Business Law Essay - 2027 Words

Chapter End Questions Chapter 12-12.1, 12.3 Chapter 13-13.4, 13.5, 13.7 Chapter 14-14.3, 14.5 Chapter 15-15.2, 15.3, 15.4 12.1 Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Philip tells Jerome that unless Jerome transfers a tract of land he owns to Philip for a price 30 percent below market value, Philip will no longer support and take care of him. Jerome enters into the contract. Discuss fully whether Jerome can set aside this contract. Yes, I believe Jerome can set aside the contract because it was formed under undue influence and duress. Since Jerome is totally dependent on Philip for his support and the contract benefits the guardian by being able to purchase the land†¦show more content†¦13.7 Carlin Krieg owned a dairy farm in St. Joe, Indiana, that was appraised at $154,000 in December 1997. In August 1999, Krieg told Donald Hieber that he intended to sell the farm for $106,000. Hieber offered to buy it. Krieg also told Hieber that he wanted to retain a â€Å"right of residency† for life in the farm. In October, Krieg and Hieber executed a â€Å"Purchase Agreement† that provided that Krieg â€Å"shall transfer full and complete possession† of the farm â€Å"subject to [his] right of residency.† The agreement also contained an integration clause that stated â€Å"there are no conditions, representations, warranties, or agreements not stated in this instrument.† In Nove mber 2000, the house was burned in a fire, rendering it unlivable. Hieber filed an insurance claim for the damage and received the proceeds, but he did not fix the house. Krieg filed a suit in an Indiana state court against Hieber, alleging breach of contract. Is there any basis on which the court can consider evidence regarding the parties’ negotiations prior to their agreement for the sale of the farm? Explain. [Krieg v. Hieber, 802 N.E.2d 938 (Ind.App. 2004)] Yes, because the contract did not represent the complete and final statements of the parties’ agreement. Since there is a â€Å"right of residency†, additional testimony and evidence needs to be shown to the court by way of the Parol Evidence Rule. Since Krieg resides at the farm, and it is possiblyShow MoreRelatedBusiness Law And Ethics : Backoffice Business Brief1862 Words   |  8 Pages Running head: BACKOFFICE BUSINESS BRIEF 1 Business Law and Ethics BackOffice Business Brief Patten University BACKOFFICE BUSINESS BRIEF 2 Constitutional Rights and Guarantees BackOffice is a new startup business that will provide potential clients with an application (app) that woul d automate certain business functions. BackOffice will be selling the app to certain business clients that will use it to facilitate their customers’ transactions. It is important that the owner of this companyRead MoreLegal Underpinnings of Business Law Essay609 Words   |  3 PagesLegal Underpinnings of Business Law OMM 670: Legal Environment February 25, 2013 Legal Underpinnings of Business Law Business | Type of Business | Liability Exposure | Compare | Contrast | Tinker’s Home Security Service | Sole proprietorship | Unlimited | Monetary rewards are from both the Proprietor amp; business | Sole Liability | Tinker amp; Tailor’s Home Security Service | General partnership | Unlimited | All partners are responsible whether silent or active | If you areRead MoreLaw 531 Business Forms Worksheet1386 Words   |  6 Pagesï » ¿University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary toRead MoreBusiness Law3143 Words   |  13 Pages2012 – OCTOBER SEMESTER 2012 STUDENT NAME: CHU THI HONG TUYEN ID No.: 2448481 BMLW5103 – BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it effect to the agreement? ConsiderationRead MoreBusiness Law : Labor And Employment Law891 Words   |  4 PagesBusiness Law: Labor and Employment Law Each and every day business throughout the United States are met with challenging situations that are centered around labor and employment law. As the director of human resources for Company X, I have been tasked with analyzing three situations that may or may not violate any federal acts. The federal acts that will be considered are the Family Medical Leave Act of 1993 (FMLA), the Age Discrimination in Employment Act of 1967 (ADEA), and the Americans withRead MoreBusiness Law762 Words   |  4 PagesB Bai 1 : Business Law: 40. Principle of Law: In this case, Esposito hired Excel Construction Company to repair a porch roof. All terms of the agreement were specified in a written contract. And the dispute occurred when Excel had repaired the rear porch roof because in the agreement failed to specify whether it was the front or rear porch that needed repair. Under civil law, two parties here had signed a civil contract in writing. Because the contract failed to specify clearly front or rearRead MoreBusiness Law Development Of Mongolia2212 Words   |  9 PagesCourse Paper Myagmarsuren Jargal International American University BUS 540: Business Law for Managers Flavia LLoyd June 28, 2015 Business Law Development Issues in Mongolia Mongolia is a developing country, which is encountering challenges to develop modern business law. During the twentieth century, Mongolia had been a socialist country and developed almost fifty years of non-private property regime. However, the end of the twentieth century, the country changed its regime to democraticRead MoreBusiness Law1345 Words   |  6 PagesQn 1: Whether James can hold the Happy Holiday Hotel for the loss of his property under the common law? The issue of this case will be whether James can hold Happy Holiday Hotel responsible for the loss of his property notwithstanding the exemption clause found in the hotel rooms. Under the Exemption Clauses in Common Law, it states that in order for this clause to be valid, the clause must be included in the contract when the contract is made. If there is any attempt to include it in after theRead MoreBusiness Law1088 Words   |  5 Pagesconditional constitute consideration? Yes, such a promise consideration even if the condition is unlikely to occur. 3. What is the general rule about the adequacy of consideration? The adequacy of the consideration is irrelevant because the law does not prohibit bargains. 5. Is there consideration when a secured note for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount? Explain. No, because if a secured not for a lesser amount is given andRead MoreBusiness Law2474 Words   |  10 Pagesnature of liability in negligence amp; (3.3) Explain how a business can be vicariously liable 4 (4.1) Apply the elements of the tort of negligence and defences in the above different business situations for the legal officer who is assigned to VJSC amp; (4.2) Apply the elements of vicarious liability in above different business situations for the legal officer who is assigned to VJSC 8 Conclusion 11 References 12 Introduction Law plays important roles to protect benefits, obligations and