Hoffman v. Sun Valley Company The case is about an ordinary purchase of property, situated in Sun valley, Idaho and in possession of Sun Valley Company, by Fritz Hoffman and Fritz Fray. The company authorized Mr. Conger to represent it during the negotiations and to sign a contract which had to be approved by the company’s executive committee. Conger, Hoffman and Fray carried out the negotiations on a telephone and reached an acceptable for both parties agreement which was approved by the executive committee. All necessary documents were prepared but not signed by the parties. Meanwhile, the Sun Valley Company negotiated and sold all its property and assets to another purchaser including the Ruud Mountain which was the subject of the contract between the company and Hoffman, and Fray. The new proprietor refused to sell the Ruud Mountain Lot to Hoffman and Fray. They initiated proceedings pretending specific performance nevertheless the contract was oral under the Statute of Fraud. The proceedings reached the Supreme Court of Idaho where the Court investigating all the existing circumstances concluded that a mutual agreement about the sale was reached, and all the evidence supported the statement, but this agreement did not meet the juridical regulations for the transaction, so a valid contract did not exist. Unfortunately, the actions they undertook as the check of $5000 they sent as a deposit did not contain all the necessary requisites to snow without any doubt it was a part of the transaction. The Statute of Fraud requires that a party to be charged must have signed the contract executed in writing which in this case was not done. ... ... middle of paper ... ...nstructing a golf course. The contract price was $ 1 294 129. Gundersons started to work immediately, and three months later they had completed one – third of the whole construction and they could finish it if the bad weather did not paralyze everything. Ptarmigan paid Gundersons for the work completed to that date. The next spring when it was possible to restart the construction Ptarmigan was out of money and was unable to finance the completion of the golf course. Gunderson’s filed a claim against Ptarmigan demanding to recover the profits he lost for not completing the rest of the construction. The Trial Court did not adjudge damages, but its judgment was reversed by the Appeal Court of Colorado where it was appealed. After continued discussions, submitted evidence, analysis of every stage not completed the total amount of damages was defined.
When doing an evaluation of any case, you should always look at all the relevant facts and issues involved before jumping to conclusions. As for this case, Mike Thurmond, the operator of Top Quality Auto Sales, a used car dealership, has financed his dealerships inventory of vehicles by creating a financing arrangement with Indianapolis Car Exchange (ICE). ICE then filed a financing statement that listed Top Quality’s inventory as collateral for the financing. After this, Top Quality sold a Ford truck to Bonnie Chrisman, who was also a used car dealer. Chrisman paid Top Quality for the truck and then proceeded to sell it Randall and Christina Alderson, who paid Chrisman for the vehicle. In
4. Facts: It was the time of August in 1986, when William Geringer with his family was on vacation at the Wildhorn Ranch Resort located in Teller County, Colorado. Due to some defective Paddleboating boat two of the family members (William Geringer and his minor son Jared Geringer) were drowned. Mr. Watters, a defendant, was formerly the owner of the resort, but he stated that he handed over the possession to Wildhorn Ranch Inc. “The other defendant, Les Bretzke, was a contractor with an autonomous company that endow with repair services and repair construction to the resort.” During the whole trial the main focus was on the maintainability issues of
II. Trial Court Ruling. The district court granted the defendant’s motion for summary judgment on the plaintiff’s sexual harassment claim. The plaintiff’s retaliation claim went to trial, but the court excluded evidence regarding the alleged sexual harassment. The court refused to grant the plaintiff a new trial. The appellate court affirmed the district court’s ruling.
In recent years, it seems as if there is a new financial fraud being reported any given day. One could even say that fraud has become almost a much a surety as taxes. Given the opportunities and pressures, many will businesses will fall victim to human natures and suffer losses through fraudulent activities. This case study will follow one such fraud, following the crimes of Terry Scott Welch in his pursuit for happiness by indulging his passion of landscaping.
The second issue is whether or not the defendant has an obligation to reimburse for an injury. The outcome of this second issue depends whether or not it is rational for the defendant to have to pa...
A company known as Apex Art was recently asked to prepare a bid on 500 pieces of framed artwork for a new hotel. If Apex Art wins the bid, then the benefits would lead directly to sales representative Jason Grant, whose income relies on commission. In other words, he would receive a large sum of money as a result of the winning bid. The cost accountant for Apex, Sonja Gomes, prepared the bid and calculated the total product costs of the framed artwork to be $121,000. Since the company policy states that the pricing must be at 125% of full cost, Gomes provides Grant a total amount of $151,200 to submit for the job. Grant notifies Gomes that at the price of $151,200, the company is incapable of winning the job. He confesses to Gomes that he had spent $500 of company funds to treat the hotel’s purchasing agent to a basketball playoff game where the purchasing agent revealed to him that a bid of $145,000 would win the job. At first, Grant had no intention of letting Gomes know of this information because he was sure that she would have developed a bid that would be below the amount that the purchasing agent told him about, $145,000. Therefore, he thoroughly explains to Gomes that if the company does not take advantage of the important information that the purchasing agent had revealed to him, then the $500 of company funds that he had spent would go to waste. Nevertheless, Apex Art would still generate some profit if it wins the bid at $145,000 because it is higher than the full cost of $121,000. In order to come to fair grounds, Gomes advises Grant to use cheaper materials for the frame, which will assist him in attaining a bid of $145,000. Since the artwork was pre- selected and thus cannot be altered, the total amount of cost redu...
