Lopez V. Union Pacific Railroad Case Summary

Lopez V. Union Pacific Railroad Case Summary
On November 2, 1993 Duncan Connor, a self–described transient, entered the Union Pacific
Railyard in Salt Lake City, Utah, looking for a place to read and relax. Once there, he positioned
himself in an area where railroad employees would not see him. Fifteen minutes after his arrival,
Mr. Connor was run over by a rail car. He sustained a catastrophic injury in which both of his arms
were amputated. Connor sued Union Pacific for negligence in August 1995. Issue According to Utah
law, can a property owner be held liable for injuries sustained by trespassers while on their
property? Rule Restatement (Second) of Torts § 334 Lopez v. Union Pacific Railroad, 932 P.2d 601
(Utah 1997) Analysis The district court granted Union Pacific's
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Dollar General
Dollar General Case 1. Consider the $13.4 million of freight costs. What is the correct (GAAP)
method of accounting for these? How did Dollar General in fact originally account for these costs?
(Include in your answer a table of the effects on income in any years affected, both before and after
tax, of the correct accounting and the accounting they originally used. The correct GAAP method to
account for freight costs is as an expense of Cost of Goods Sold (COGS) that occur at the time
services are performed and completed. This is a cost of conducting on–going operations (in–bound
supplies, distribution and re–distribution). The freight costs should be expensed as occurred which
will be at the time invoice is received and ... Show more content on Helpwriting.net ...
I believe that this item was a "secondary effect" of the restatement. Had the management not tried to
defer expenses into 2002 to make 2001 EPS meet analysts expectations and their own predictions
and gotten caught, then there would have been no litigation. The litigation was the "direct effect" of
the restatement and the pre–tax charge was a result of the litigation and thus a "secondary effect". 3.
Firm 's executives: The SEC alleged that Sanderson told one of his accounting managers to expense
$4 million in the next fiscal year on a monthly basis. Of the remaining $9.4 million, Sanderson
allegedly told his accountant to move $1.3 million to the company 's Miscellaneous Accrued
Liabilities, or "rainy day," account and $2.7 million to corporate bank clearing accounts. Turner
settled for a $1 disgorgement charge and a $1 million civil penalty. Carpenter settled for a total of
$143,455 comprising $33,000 disgorgement, $10,455 prejudgment interest, and a civil penalty of
$100,000. Sanderson settled for a total of $270,595 comprised of $150,000 disgorgement, $45,595
prejudgment interest, and a civil penalty of $75,000. Burr finally settled on April 12, 2006, for over
$1.2 million in penalties. All officers lost their jobs. Since Turner, Carpenter, and Sanderson all
settled immediately, without admitting or denying the

“[A]T Common Law, There Is No Contribution Among Joint
"[A]t common law, there is no contribution among joint tort feasors, but that right is now given by
statute." Norfolk & P.B.L.R. Co. v. Parker, 152 Va. 484, 505 (1929). Currently, under Va. Code Ann.
§ 8.01–34, "[c]ontribution among wrongdoers may be enforced when the wrong results from
negligence and involves no moral turpitude." (emphases added). "The aforementioned code section
gives a right of contribution only where the party damaged has a right of action against two or more
parties for the same indivisible damage. In short, if the damaged party has a cause of action against
only one of the parties responsible for the damage, that one cannot enforce contribution from the
other." Am. Tobacco Co. v. Transport Corp., 277 F. Supp. 457, ... Show more content on
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Exchange v. Truck Ins. Exchange, 310 F.2d 653, 658 (1962). In Carriers Ins. Exchange, the 4th
Circuit Court of Appeals held that contribution is unavailable to parties who intentionally violated a
statute and safety regulations where a defendant was transporting petroleum without a required
permit. Id. In that case, the Fourth Circuit relied on the Restatement of Restitution for the
proposition that
It is generally held that a person who has violated the law should not be permitted to invoke it to
obtain restitution in reference to the same transaction, especially when the law in question has been
set up for the protection of the public and the denial of restitution will tend to prevent further
misconduct. On the other hand contribution is generally allowed when the claimant 's conduct
amounted to mere negligence or mistake without intentional violation of the law.
Id. at 658 (quoting Restatement of Restitution, §§ 86, 88). Comment c. to § 88 of the Restatement
provides:
Public policy prevents restitution in favor of a person who, whether or not by agreement with or at
the request of another, has committed a seriously wrongful act. It is a matter for judicial discretion
to determine whether an act is so seriously wrongful as to bar restitution under the particular
circumstances. Normally consciously criminal conduct

