Argument Against The Statute Of Frauds

In this case, there are several conspirators who is involved in the fraud receiving punishment from either SEC or federal government. Robert Levin, the AMRE executive and major stockholder, and Dennie D.Brown, the company’s chief accounting officer, were subject to the punishment in the form of a huge amount of fine by the SEC and the federal government. This punishment came from reasons. After AMRE going public, the company have the obligation to publish its financial reports but its performance did not meet expectation. The investigation by SEC shows that Robert took the first step of this scam, fearing the sharp drop of AMRE’s stock price because of the poor performance of company. He abetted Brown, to practice three main schemes to present a false appearance of profitable and pleasant financial reports. Firstly, they instructed Walter W.Richardson, the company’s vice president of data processing, to enter fictitious unset leads in the lead bank and they originally deferred the advertising cost mutiplying “cost per lead” and “unset leads” amount, so that they deferred a portion of its advertising costs in an asset account. The capitalizing of advertising expenses allowed them to inflate the net income for the first quarter of fiscal 1988. Secondly, at the end of the third and fourth quarters of fiscal 1988, they added fictitious inventory to AMRE’s ending inventory records, and prepared bogus inventory count sheets for the auditors. Thirdly, they overstated the percentage

Phar-Mor, Inc was a thriving discount grocery store in the late 1980’s. Phar-Mor was moving product quickly but profit margins were not significant enough to pay the bills. By the early 1990’s, Phar-Mor declared bankruptcy due to fraudulent financial reporting and misappropriation of assets, making it one of the largest frauds in U.S. history. Below, we will use auditing standard AU 316.85 Appendix A in conjunction with the video “How to Steal $500 million” to analyze how incentives/pressures, opportunities, and attitudes/rationalizations allowed for fraud to start and continue at Phar-Mor.

Did Westby commit fraud? Fraud constitutes the making of false statements (1) with the knowledge of its falsity or reckless indifference to the truth (2) the intent that the listener relies on it (3) the result that the listener does so rely on it, and (4) the consequence that the listener is harmed.

In the Hoffman Vs. Sun Valley Company case, where the Sun Valley Company won, despite there being an oral agreement. The prerequisite memorandum form for the sale of the Rudd Mountain property, was not signed to fully close the deal. Thus, the oral agreement was declared void by failure to comply with the statute of frauds.

Doug also did not pay the utilities, which was an agreement that had been reached in the contract. Doug does not have any rights to stay in the apartment. He violated his rental contract by not paying the full amount of rent and failing to pay the utilities. Doug's failure

I agree with the court’s decision in favor of Mills. The case fall under the Statue of Fraud One year rule as it had been 107 months since the oral contract was created. The oral agreement was unenforceable after the time period as it violates the Statute of Fraud. Mrs. Sawyer did not have the agreement in writing; therefore it could not be enforced even though he had paid a little over 13 months in checks.

The amount listed is the enrollment agreement was 10,020.00 which gives a difference of :

Many states have implemented fraud and abuse statutes that require criminal misconduct to be reported to the appropriate government agency; False Claims and Anti-Kickback Acts are some examples of federal statutes that prohibit organization from withholding information from the federal government (Duke 23742). In order for the federal courts to streamline the policies and practices for violators of the laws and regulations, the United States Sentencing Commission established the Federal Sentencing Guidelines. The Federal Sentencing Guidelines are non-binding rules that provide a set of rules for federal court to consider when making decisions on a conviction to a violation of the law (“Federal Sentencing Guidelines”). Although, the guidelines

“Abandon all hope ye who enter here” (Alighieri, 1321/1954, p.18) ---- an inscription that is found on the gates of Inferno which foreshadows the fate of the soul of the sinner as said in “Inferno” by Dante Alighieri. The book tackles different natures of sins that individuals have committed and the corresponding punishment that they will receive in different circles of Hell (Ciardi, 1954). Alighieri (1321/1954) notes that although incontinence and violence are serious sins, fraud is considered as the worst type of sin because it betrays a whole community of people and breaks the trust of one’s kin.

Tiffany isn't it amazing how Jane Smith all of a sudden didn't want Enterprise to rent the property any longer? Then she went one step further and thought that they should have been evicted after receiving monthly payments for one year. I wonder what made her come to this conclusion. Your biblical stand point is on point. Proverbs 10:9 states, “Whoever walks in integrity walks securely, but he who makes his ways crooked will be found out” (English Standard Version, Proverbs 10:9). Integrity should have stood for something on Jane part and for so many people of today. Integrity is crucial in order for anyone to be successful. People that has integrity always do the right thing. Not because of it being convenient but because their character

Ken would argue promissory estoppel as his defense. Promissory estoppel is applicable because of the following three reasons. Firstly, there is a pre-existing relationship between the parties based on their involvement with the signed lease for the property located in the Annex District of Toronto. Secondly, one party gratuitously promises to release another from legal duties owed to him. Amber had agreed to terminate the lease early and negotiate on a settlement price. Lastly, the other party, in reliance on the gratuitous promise alters the course of conduct so as to suffer damage if the promise was broken. Due to Amber’s gratuitous promise, Ken looked and signed a new lease for office space. He relied and altered his conduct based on Amber’s statement of fact that he would be able to end the contract early.

Newham is a company that manufactures cosmetics as well as body-care products. Two of their largest customers are Target and Walmart. They are a publicly traded company with major competitors of Revlon, and Avon. Recently Newham has changed their CEO and CFO, and although they have experienced growth over the years there have been problems in regards to bonuses to upper management and the tactics used. They have also been plagued by a lawsuit, which suggests that Newham did not properly advertise a product; the result of that has led to allergic reactions by many of their consumers.

Furthermore, criminal fraud requires criminal intent on the part of the perpetrator, and is punishable by fines or imprisonment. When a person is accused of criminal fraud, the case is brought by either local, state or federal prosecutors,

Fraud is defined as a deliberate misrepresentation that causes a person or business to suffer damages, often in the form of monetary losses through deception or concealment. And Occupational Fraud as defined by the ACFE is the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets. Traditional fraud triangle theory by Donald Cressey explains that propensity of fraud occurring in an organization lies on three critical elements which are Pressure, Opportunity, and Rationalization.

3. The aggrieved party can also sue for damages, if any. However, if the aggrieved party wants to claim damages, he has to first rescind the contract and then only he can claim damages.