Business Finance - Management writing homework

Instructions:

Read the Submission Instructions, the factual scenarios, and the questions for the WALA assignments, and answer the questions presented.

Submission Instructions:

The answers to both WALA problems should be combined into one document.  Further, the document must be saved either in Word or PDF format.  This document would then be submitted in the link provided below and by the due date.

Failure to comply with these submission instructions could cause you not to receive any credit for this homework.

( Note: If you use quotations in your answer, you may use either APA or MLA citation methods.)

 

WALA # 1

This type of assignment will provide you with an opportunity to act like a judge.  You will be given a factual scenario that forms a basis for a legal dispute between two or more people.  This will be followed by two questions you will need to answer.  The first will always ask you to summarize the law that underlies the dispute, and the second will ask you to analyze the facts and reach conclusion on the dispute.  I will always provide you with the page number in the e-textbook where the law can be located.

Factual Scenario:

Tom entered into a written contract to buy an original painting by Van Gough from Carl for a price of $1,000,000.  Both parties signed the contract and delivery was to be one week after signing.  Two days before delivery Carl backed out of the deal.  The reason Carl backed out was that he found another buyer who was willing to pay $1,250,000 for the painting.  Tom wishes to bring a lawsuit against Carl and is weighing his options. 

Questions:

1. Fully summarize the law related to specific performance and consequential damages (see pages 501 and 497 respectively).

2. Assume there are two different scenarios for what Tom would use the painting for if he bought it: (i) Tom loves Van Gough and simply wishes to buy it so he can hang it in his study and stare at it every night; or (ii) Tom is an art dealer and he is buying the Van Gough to sell it to another buyer for $1,500,000.  In your analysis, determine whether Tom would be entitled to specific performance under both scenarios and if he can not get specific performance under one of them, what would be his consequential damages?   In your answer to this question, you must provide specific reasons based on the facts for your ruling. 

 

WALA # 2

Factual Scenario:

Ryan owns a rental home in Fresno, and Biff signed a two-year lease for $1,200 a month on the property.  One year after Biff moved in he advised Ryan that he didn't want to live there anymore and moved out.  Unfortunately, Ryan did not have Biff put up a security deposit, and now that he has an empty rental home he is deciding how to move forward. 

Questions:

1. Fully summarize the law related to compensatory damages and mitigation of damages (see pages 497 and 500 respectively).

2. Assume Ryan takes two different courses of action with regard to re-renting the home:

A.  Ryan decides he has one year left on the lease with Biff, so, he's not going to re-rent the property, wait for the last year to expire (12 more months), and sue Biff for one year's worth of rent.  Would Ryan be able to recover any monetary damages if he chooses this course of action, and if so, what type and how much?

B. Ryan immediately starts looking for a replacement tenant, and after one month, and only losing one month's rent ($1,200), he finds a replacement tenant who signs a two-year lease and begins paying $1,200 a month for the property.  Would Ryan be able to recover any monetary damages if he chooses this course of action, and if so, what type and how much?

  In your answer to this question, you must provide specific reasons based on the facts for your ruling. 

WALA # 3

Factual Scenario: 

Arnold signed a real estate agent contract with Sarah, a real estate agent.  Sarah was hired to "find a store location to rent for Arnold's retail business."  Several specifications for the store location were listed in the agent contract.  This included suitable locations, square footage, length of the lease (two years), and monthly rent.  After one month of looking for a space for Arnold, Sarah believed she had found the perfect location, and it was one that met all of the requirements Arnold had specified.  There was only one problem.  The landlord had two other offers, needed a decision immediately, and Arnold would be unreachable for two days.  Given that she believed Arnold would love the space, Sarah signed a two-year lease on the property on behalf of Arnold, as his agent.  

When Arnold returned he was very upset at Sarah and asserted that she did not have the authority to sign the lease on his behalf.  After looking at the space, however, he decided to try it for a month.  Without informing the landlord that he did not believe Sarah had the authority to sign the lease, Arnold moved into the property and paid the first month's rent.  At the end of the first month, however, Arnold decided he didn't like the property and informed the landlord he was leaving.  The landlord then threatened to sue Arnold. 

Questions:

1. Fully summarize the law related to express agency and agency by ratification (see pages 775-777, and 779-780 respectively).

2. In your analysis of the facts, (i) decide whether Sarah had the authority to sign the lease on Arnold's behalf under express agency, and therefore, whether Arnold could have gotten out of the lease before moving onto the property; and (ii) once Arnold moved onto the property did he ratify Sarah's actions under agency by ratification.   In your answer to this question, you must provide specific reasons based on the facts for your ruling.