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Business law - Essay Example

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ABC can take legal action against Zulu Computers basing on the damages and rescission of the contract due to misrepresentation of the financial statements. The misrepresentation amount of $500,000 which is the overstated inventory has extremely serious financial implications on…
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ABC Investments, Inc. against Zulu Computer Corporation ABC can take legal action against Zulu Computers basing on the damages and rescission of the contract due to misrepresentation of the financial statements. The misrepresentation amount of $500,000 which is the overstated inventory has extremely serious financial implications on ABC Investments that will impact on their tax liability and the bottom line (Fred & Bray p 205).
ABC Investments can argue that the inventory statements induced them into the contract thus leading to associated damages. If Zulu Computers did this intentionally, then it is an illegal act and quiet unethical as it manipulates the inventory so as to attract potential investors by adding the credit worthiness as well as increasing chances of being advanced a facility by a financial institution. It could also imply that increased inventory statements will equally reduce the cost of goods thus reduce the expense and subsequent reflection in high gross profit. Furthermore, overstatement of inventory statements leads to business overpaying tax since it increases the pre-tax net income.
Basing on this, ABC Investments can therefore seek legal action for damages which can make them recover whatever they have lost which in this case amounts to $500,000 and any other damages. However, Zulu Computer Corporation can argue it as an innocent misrepresentation that leads to a rescission remedy which means that they assume the original status as though they had not signed the contract and will depend on the court whether the damages will be awarded depending on the nature of innocent misrepresentation and losses suffered. ABC Investments can use copies of the financial statements to file a petition of which individual responsibility or company responsibility will suffice.

Work Cited
Steingold, Fred, and Ilona M. Bray. Legal guide for starting & running a small business. 6th ed. Berkeley, Calif.: Nolo, 2001. Print. Read More
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