Discussion Board Forum 2 Case Study Topic: Contracts During this case study we will evaluate a unique business transaction which is composed of good faith and fraud by undue influence with a minor. Don Willetts is not a Christianity, but with the encouragement of his wife Don is beginning to explore the faith. Don is the Oblige (Promisee) who owns a small, local health food store and is interested in growing the business by adding some new product lines. Don was interested in going into business with my families, high anti-oxidant qualities of Scuppernong grapes. As the Obligor (Promisor) I asked Don if he might be interested in promoting either the grapes themselves or the various products. The first shipment was delivered a few days …show more content…
During this business transaction Don is late paying his invoices, therefore, violating Custom and practice between merchants. Don is in valuation of § 25-1-303. Course of performance, course of dealing, and usage of trade and § 25-1-304 Obligation of good faith (Uniform Commercial …show more content…
Your company became inundated with orders, far in excess of your ability to meet the demand. A company in Connecticut offered to pay you twice the going rate for your products, but the company also required you to sign an output contract as a part of the deal. Section 2-306 of the Uniform Commercial Code: “A lawful agreement by either the seller or the buyer for exclusive dealing in the kind of goods concerned imposes unless otherwise agreed an obligation by the seller to use best efforts to supply the goods and by the buyer to use best efforts to promote their sale” (pg. 766). Based on good faith Don, was advised on the current situation of ending the unilateral contract with my company. Upon notification Don became very angry and informed me that he expected to be supplied with all the products he needed, when he needed it, and at the prices he had always paid. “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows” (1 Timothy 6:10, New King James Version). Don brought up a requirements contract between businesses as well as an implied duty of good faith and fair dealing that had evolved based on our ongoing business relationship. What Don is not understanding is that the requirements contract is a
First, when a creditor (ICE) extends credit to a debtor (Top Quality) and takes a security interest in some property of the debtor, Top Qualities inventory in this case, it is called a secured transaction. The inventory is then considered collateral for the financing that ICE provided for Top Quality, which was made clear in the financing statement that ICE filed. Any secured transactions where personal property is used as collateral is governed by Article 9 of the Uniform Commercial Code. The UCC was revised in 2001 to better adhere to modern times, and since this case took place from 2007 to 2009, we will be applying the revised edition. There are many sections of Article 9 that should be considered when examining this case. First, the filing of a financing statement, form UCC-1 in Article 9, should be confirmed as filed with the appropriate state office. Once this has been done, confirming the attachment of Top Quality’s inventory to ICE, we can then look to confirm that the initial sale to Chrisman was paid in full to Top Quality, which it was. If this were not the case, ICE would be entitled to the remaining sale proceeds. Now we move on to the requirements of a buyer in the ordinary course of business, per Article 9 of the UCC. According the textbook, “A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant’s inventory, even if the buyer knows of the existence of the security interest” (Cheeseman). The textbook then continues to explain that this rule is necessary because buyers would be reluctant to purchase goods if the merchant creditors could recover the goods if the merchant defaulted on the loans owed to secured creditors. These statements come from the Revised Article 9, section 320(a). This is based on the idea that the buyer purchases in good faith, meaning that they are
... incident related to misuse of inventory to the manager. He can also be charged of planning to join the scheme later due to which he didn’t reported about the fraud.
In 2000, Delwin Foxworth was beaten and set on fire outside of his North Chicago home. Foxworth survived the attack but died two years later in a nursing home. Marvin Williford was arrested and convicted for the murder in 2004 and was given an 80 year life sentence in prison. Williford’s defense attorney David Owens is requesting a retrial for the case because of the absence of Williford’s DNA profile in the DNA samples that were taken from the crime scene. Additionally Owens makes the argument that the eye witness testimony of a woman who was present during the attack was unreliable. The woman states that she clearly saw Williford and two other assailants commit the crime, but Owens and Geoffrey Loftus, a professor of psychology at the University
Antwone serves as a Petty Officer in the United States Navy. He is single and heterosexual, with no children. Antwone was referred to the U.S. Navy Pacific Fleet Medical Center for psychiatric evaluation, after pleading guilty to assault on a superior, non-commissioned officer. As a result of his physical aggression, he was demoted from ships serviceman Petty Officer, third class, to ships serviceman Seaman. Antwone has a history of physical aggression and poor impulse control. Antwone was referred for three sessions of psychiatry service for assessment of physical aggression, anger management, and supportive treatment. At the end of treatment, a recommendation by Dr. Davenport will be submitted to Antwone’s commanding officer, for the purpose of determining reinstatement to active duty. Antwone sees no need for evaluation and states that the cause of physical assault was a result of racial remarks by the victim. Antwone’s attitude towards fighting is stated in his words, “It’s the only way some people learn.”
