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Business case study - Essay Example

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Three of the students who attended the lecture are so impressed that they form an investing club and ask Fred to be a part of it. Fred sets up an account for…
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Download file to see previous pages claims that he fully intended to repay the club their money upon the sale of his next book and that the students were foolish to think that he was allowed to set up their account and not have access to it.
Reasons: The law does not usually care what you intended to do after committing a crime. The law only cares whether there was an actus reus (an act) and a mens rea (intention). If you intend to commit a criminal act, you are guilty—whether or not you plan on paying back the money later, for example.
B) Ann promises her nephew, Bert, that she will pay his college expenses for obtaining a Bachelor’s degree if he promises to give up his heavy smoking and heavy alcohol drinking habits. Bert agrees, totally giving up his smoking and drinking habits. He enters college and graduates with his Bachelor’s degree. At his clean and sober graduation party, Bert asks Ann to pay his college expenses as per their contract. He does boast that Ann was a fool since he was planning on giving up his smoking and drinking behavior anyhow. Ann claims she does not remember their agreement, but admits that even if she did make such an agreement, there was no valid consideration and thus no binding contract for her to pay. Bert sues her for his money.
Reasons: For a contract to be valid, something must pass on both sides, either an action or a forebearance. Bert gives up his drinking and smoking, a forebearance that would qualify as consideration on his part. But Ann doesn’t do anything with regards to the contract. No consideration passes from to Bert.
C) Thrifty Drug Stores purchases “Magic Window Wipes”. These are disposable towels that you take right out of the packet, wipe your dirty windows, and toss in the trash. They are supposed to make your windows squeaky clean. Over the next three months Thrifty Drug Stores sell about one third of their inventory of the wipes when the sales go completely flat. A manager of the stores asks former customers why they do not buy any ...Download file to see next pagesRead More
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