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Business Law Defining Concepts And Problem Solving

1156 words - 5 pages

Question 1Explain how the test used to determine the standard of care required from professionals is different from the test used to determine the standard of care required generally.The standard imposed is more correctly stated as the standard of care expected from a reasonable professional in the same circumstances. That is, where the person is a professional, it is the reasonable doctor, lawyer, accountant, etc. Thus, the standard required from a professional is much higher than that required from a normal person. A professional is required to have that degree of skill and ability which would be present in a reasonably experienced member of the profession, but must exercise that skill as a responsible professional. When the average standard or accepted practice of the profession falls below what the judge considers appropriate from a reasonably prudent professional, a higher standard will be required. Thus, common practice will not always justify the conduct of a professional in a given situation.Question 2Mrs. Junkins hired an agent to sell her motel and told the agent that the gross revenues for the previous year were $160,000 and the net profit was $9,700. Mrs. Junkins knew this information was false and she gave it to the agent to use to persuade purchasers. This information was given to the purchaser Mr. Bedard and he relied on it in deciding to buy the motel. After an unprofitable year Mr. Bedard found out the information received about the revenues and profits was false. He comes to you for advice as to his options. What do you advise and why?This problem involves the concept of fraudulent misrepresentation occurring in the course of negotiating a contract.A fraudulent misrepresentation occurs when a party makes a deliberately false statement of fact and that false statement is relied upon by the other party in deciding to enter into the contract (inducement). In this matter the fraudulent misrepresentation consisted of Mrs. Junkins deliberately lying about the profitability of the motel. That was relied upon by Mr. Bedard in deciding to purchase the motel.Mr Bedard has several cumulative remedies available:a) he can continue on with the purchase - affirmationb) he can end the purchase contract and claim his purchase money back - rescissionc) in addition to a) and b), he claim damages for any economic loss he suffered as a result of the purchase. I expect Mr Bedard would prefer options b) and c).Question 3If parties to a contract find they have made a shared mistake or misunderstanding the contract is void. If one party to a contract has been subjected to a misrepresentation, undue influence, duress or unconscionable dealings the contract is voidable. What is the difference between a void and voidable contract? What options are available to the “victim” in a voidable contract?The term “void” contract is a misnomer. In fact, there is no contract in existence. Rather, an essential element such as consensus or...

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