This website uses cookies to ensure you have the best experience. Learn more

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...

Find Another Essay On Business Law Defining Concepts and Problem Solving


560 words - 2 pages , laugh at the other person, offer advice or bring up your own experiences, or change the subject.WIN-WIN OPTIONSAn idea or suggestion in which both sides can benefit is called a Win-Win option. The idea should help both sides.BRAINSTORMINGThe first step in problem solving is to come up with as many ideas as possible. This is called brainstorming. During this process, any idea that comes to mind should be expressed and written down. Don't judge

Private Speech and Problem Solving

1714 words - 7 pages ). Numerous individuals have endeavored to demonstrate why children use private speech so conspicuously and to illustrate the part that it plays in a child’s development, or if there is any at all. This paper is going to analyze the role of private speech in problem solving and a child’s development with the use of experimental studies performed between 1986 and 2012 . The first person to develop the concept of private speech, although he called

Critical Thinking, Problem Solving, and Learning Development

2114 words - 8 pages imperative for leaning development. This is how Best Practice views cognitive: As the most powerful learning which comes when children develop the true understanding of concepts through higher-order thinking associated with various fields of inquiry and through self-monitoring of their thinking Zelmelman, Daniels, and Hyde (2005, p. 15). Teaching problem solving and critical thinking skills cannot wait to be taught. In our mission to educate

Applying Critical Thinking and Problem Solving Skills

976 words - 4 pages order to ensure mission success they must all be trying to achieve the same end state. C121: Critical Thinking and Problem Solving In the class C121: Critical Thinking and Problem Solving the Sergeants Major student learned; how to apply the elements of thought and universal intellectual standards, questioning paradigms and assumptions, how to apply a framework for solving complex problems, and how to analyze blocks to creativity in

Problem Solving and Goal-Driven Learning

2047 words - 8 pages Problem Solving and Goal-Driven Learning There is a growing body of research into how a learner’s (human or machine) goals can greatly influence the learning process. Study has taken place in fields such as cognitive science, psychology, education and, of most interest to us, artificial intelligence. Prior to the interest in goal-driven learning, most studies in this field focused on providing estimated functions based on limited inputs and

Insight Problem Solving and the Nine-Dot Problem

1664 words - 7 pages can be well-defined or ill-defined but are encountered more often when the overall issue is ill-defined as there are several alternate paths. What is an Insight Problem? Whether well-defined or ill-defined, most people follow a general problem-solving model which requires identifying the problem, developing steps and strategies, implementing a plan, and assessing its progress. Sort of like the idiom of “getting warmer” or closer and closer to the

The Importance of Critical Thinking and Problem Solving

998 words - 4 pages positions held. This paper therefore attempts to discuss the relevance of critical thinking and problem solving, group decision making, overcoming biases, planning and order production lessons on my future assignment as a logistics staff officer. Critical thinking is an important problem solving tool and the higher you go as leader; the more are the problems to be solved. In his effort to analyze the relationship between critical thinking and

Application and Evaluation of SSM as a Problem Solving

2895 words - 12 pages Executive SummaryThe purpose of this paper is to develop an understanding of Checkland's Soft Systems Methodology (SSM) and to practice its application to organizational and managerial problem solving. To achieve this purpose, this paper will provide an overview of SMM. This is followed by using SSM to carry out an analysis of the selected organization with a view to recommending developmental changes. And then it comes to a reflective account

Defining the Purpose and the Problem When Writing Proposals

1039 words - 4 pages Defining the Purpose and the Problem When Writing Proposals PAGE 1 Defining the Purpose and the Problem When Writing Proposals PAGE 5 Defining the Purpose and the Problem when Writing ProposalsJohn W. OlierENG/313July 14, 2014Crystal HicksDefining the Purpose and the Problem when Writing ProposalsIntroductionWhen drafting a proposal for any type of changes in the workplace, it is important to define the purpose and identify the problem being

Statistics and Problem-Solving in Business

955 words - 4 pages IntroductionCommercial air travel is a competitive industry that requires business managers to effectively collect, organize, analyze, and interpret industry and market statistical data on a continuous basis. Airlines today are constantly faced with business problems relating to maintaining a constant situational awareness on industry trends and activities. Increasing the speed of interpretation of these industry trends and activities is at the

Business and Law

1611 words - 6 pages Author' Last Name PAGE 1 [The Author's Name][The Professor's name][The Course Title][Date]Business Law and Product LiabilityProduct liability law has evolved from two bodies of law: contracts and torts. Contract law provides the rules for ascertaining the legal responsibilities of parties to formal agreements, including contracts for the sale of goods. Tort law provides the rules for determining whether a person has acted negligently towards

Similar Essays

Problem Solving And Judgement Essay

1478 words - 6 pages Running head: PROBLEM SOLVING AND JUDGMENT 1 Problem Solving and Judgment PAGE \* MERGEFORMAT 7 Problem Solving and JudgmentProblem Solving and JudgmentBeing on any kind of team takes hard work and dedication. Sometimes the personalities and differences between a team is what can set the standard whether good or bad. Regardless of personalities and differences individuals have to realize when working on a team, the outcome must be the best as

Strengths And Problem Solving Techniques Essay

1065 words - 4 pages This paper will attempt to describe the group setting where individual strengths and problem solving skills are used when applied to the group process and decision making. The asset verification team is one such group.A team is a group of individuals that are brought together to accomplish a task or resolve a problem that cannot be successfully or proficiently completed by an individual. How much time the team must spend together can affect the

Strategy Formation And Problem Solving Essay

2569 words - 10 pages "In reality organisational decision making is characterised by two opposing tendencies. On the one hand, inherent conflicts between factions, departments, units and levels and individuals over scarce resources breed conflict, opposition, careerism, negotiation, compromise. Thus conflict and competition may adversely affect problem solving and strategy formation. On the other hand, decision making may be affected not by difference and

Individual Strengths And Problem Solving Essay

1714 words - 7 pages INSTRUCTIONS:Individual Strengths and Problem Solving TechniquesThis two-part assignment enables you to reflect on your individual strengths and problem-solving skills as they apply to the group process and decision making. Prepare a 1,050- to 1,750-word paper formatted according to APA guidelines. The paper must be organized according to the following categories:a. Part 1: Individual Strengths and the Group Process1) Describe a group setting or