Equuscorp launched proceedings in the Supreme Court of Victoria against each of the respondents. Equuscorp’s claims were for “loss and damage” for breach of the loan agreements and for money had and received. The trial judge dismissed Equuscorp’s contractual claim in all eight cases and upheld the restitution claim in two cases. The respondents appealed this decision in the Supreme Court of Victoria’s Court of Appeal. In this appeal, the majority held that the trial judge erred and that Equuscorp was not entitled to restitution. Equuscorp appealed against the decision of the Court of Appeal in relation to the three respondents. Its grounds for appeal included that the Court of Appeal erred in deciding: a) that Equuscorp was not entitled to restitution for the unenforceable loan agreements; b) that it was not unjust for the respondents to keep the amounts pursuant to the unenforceable loan agreements; and c) that restitution was not assigned as a right or remedy to recover the amounts under the unenforceable loan agreements.
...eversed and remanded back to the trial courts. One drawback to the court systems that is evident in this case is the length of time required to reach the state Supreme Court. The Supreme Court decision occurred almost seven years after the trial started, only to be sent back to the trial process.
Fiona was a friend of David and told him she could fix it. Fiona misplaced the watch so David decided to sue Fiona. I have ruled that Fiona is liable for the misplacing the watch and therefore must pay David 500,000$. It is appropriate that Fiona should be found liable because she was responsible for the watch after she agreed to fix it. Waldron would find this case unjust because the exact price of the watch is not 500,000$. Even though people lose things all the time under these circumstances that watch was of special value. I have ruled that Fiona is liable for the 500,000$ because the price of the watch does not determine the value to David, it was a family heirloom and held sentimental
The court had reason that appellants may have been guilty of fraudulent conversion, or of larceny by bailee if the theory is accepted that a vendor retaining possession of goods sold by him becomes constructively a bailee of the purchaser, and criminally culpable for a failure to deliver them to his purchaser. Appellants were indicted for larceny only, and of that they clearly were not guilty.
What major technology change has had the greatest impact on the quality of your life?
The primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of parties once they are involved in litigating a contract dispute (Spagnola, 2008). The relevant statutes are reliant upon state jurisdictions to determine whether the contract falls under the SOF, and whether the writing of the contract satisfies the requirements of the statute of frauds (Spagnola, 2008). However, all contracts are not covered under the SOF. In essence, for a contract to be deemed as legal by definition of the SOF, there must be verification of the following requirements for formation of the contract, which are as follows: (1) There must be least two parties to the contract, (2) There must be a mutual agreement and acceptance on the price to pay for goods and services offered, (3) The subject matter or reason for entering the contract, must be clearly understood by all parties to the contract, (4) and there must be a stipulated time for performance of duties under the contractual obligations (Spagnola, 2008). Lastly, there are five categories of contracts that are covered under the SOF, which are as follows: (1) The transfer of real property interests, (2) Contracts that are not performable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (answering to the debt of another), and (5) Uniform Commercial Code (U.C.C.) provisions regarding the sale of goods or services, legally valued over five hundred dollars ($500.00) (Spagnola, 2008).
The affecting areas are revenue recognition, related party transactions, and overstated earnings (pp. 232-233). The researchers consider the income manipulation as the most dominant factor of fraudulent reporting. The revenue schemes include fictitious sales, non-existing shipments, re-invoicing, duplicate billing, adjustments in the age of receivables (pp. 234-235). The related party transactions represent special relationships between the involved parties. It creates the conflict of interests. The authors state Enron exercised transactions with a special purpose to misrepresent
Weld, L. G., Bergevin, P. M., & Magrath, L. (2004). Anatomy of a financial fraud. The CPA
REASON: Because the Nguyens terminated the contract due to Morton’s negligence of the property code, they were awarded with the following; actual damages, liquidated damages for violation of the property code, statutory remedy for violations of the finance code, mental anguish damages, attorney’s fee, and costs. However, Chapter’s 5, Subchapter D provides both parties with restitution benefits, not just one of them. Because the court did not consider the time the Nguyens spent in the property, the case was referred to the trial court to decide Nguyens’ responsibility for the rental value