. You see these licenses all the time when you enter the world of software. For consumer-oriented or open...
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...Elements of a Contract By Michael A. Petrat Business Law 206 Most people in our society are involved in contractual agreements of some kind. In most, if not all, aspects of law contracts can be found. Contracts are involved in family law, corporate law, employment law, litigation and real estate. Elements of a Contract: A contract is an agreement reached after sufficient consideration to do, or refrain from doing, some legal action. A contract is considered valid when two or more parties with capacity make an agreement involving valid consideration to do or to refrain from doing some lawful act. If these elements exist, the contract is valid. If one or more or these necessary elements is missing, the contract is void or voidable. In other words, it is not a true contract and therefore cannot be enforced. A void contract is no contract at all. It is not binding and no action can be maintained if it is breached. A disaffirmed is not necessary to avoid a void contract. If a contract can be rejected by one of the parties on legal grounds, it is called a voidable contract. A voidable contract is valid and binding unless the entitled party (the party who has legal grounds to reject the contract) voids it. A defect exists. The defect may be cured by ratification of the entitled party. The three basic components of a contract are the offer, the consideration and the acceptance. The following are six elements that are to help to determine whether or not the basic components...
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...Contract Performance: Conditions, Breach, and Remedies Learning Outcomes Checklist After studying this chapter, students who have mastered the material will be able to: Define what a condition is used for in a contract and distinguish conditions precedent from conditions subsequent. Apply the doctrines related to good faith performance, discharge of a contract, and substantial performance. Identify the ethical dilemmas that a manager faces in the context of good faith performance. Articulate circumstances that give rise to events of discharge via mutual consent and operation of law. Recognize events that result in breach of contract and explain anticipatory repudiation. Identify the appropriate remedy available to nonbreaching parties and understand the responsibilities of an injured party to avoid and mitigate damages. Explain the rights of third parties who have rights in a contract through assignment or delegation and third-party beneficiaries. Once it has been determined that a valid and enforceable contract exists, the inquiry then necessarily focuses on whether contract obligations were faithfully met through performance by the parties. Most contracts are fully performed by the parties as contemplated, but what happens if contractual commitments are not met? This chapter continues the survey of contract law with attention to rules that govern performance and consequences of nonperformance. In this chapter, students will learn: * How conditions are used in a...
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...SOURCES OF LAW 1 UCC 1 UCC 2-106 1 Article 2 of the UCC governs all cases involving the sale of goods. (UCC 2-106) 1 This rule applies regardless of whether either party is a merchant. 2 However, some UCC rules require one or both parties to be a merchant. 2 UCC 2-105 (definition of “goods”) 1 All things which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid. 3 UCC 2-104 (definition of “merchant”) 1 A person who (1) deals in goods of the kind or (2) otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or (3) to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill. 2 Common Law/Restatement 1 Applies to all other (non-UCC) types of contracts (e.g., services). 2 Restatement is not enacted law itself, but “common law ‘persuasive authority’ with a high degree of persuasion.” CONTRACT FORMATION 1 Definition of a Contract 1 A contract is a promise or set of promises for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. 2 It requires an offer, acceptance, and consideration. 2 Offer 1 Common Law Definition: 1 A promise, undertaking, or commitment to enter...
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...explore the aspects of business contracts and these aspects’ application to business management. Discussion focuses on Internet contracts and international transactions. You conduct a simulation to evaluate contract performance requirements and solutions for if the contract is not upheld Contract Risk and Opportunities OBJECTIVE: Analyze legal issues arising from contract formation, performance, and remedies. Resources: Ch. 9–11, 16, 18, & 20 of Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues Content • Ch. 9: Nature of Traditional and E-Contracts o Introduction to Nature of Traditional and E-Contracts o Definition of a Contract o Sources of Contract Law o Objective Theory of Contracts o E-Commerce o Classifications of Contracts o Equity • Ch. 10: Agreement o Introduction to Agreement o Agreement o Offer o Special Offers o Termination of an Offer by Act of the Parties o Termination of an Offer by Operation of Law o Acceptance • Ch. 11: Consideration and Promissory Estoppel o Introduction to Consideration and Promissory Estoppel o Gift Promise o Contracts Lacking Consideration o Settlement of Claims o Equity: Promissory Estoppel • Ch. 16: Remedies for Breach of Traditional and E-Contracts o Introduction to Remedies for Breach of Traditional and E-Contracts o Performance and Breach ...
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