Article 2 of the UCC allows a contract to be enforced based on a picture that consists of past commercial conduct, correspondence or verbal exchange between parties and industry standards and norms. Once in court, the verbal agreement might play its role but the possible issue of fraud could be present stating that Chou was misled. 5. Could BTT avoid this contract under the doctrine of mistake? Explain.
The remedies for contract breach available under UCC Article 2 gives contract relief throughout remedies as soon as circumstances happen for parties who have performed in good faith, on the other hand continued damages during bi responsibility of it’s own. The Remedies remain obtainable to seller once the breach happens before seller receives the goods: • Seller cancel contract • Seller my dispose goods for processing recycling or sell goods at reasonable marketplace rate • Seller may recover maximum value from purchaser, however can’t resell goods if not capable to resell at a reasonable market value Implied and express are the two types of warranties. Implied warranties exist under state law. Once the general public use the word term "warranty," they remain characteristically mentioning to a specific type of assurance that the U.C.C. name an "express warranty."
The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If Alicia’s AGI is $50,000 (before considering the loss), determine her itemized deduction for the casualty loss. a.|$2,100.| b.|$5,900.| c.|$6,100.| d.|$16,900.| e.|None of the above.| ANS: C |Business Use|Personal Use| Cost|$20,000 |$20,000 | Less: depreciation| (8,000)| -0- | Basis|$12,000 |$20,000 | Fair market value|$10,000 |$10,000 | Loss|$12,000 |$10,000 | AGI||$50,000 | Less: Business loss|| (12,000)| Modified AGI||$38,000
COMM400 Case Study #2 Abstract I chose the case of New Kids on the Block v. News America Publishing, Inc. This case involves issues of the Lanham Trademark Act of 1946, trademark infringement, and the restraints that can legally be enforced if the trademark’s owner claims it has been used inappropriately. Although the First Amendment protects unauthorized trademark usage in comedic, parodied or critical usage situations, it does not guarantee that trademark usage will never be used without the owner’s consent, especially for the purpose of newsgathering. The core issue in this case is whether or not trademark infringement actually happened. In order for the court to determine whether or not a trademark has been infringed, considerations such as the “strength of marks, the similarity in appearance of the products, the meaning of the marks, the kinds of goods in question,, and the intention of defendant using the mark” must be considered (2012).
As per the agreement between Jack and Joshua, the $900,000 was paid to Jack as Joshua’s attorney. Upon receipt of the funds Jack immediately paid Joshua $600,000, keeping $300,000 for himself. Question: Prior research revealed that the settlement was taxable income to Joshua. How should Joshua report/deduct Jack’s $300,000 legal fee? Specifically he would like to deduct it other than as a miscellaneous itemized deduction, which would give him no tax benefit due to the Alternative Minimum Tax.
3414. As originally enacted in 1978, the RFPA required that before a disclosure of personal financial information was made to law enforcement, government agencies must have provided individuals with advance notice and have given the individual an opportunity to challenge the request. A 1986 amendment to the RFPA created an exception to this advance notice requirement by authorizing the FBI to obtain financial records in foreign counterintelligence cases in cases where the agency had “specific and articulable facts giving reason to believe that the customer or entity whose records are sought is a foreign power or an agent of
In some cases, it is important to establish how the contract was formed to determine whether a contract is even existent at all, such as in the case of Carlill v Carbolic Smoke Ball company. The question in this case was whether there was substantial criteria for the makings of a contract and whether Carbolic Smoke Ball Company has erred and Mrs. Carlill deserved her compensation. The facts of this locus classicus happen to be rather simple. The Carbolic Smoke Ball company created a product which they claimed, if taken three times a day for two weeks would prevent the influenza virus from being contracted. They published and advertisement which related to the public that if so ever the smoke ball fails, a compensation of 100 British pounds would be allocated to them for their suffering.
Continental Carriers, Inc Continental Carriers, Inc is a regulated general commodities motor carrier who had shipping routes up and down the Pacific Coast and to parts of the Midwest. They sought to acquire Midland Freight, Inc to expand its operations and were deliberating about which method to finance the acquisition. The purchase of Midland Freight, Inc would cost $50 million in cash. CCI would gain $8.4 million to its earnings before interest and tax. There were three options that the board of directors debated over: issuing new common stock, issuing preferred stock or selling bonds.
The discussion about insider trading therefore leads to the much wider issue of morality Vs legality. Morality refers to the broad general principles which define what is to be regarded as right or wrong. Law on the other hand sets out a code defining how people are required to behave. One should therefore not confuse what a business is legally allowed or not allowed to do with what would be morally right or wrong. The aim of this study is to discuss the relation Morality/Legality applied to the issue of insider trading.
Question1 Identify the principle or issue of law The legal issue is whether or not the element of agreement required for the formation of a contract can be established. Explain the rule(s) of law relevant to the principle/area/issue of law identified in step one with reference to authority. The parts of agreement that will be identified are Offer and Acceptance. Terms for an Offer to be present: 1. Sufficiently complete For an offer to be sufficiently complete it should be clear of; who the buyer and seller is, what is being bought and sold and how much money being given and received.