business law
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shayan_final.docxShayan Sorourmandlavi
Business Law 1
December 9, 2016
Professor Lopez
Final Exam
1) Js fiduciary duty to M and L consist of hiring a catering company for their primary catering company for the reception, constructing activities for their guests during the wedding weekend, and hire a minister. J violated his fiduciary duties to M and L by having a conflict of interest with new and exciting caters, when he urged M and L to hire them. Although, J was greased up by NE some may consider that as a bribe. Because J was hired for the ceremony and he arranged a minister and two activities, he technically did not violate any of his other fiduciary duties. Another violation to have occurred
2) The type of bailment this would be is for the particular purpose to loan. A bailment is a situation in which the personal property of one person (a bailor) is entrusted to another ( a bailee), who is obligated to return the bailed property to the bailor or dispose of it as directed. However, not all transactions involving the delivery of property from one person to another creates a bailment. In order to become a bailment, there must be (1.) personal property, (2.) Delivery of possession, and (3.) agreement that the property will be returned to the bailor or otherwise dispose of recording to the owner’s instruction. The duties of a bailee involve taking appropriate care of the property and surrendering the property to the bailor or dispose of it to accordance to the bailer instruction and the end of the bailment. If Jered, Fabian, and Andy stole those items then it is a criminal act, but if they were loaned those items then they would have to meet those 3 elements listed.
3) When patty is returned the $3,000.00 before she leaves she is considered to be the owner of that money. She acquired possession of the money by not liking where she is sitting at the concert, so she left and requested a refund. Since she was granted a right to the refund, the money is hers.
4) A gift is another fairly common means of acquiring and transferring ownership of real and personal property. A gift is essentially a voluntary transfer of property ownership for which no consideration is given. The presence of consideration is what distinguishes a contract from a gift. For a gift to be effective, these 3 requirements must be met (1) donative intent on the part of the donor (the one giving the gift), (2) delivery, and (3) acceptance by the donee (the one receiving the gift). The lobsters were not considered a gift due to the grandfather stating “ he lent the traps to his grandson N/E but said he had to pay him for any of the lobsters that were caught and N/E did not pay him anything. So the traps were a gift to the caterer, but he was supposed to pay the grandfather for each lobster caught.
5) The problem with the invoices J brown submitted to L is that they paid extra for activities. The cost of the Catering was $15,000, The cost of the performance was $1000.00, and the cost of the activities were $4500.00, which sums up to $20,500.00 at the end, but paid $25,000.00 instead. In the fact pattern it states that the two activities that he picked only comes out to $4500.00 but instead gave $10,000.00 They are owed back $4500.00. In the invoice shown it states that, the cost of the wedding total was $25,000.00, when it was only $20,500.00.
