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Legal Aspects of Business Decisions Unit 2 IP - Research Paper Example

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Allegedly, West Shell Jr. et al entered into the contract with limited knowledge on legal principles of contract relating to securities and trust funds…
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Legal Aspects of Business Decisions Unit 2 IP
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LEGAL ASPECTS OF BUSINESS DECISIONS Case Brief of West Shell, Jr., et al., Plaintiff v. R.W. Sturge Ltd., et al., Defendant
Court’s holding
At the beginning of the case, the plaintiff had failed to supplement substantial evidence in support of the claim in subject. Allegedly, West Shell Jr. et al entered into the contract with limited knowledge on legal principles of contract relating to securities and trust funds traded within differed jurisdictions. The defendant argued that West Shell Jr. et al were liable to a limited extend in losses incurred by the underwriters in England. On the contrary, the plaintiff argues that since the contract had been transferred from England to Ohio, failure of R.W. Sturge Ltd to honor obligation amounts to violation of Ohio’s statutory and property law. According to Steinberg (1993), the court’s holding asserted that the Ohio Blue Sky Laws in subject were not applicable since international transactions at that time were not explicitly covered within the laws.
Court’s Decision
The plaintiff, West Shell Jr. and the defendant R.W. Sturge Ltd were locked in a case, which was eventually brought to conclusion by Hamilton County Court in December 08, 1993. With respect to the presiding judges, West Shell Jr. et al were supposed to be refunded all monetary resources that they incurred as loses after investing in unregistered securities. According to Steinberg (1993), the court established that the defendant R.W. Sturge Ltd et al made a coalition with other third parties in selling illegal stocks and securities to the plaintiff. Therefore, R.W. Sturge Ltd et al was liable for refunding money used to purchase securities as well as payment of any attorney fees incurred by the plaintiff throughout the case.
Procedure
With respect to procedural construct of the case, British law asserts that any insurance and investment premium received by underwriters of a financial company is automatically placed in a trust fund. Any profits realized from a trust fund are released to the underwriters association, upon which the underwriters will extend the proceeds to investors. In this case, R.W. Sturge Ltd failed to honor its agreement by selling illegitimate securities to the plaintiff. Consequently, the plaintiff argued that the agreement binding the sale of securities was void under the Ohio Blue Sky Law.
Laws Applied
With respect to the legal background, Ohio Blue Sky Laws states that all public transactions brought into Ohio are accorded protection from fraudulent contracts and misrepresentation of facts during an agreement. According to Steinberg (1993), this means that Ohio Blue Sky Laws protect investors against gullibility and mischievousness of international investors who fail to disclose all facts during an agreement. As a result, the Hamilton court made its decision based on the fact that despite lack of explicit outline of international contracts in Ohio Blue Sky Law at that time, the case had been filed in Ohio; hence it was the duty of the state to protect local investors. In this regard, the case was ruled in favor of the plaintiff by Steinberg, Robert acting on a capacity of United States Magistrate Judge.
In conclusion, it is undeniable that making business decisions from a legal perspective requires thorough conversance on applicable laws. In this regard, contractual agreements of domestic or international nature should be handled in a legally informed manner in order to avoid future disputes.
Reference List
Steinberg, R. (1993). West Shell, Jr., et al., Plaintiff v. R.W. Sturge Ltd., et al., Defendants: Case No. C-1-93-0802. Unicet.ca. Retrieved from http://www.uniset.ca/lloydata/css/850FSupp620.html Read More
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