JP Morgan Chase

A direct cyberattack in 2014 to JPMorgan Chase caused a compromised of accounts effecting a total of 76 million households and seven million small businesses. We are clearly, in times when consumer confidence in the digital operations of corporate America is on shaky ground. In directly, banking is taking the brunt of the fallout but major stores also have breaches which of course are directly related to their financial data. Store like, Target, Home Depot and a number of other retailers have experienced major data breaches. 40 million cardholders and 70 million others were compromised at Target alone in 2013 and an attack at Home Depot in September, 2013 affected 56 million cardholders.

Banks owe their customers a number of duties so long as the banker-customer relationship is formed . The banker-customer relationship will normally be governed by the law of contract. However,

There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract.

An intentional tort is a person deliberately causing harm or loss to another person. Examples are trespassing, causing a nuisance and defaming are intentional torts.

An intentional tort is one that is intentional or deliberate in nature. Examples of subcategories of intentional torts are assault and battery, false imprisonment, and inflicting intentional mental distress. Assault and battery is often a result of corporal punishment in schools. This means that physical punishment has been used as a means to discipline the children in schools and is still legal in some states, but not Pennsylvania. In assault and battery, assault is the threat and battery is the impact that is made. False imprisonment is the physical containment of another person or intimidation (sometimes verbally) that confines another person. In schools, physical restraint should be reserved for only those times when an individual presents as a threat to others or themselves. Infliction of intentional mental distress occurs when a person causes another mental anguish in a manner that is considered extreme.

Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.

Black’s Law Dictionary defines assault as “the threat or use of force on another that causes that person to have a reasonable apprehension of imminent harmful or offensive contact.” This means that the tortfeasor does not have to make physical contact with the victim. The victim only needs to be placed under a reasonable amount of fear that the physical contact will occur. In fact if physical contact does occur, this tort is no longer considered an assault, it becomes a battery.

a. Contracts executed by the parties normally include provisions that clearly specify the enforceable rights regarding goods or services to be provided and received by the parties, the consideration to be exchanged, and the manner and terms of settlement.

J.P. Morgan once said, “Go as far as you can see; when you get there, you'll be able to see farther.” This quote means reach what you have been looking for and once you get that thing keep going. J.P. Morgan was a successful businessman and banker. Morgan was born April 17,1837 and died in 1893. The famous billionaire John Pierpont Morgan became the richest man in the 1800’s, leading to the growth of many steel companies.

A legal contract arises when there is an offer, acceptance of that offer and also a sufficient consideration to make the contact valid. There are five essential elements that make a contract legal and these includes;

Two other elements that are necessary for the successful conclusion of the contract are reality of consent and legal capacity of the parties to form a contract .

A person causes an injury knowingly when she or he basically wants the injury to occur. Therefore as long as the defendant intended to injure someone, he or she can be charged with assault for injuring any other person- even someone

Remember: Intentional torts is when a person acts with intent of injuring a person his property or both.

Discuss the challenges related to regulating a complex global financial firm and make suggestions for regulatory improvements.

Presented are four separate cases that have been argued and settled in a court of law. Each of these cases represent a different kind of tort, a tort is a civil wrong or wrongful act, which can be either intentional or accidental, from which injury occurs to another (Hill & Hill n.d.). The torts are as listed, intentional, criminal, negligence, and liability as presented in the four researched cases.