Assignment Three. Case 9.2 Bilateral or Unilateral Contract: In the case of Bickham v Washington Bank & Trust Company, a distinction must be made as to what type of contract has been made if any. In a unilateral contract is also called a “Promise for an Act” (Cheeseman, 2013). The meaning of this is that an act must be completed in order for there to be a contract. An example of this is if someone was to promise to pay a set amount if a second party painted a wall. If the wall is not painted then the contract does not happen. A bilateral contract is a contract in which two parties agree to a “promise for a promise” (Cheeseman, 2013). In this case there is a bilateral contract created. The agent of the bank Mr. Adams created an agreement in which Mr. Bickham would move all finance business to …show more content…
After two years the bank changes the deal and raises the interest rate on all current and future loans to Mr. Bickham. This contract was initially performance based and required Mr. Bickham to move all his financial transactions thru the bank. Once did this he performed his obligation to the bank, the bank then in turn loaned Mr. Bickham the money at the agreed upon rates. Due to the fact that this contract is a bilateral type, when the bank changes the deal they are in breach of the contract. The current loans, regardless of current economic issues the bank is having, should not and cannot legally be modified without both parties agreeing to the modification. Future loans as they have not been formally signed and agreed upon would change to the new interest rate. To answer the second question from this case study, yes Mr.
16) Harry sees an AK-47 automatic assault rifle in a gun shop window. He inquires about the price and is told that it is $2,500. Harry signs a contract promising to pay the $2,500 on Friday, taking possession of the rifle when payment is made. On Thursday, a law is enacted making the ownership, sale, or possession of an automatic rifle illegal. This contract
According to the above petitions filed on 09/25/17, by Portsmouth Police Officer R. Flaherty, the following incident took place in the City of Portsmouth. “On September 24, 2017 at approximately 0016 hours, police were responding to a loud party at 1126 Virginia Avenue when a large group of individuals was observed loitering in the breezeway at 1112 Virginia Ave. Remonds Delbridge ran from the location and was observed tossing an item into a dumpster at 2406 High St before being taken into custody. Delbridge had an existing detention order on file for violation of probation. Search incident arrest yielded a 45 caliber bullet in Delbridge’s right front pants pocket. Police later recovered a Black Springfield XDS sn: S3189810 from inside the dumpster at 2406 High Street. The firearm had previously been stolen between August 6th, 2017, and August 20th, 2017. The ammunition in the Springfield matched the ammunition inside Delbridge’s pocket. Delbridge is 17 years old and has been convicted of robbery.
The City of New London was in major economic debt and wanted to build buildings to provide attraction and get money. They used its eminent domain authority to seize private property to sell to private developers. The office facilities were going to give multiple jobs to people who were in need of it and increase money which would be given to the city. The office facility was planned to be built where Kelo resided. There would also be other facilities such as restaurants, shopping centers, and parks. Kelo would be given a compensation but she didn’t want anyone to destroy her precious home that she adored so much. Whether it had destroyed her home or not the Constitution says if the building is for the public then the it does not go against the Constitution’s 5th amendment.
Pre-offense information related to this case includes the relationship the victims had with the offender. If the offender was Brent Smith as is believed then Tracy Smith’s relationship to the offender is that she was Brent Smith’s soon to be ex-wife and the mother of his two children Reagan and Eion. Keeping with the suspected offender Brent Smith, Karen Green’s relationship with the offender was through Tracy’s relationship with him as Karen was Tracy’s former mother-in-law. Karen Green also cared for Tracy and Brent’s children while Tracy was at work as they were living with Karen during the time of the offense. Victim selection occurred based on the interactions the victims had with the offender.
There are two chief participants in this case study, Paul Mackay and Jackie Patrick. Mackay, a sole proprietor of Lawsons (a general merchandising retail site in Riverdale, Ontario), has approached the Commercial Bank of Ontario in order to acquire an additional $194, 000 bank loan and a $26,000 line of Credit. Patrick, a first time loans officer, has been appointed to Mackay’s request. As such
Bickham v. Washington Bank & Trust Company is a case that involves a formal bilateral contract that was entered into by businessman Bruce Bickham and G. S. Adams, Jr., Vice President of the Washington Bank & Trust Company in 1976 (Cheeseman, 2013). According to Cheeseman (2013), the facts of the case indicate that Bickham would conduct his personal and corporate banking with Washington Bank & Trust and the bank would provide loans to Bickham at 7.5 percent interest rate with 10 years to repay the loans. The language of this bilateral contract translates to what is referred to as a “promise for a promise” whereby no act of performance is necessary to form this kind of contract… and it is an enforceable contract (Cheeseman, 2013). The findings of
The party I represented was Mr. Arthur Hangtough, 58 years old, has been employed by Enterprise Manufacturing Corporation (EMC) for 15 years. Mr. Hangtough has been the vice president for personnel and labor relations for the last four years.
The WACC for Collinsville, according to our estimations, came up to about 16.22% (Exhibit I). We took the average of the unlevered betas of comparable companies, 0.91, and relevered it according to Dixon’s target capital structure. Dixon’s 5-year historical debt ratio was 27.5%, but this approach would not be reliable due to its steep downturn debt ratio from 51% in 1975 to 6% in 1979. Thus, we thought that the best estimate of the target debt ratio is 15% for calculation of the WACC.
Brownsville, Texas the city located on the border with Mexico also known as on the border by the sea. The poorest city in Texas became a target for a homicide that impacted the family and including the community.
Enforceable contract Peter v. Don. Peter will have an enforceable contract with Don if he can show that all the required elements of a contract are present. If there is a contract between the two then it will be governed by the common law requirements of an enforceable contract instead of the Uniformed Commercial Code, which would be used if their agreement had involved the sale of goods. In order for a contract to be formed between Peter and Don the two must react mutual consent Mutual consent can generally be formed through the form of an (A) offer and (B) acceptance. An additional requirement for both parties to show (C) consideration is also
In the Bickham v Washington Bank & Trust Company case it is fact that a contract did exists. The legal question however, would be; is there a breach of this contract. A breach of contract is when one of the parties involved in the contract fail to honor their end of the arrangement or interfere in some way with the other party’s attempt at completing their part. The contract could be either bilateral or unilateral. In order to determine this, the offeree’s acceptance terms must be analyzed. “A bilateral contract is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act. Each party to a bilateral contract is an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise. A bilateral contract specifies a duty to act in exchange for another party's duty to act.” (Staff, 2017). A unilateral contract is when only one party makes a promise to pay the other party. The other party’s acceptance is by performance. Distinguishing between the two is important because only one party is legally bound in a unilateral contract.
When majority of the people think about the contracts, bilateral agreements come to their mind. As in its most basic form, as bilateral contract is an agreement at least between two people or more groups. Most personal and business contracts would fall into this category. Whereas the simplest way to understand unilateral business contract is by analyzing the word 'unilateral.' In its general terms, as unilateral contracts will involve an action undertaken by either one person or by any group alone. However in contract law, unilateral contracts will allow only one person to make an agreement or promise.
Those who knew Bob Lyons thought extremely well of him. He was a highly successful executive who held an important position in a large company. As his superiors saw him, he was aggressive, with a knack for getting things done through other people. He worked hard and set a vigorous pace. He drove himself relentlessly. In less than ten years with his company, he had moved through several positions of responsibility.
After having a very successful performance and getting second place on the first Littlefield simulation game we knew what we needed to do to win the second simulation game. We were very eager to outperform our competition and we almost did so, but ended up in second place again with a cash balance of $2,660,393.
Ambiguous terms: more than one meaning will be void if term has no meaning