In order to be charged under s. 163 of the criminal code, the materials sold,
I was assisting Vince in a deal with a new potential buyer. He offered a structured deal stating that he would authorize his company to pay a higher price, if we report selling the product for a lower price. I don’t want to get caught doing this, because I know it is unlawful. Vince reassured me it was not an uncommon deal, and that the product would still be going for a good price. We even had a solid plan on what to say in the event that people suspected us of doing such a thing. The buyer could get half the money, Vince and I could split the other half and no one would ever know.
Critical Response: Given the three possible responses from the book, I feel like #2 is the most ethical of the three. However, I feel like all three aren’t satisfactory ways to treat this situation. I will analyze them one by one, then give my opinion of what the salesperson should do.
The primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of parties once they are involved in litigating a contract dispute (Spagnola, 2008). The relevant statutes are reliant upon state jurisdictions to determine whether the contract falls under the SOF, and whether the writing of the contract satisfies the requirements of the statute of frauds (Spagnola, 2008). However, all contracts are not covered under the SOF. In essence, for a contract to be deemed as legal by definition of the SOF, there must be verification of the following requirements for formation of the contract, which are as follows: (1) There must be least two parties to the contract, (2) There must be a mutual agreement and acceptance on the price to pay for goods and services offered, (3) The subject matter or reason for entering the contract, must be clearly understood by all parties to the contract, (4) and there must be a stipulated time for performance of duties under the contractual obligations (Spagnola, 2008). Lastly, there are five categories of contracts that are covered under the SOF, which are as follows: (1) The transfer of real property interests, (2) Contracts that are not performable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (answering to the debt of another), and (5) Uniform Commercial Code (U.C.C.) provisions regarding the sale of goods or services, legally valued over five hundred dollars ($500.00) (Spagnola, 2008).
A Chinese toy manufacturer known as Fan Li approached Tegan to distribute its accessories for its Chinese made products in Europe in the May of 2007. According to the case, it was specified that Tegan’s traditional products had generally been £50 whereas Fan Li’s accessories were priced below £5. As their order’s size decreased, the growth of direct sales to consumers had increased their number of transactions. But it was a threat as Fan Li’s project provided a boost to the sales as tegan said agreed for Fan Li’s agreement. To get the appropriate outputs, Tegan’s account payables played a major role where tegan received discounts on most of its payables in prior payments as per the agreement.
When horrific crimes occur in large cities, many of them can be chalked up to gang violence or to the larger population of that specific city. But when horrific crimes happen in small cities like Lincoln, Nebraska, people begin to ask questions like who did this and why. In 1958, a nineteen year old man named Charles Starkweather put the entire state of Nebraska and possibly the entire nation in a state of terror. With his murder spree taking only three days, Starkweather had collected a body count of ten bodies, including two teenagers and a young child. Understanding Starkweather’s past and state of mind begins to answer the second question of why.
Colorado State University-Global Campus. (2014). Module 7 – Criminal Law. [Blackboard ecourse]. In MGT 320 – The Legal and Ethical Environment of Business (p. 1). Greenwood Village, CO: Author.
Ulinski, Michael. "AN ANALYSIS OF SMALL COMPANY FRAUDS AND." American Society of Behavioral Society. Dept of Business, Pace University. 05 Feb. 2008.
Jeff and Sandy Winkelman live in Parma, Ohio, where they are raising their five children. Their son Jacob has autism-spectrum disorder and is covered by the Individuals with Disabilities Education Act (IDEA); therefore, he is granted the right to a free appropriate public education (FAPE) and an individualized learning plan (IEP). His parents are also entitled to contribute to Jacob’s education program and participate in an administrative hearing if they cannot reach an agreement. Should that option still leave them with concerns, they also have the right to seek further review in District Court.
All diseases and disorders are categorized by a set of symptoms, or signs that are indicative of certain diseases or disorders. Thus, symptoms are important when diagnosing a person. They serve as a communication tool between the clinical psychologist and the client. When detecting symptoms of a person, it allows the clinician to understand the client’s physical, emotional, and mental discomforts. Using the symptoms reported by the client, the clinician can then determine what the client’s clinical diagnosis is.
In today’s competitive and highly volatile market, the consumers’ trust and confidence is perhaps the most significant asset a company can have. In a blink of an eye, a company can lose years of progressive relationships and in effect, economic status, if its reputation is tainted, or worse, proven publicly to be corrupt. This is a lesson learned the hard way by Adelphia Communications Company, a business worth $3.6 billion and the country’s sixth largest cable company at the time (Leonard, 2002). This paper will examine how the executives of Adelphia Communications violated the trust and of the company’s shareholders and the trust of the larger public by engaging in the unjust enrichment and fraud. These two violations of business ethics will be discussed through the lens of deontological ethics. Discussion of Kant’s Categorical Imperative will be applied to provide further analysis of the two ethical issues identified.