Garrett tampers with the odometer of a car he is trying to sell. In the buyer that the car has run fewer miles than it actually has, he manually sets the odometer to the numbers of miles he wants displayed. Garrett's behavior amounts to
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- Amar Jain purchased a second hand car in December 2010, which was insured by New India Assurance by the previous owner. Jain did not inform the insurance company about the registration transfer or get the insurance policy transferred to his name. When Jain filed a claim on the car being stolen in March 2011, his claim was rejected on the grounds that the claim was not in his name.1) Explain whether insurance company rightly rejected the claim?2) Can Jain file a complaint if claim is rejected. If yes, where? What will be final decision?Robert sold used cars, but he had little or no knowledge with respect to technical aspects of any of the vehicles that he sold. Ray was seeking to buy a Honda Civic and Robert gave his opinion as to the speed of the car and its durability. Ray subsequently finalized the purchase and took control of the car. Two weeks after the purchase, the Honda Civic broke down and required extensive mechanical repairs. Ray is angry and is of the view that Robert misrepresented the condition of the car when he sold it. Ray is of the opinion that as a used car Salesman, Robert should have known that the car was indeed in poor mechanical condition. Ray knows that you are studying Business law and sought your advice on the matter. please advice Ray.A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay the damages. However, the amount of legal damages is not known with certainity. The accounting year has already been ended and the books are now finalised to ascertain true profit or loss. The accountant of the trader has advised him not to consider the expected loss on account of payment of legal damages because the amount is not certain and the final judgment of the court is not yet out. Do you think the accountant is right in his approach.
- Your insured's automobile is badly damaged in an accident. He/she calls to advise that the insurer wants to write-off the car because the estimated repair cost is greater than its "Red Book" actual cash value. Your insured feels that this is unfair and wants the vehicle to be repaired. What should you tell your insured? Losses are rarely settled according to the "Red Book" value, so you'll negotiate with the insurer for the vehicle to be repaired. Your insured is entitled to obtain an appraisal, for which the costs must be shared equally with the insurer. The insurer must comply with the wishes of your insured so legal action should be taken. You will try to have the insurer waive the deductible to help compensate for the claim being treated as a total loss.A saw a TV advertisement of a body cologne showing women getting attracted to and running after the man who used the said product. Believing what he saw on TV, A bought the cologne, wear it and walked along Session Road. He was disappointed when women gave no attention to him. A. A can complain for damages on ground of fraud because the advertisement is not true. B. A can complain for damages because the advertisement is an exaggeration. C. A cannot complain because the advertisement is in the nature of a "trader's talk" or "dealer's talk”. D. A cannot complain because there is no contract between him and the cologne's manufacturer.Ricardo recently spent a lot of money on the purchase of a new sports car. He thought he would really enjoy it, but soon after the purchase, he began to question whether it was a smart move. Ricardo's doubts are an example of cognitive dissonance. True false
- Please describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why?Please describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why? Case scenario: for someone working but not clocking in How would this fit under this dilemma? Please explain:Cartage Inc. agrees to pick up two truckloads of housewares for Discount Corporation and store the contents to be delivered later. After Cartage unloads the goods at its storage facility, some of them disappear from the loading dock. A court will presume that a. the goods were stolen through no fault of Cartage. b. the warehouse is in a high-crime area. c. Cartage was negligent. d. Discount was negligent
- One problem facing insurers is that there is a risk that a person will act differently if he/she does not bear all of the consequences of his/her actions. For instance, people with auto insurance policies may drive less carefully than they would drive if they were going to have to pay the full amount of any damages they caused/created. This problem is known as: A. Adverse selection B. Consumer deception C. Moral hazard D. Insurance fraudConsider a situation where you are trying to sell your car, but there are several other cars of poor quality that look just like your car. The buyer doesn’t know if the car is a good quality car or a lemon. Briefly discuss whether this is an adverse selection or moral hazard problem? What can you, a seller of a good quality car, do to convince the potential buyer that your car is not a lemon?An accounting intern for a local CPA firm was reviewing the financial statements of a client in the electronics industry. The intern noticed that the client used the FIFO method of determining ending inventory and cost of goods sold. When she asked a colleague why the firm used FIFO instead of LIFO, she was told that the client used FIFO to minimize its income tax liability. This response puzzled the intern because she thought that LIFO would minimize income tax liability. Required: What would you tell the intern to resolve the confusion?
