Contracts and Fraud
Contracts are one of the cornerstones of our modern legal system. They are necessary to conduct reliable economic transactions between individuals. When people make a formal agreement such as buying a car they must be assured that the requirements of both parties will be fulfilled: the seller will receive his or her money and the buyer will receive a vehicle. A critical component of contract law is the need for a contract that is not fraudulent in nature, since contracts depend upon a system of trust between both parties. "If fraud or misrepresentation occurred during the negotiation process, any resulting contract will probably be held unenforceable. The idea here is to encourage honest, good faith bargaining and transactions. Misrepresentations commonly occur when a party says something false (telling a potential buyer that a house is termite-free when it is not) or, in some other way, conceals or misrepresents a state of affairs (concealing evidence of structural damage in a house's foundation with paint or a particular placement of furniture)" (Fitzpatrick 2013).
Without fraud invalidating a contract, there would be a great incentive for people to conceal the truth about the full terms of a contract, to construct an agreement give them an unfair advantage. Contracts are based upon an offer and acceptance of that offer, but when there is fraud there is no true 'acceptance' of the extended offer. To prove fraud in a court of law, however, requires the offended party to establish that very specific conditions were met which invalidate the contract. For fraud to exit, there must be "an untrue representation of fact knowingly by a party; making such representation recklessly; [and] making untrue representation...
Contract Law The author of this report is asked to look at the case study of Rami and his impatience related to selling his property in New York City. The questions that will be answered include whether a contract was formed, whether the buyer (Fahd) can get his deposit returned, whether Fahd can sue for damages based on common law tort, whether Fahd can due for the common laws of contract,
Contract Dispute Contract is a mutual agreement between at least two persons or parties, aimed at achieving a certain business goal. A contract can be oral or written, although, over the years, written contract has been preferred due to disputes that may arise in the later period of the contract. Often a lawyer is required during the mutual agreement, to ensure that the contract is legal, and serve as a witness
Contracts Law: Disney World Jurassic Park Amusement Ride The first question at issue in this study has to do with the termination of an employee for poor sales performance who entered into a non-compete agreement with the company, specifically that of Disney. The employee, Simpson agreed that he would not directly or indirectly compete with Disney as an agent, employer, broker, or contractor for one year from the date of termination.
Fraud and Abuse Case Healthcare fraud and abuse continues to threaten the country, costing the facility billions of dollars per year. Brodeur, (2007) stated that fraud is something difficult to understand because it is a contagious issue. Healthcare fraud and abuse according to Brosman & Roper (2007) is the most profitable thing one can take part in if he/she is a crook, it avoid all channels and legal procedures, in nutshell,
Contract Offer COMING TO A HEAD Legal and Ethical Issues in Business Ethics in Business Three normative ethical theories were developed in Western capitalist societies in guiding the ethical conduct of business (Fort, 2014). The stockholder theory considers the maximizing of profits as the sole objective of business and above all considerations. It does not recognize social responsibility. It is completely utilitarian and one-sided. The stakeholder theory considers the welfare and needs of customers,
Fraud is an important consideration in the area of legal contracts because of the fact that if fraud is present in the formation of a contract, the contract can, and mostly will, be invalidated. To establish contract fraud, it must be established that the party committing the fraud knowingly misrepresented a material fact with the intent to defraud and that the opposing party justifiably relied upon such misrepresentation (Blair, 2009).
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now