The Importance Of Personal Property

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Assignment 4

A

Bonzi found a necklace while staying at a hotel that is owned by Alpha Corp, and the question, “to whom does the necklace belong?” is asked. First of all, the type of property involved, from a legal perspective is personal property, and more specifically, tangible personal property because the necklace is a physical object that can be moved and touched. In determining who the necklace belongs to, the legal decision that needs to be made in relation to Bonzi is: who has legal ownership of the necklace?

There is a legal rule that applies to people like Bonzi who find property. To start, it is important to note that personal property rights can be transferred by the intentions of one or more people meaning that it is possible …show more content…

A determination needs to be made if MC Electric is required to pay GB the 50% commission on the deal. When determining whether or not the contract is binding, the area of law involved would be contract law.

There are two rules/principles of law that apply to agents like Dortmund and his actions. The first legal principle has to do with whether or not Dortmund had the actual authority to make a deal with GB. Actual authority is the authority that is specifically set out in an agency contract where the principle authorizes an agent to act on its behalf. Additionally, actual authority may also be granted less formally through an oral delegation of authority by a principle. Dortmund could only have actual authority if his contract gave him the authority to make a deal like that with GB. The second legal principal that should be considered is whether or not Dortmund had apparent authority. Apparent authority exists when the principal creates the impression that the agent is authorized to act on the principal 's behalf. A principle can give apparent authority through conversation, but also through official job titles and positions (if they give the reasonable impression that an agent has the authority). Sometimes both apparent and actual authority can exist, but often only one

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