The Public Company Accounting Oversight Board
The Sarbanes–Oxley Act created the Public Company Accounting Oversight Board (PCAOB) to
assume the responsibility of overseeing the auditors of public companies. The PCAOB is a private–
sector, non–profit corporation. It was established to "protect the interests of investors and further the
public interests in the preparation of informative, fair, and independent audit reports". (The
PCAOB) Although the PCAOB is a private sector organization, it has many government–like
regulatory functions. The PCAOB was created in response to an increasing number of accounting
restatements by public companies during the 1990s and a series of recent high–profile scandals like
Enron and WorldCom. Prior to the PCAOB, the audit industry was self–regulated ... Show more
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Many firms are upset by this rule because of its limitations. However, I believe that this new rule is
a good idea. Previous engagements between firms and clients have been given a large notice of
when the rule will be in effect. They are given plenty of time to finish their engagements. This new
rule may allow small firms more possibilities to increase their clientele. We may be moving away
from having a small number of large firms doing all the services to having many firms providing the
services. Also, Rule 3523 will ensure independence.
Another issue that has arisen since the establishment of the PCAOB is the increased compliance
costs. In 2007, the PCAOB has been awarded a budget of 136,429,000 dollars by the SEC. Of that
amount, 79,514,000 dollars will be used to pay for salaries. (The PCAOB) The PCAOB's budget is
paid by public companies through fees and audit firms through fines. These fines can reach 100,000
dollars for individual auditors and up to 2 million dollars for audit firms. Many firms have increased
their audit fees due to the increase in costs, partly due to the PCAOB. The PCAOB continues to
grow each year. Their powers and responsibilities continue to grow, which in turn will lead to a
larger budget. The SEC should take into consideration these additional fees for businesses and
auditing firms when they determine the salaries of employees. The average salary for each employee
is over 150,000 dollars, which is a substantial

Contract Law Restricts Third Party Users Of Suing A...
Ultramares Privity of contract law restricts third party users of suing a professional. This law,
however, has narrow scope and therefore new methods have emerged in order to protect third–party
users. The first test is called the Ultramares test. Under this test, the third party must be a
foreseeable user of the information provided by the accountant. First the CPA must know the name
of the party using the information, the purpose, the extent of use, and the client intents to deliver this
information primarily to the third party. In this case the CPA was not aware of the name of any third
party user, but knew the end users would be investors, he knew that it would be used for an IPO
since he audited the financials used in the registration statement. As a result, a judge would must
likely find the CPA liable, however since he did not know the names of the third party, that can
serve as a defense. For the second part of the engagement, investors who lost money in anticipation
of the merger are not a proper plaintiff under Ultramares. The CPA did not know the name of the
third party, or if the clients would provide hat information primarily to investors. Prosser Bank is
also not a proper plaintiff under Ultramares due to the CPA being unaware of the name, extent of
use, or if the bank was the primary user. Furthermore, the CPA firm conducts business in Florida,
where the Ultramares law is not used by state. Instead Florida adopted the Restatement 3rd Sec.
552, which is

The Privilege For False Privilege
1. Does the absolute privilege for statements made in judicial proceedings protect defamatory
statements made in letters to a judge submitted into evidence at a criminal trial?
2. Does the qualified privilege to publish to someone who shares a common interest or in defense of
the interest of others apply when a party in a criminal matter solicited individuals to submit letters to
a judge attesting to the party's character?
II. Brief Answers
1. Likely yes. Because the statements were related to judicial proceedings, and there was an
opportunity to challenge the veracity of the statements, any defamatory statements contained therein
are likely protected by the absolute privilege for statements made in judicial proceedings.
2. Perhaps. It ... Show more content on Helpwriting.net ...
Peck, 43 Md. App. 168, 173 (1979).
This doctrine has a fascinating history beginning on June 13, 1888, when the Court of Appeals
decided three cases involving this privilege on the same day. One case involved statements made by
an attorney in the course of judicial proceedings, Maulsby v. Reifsnider, 69 Md. 143 (1888), another
involved statements by a witness providing testimony, Hunckel v. Voneiff, 69 Md. 179 (1888), and
the final involved statements made by party–litigants in a case, Bartlett v. Christhilf, 69 Md. 219
(1888). The theme that emerged from these three cases is that when a witness is providing testimony
to the court, that witness should be answerable only to the court, and not to third parties, for untrue
statements by means of the power find someone guilty of perjury. Under these three cases, then, it
would appear that the privilege would only apply to statements made under the penalty of perjury.
As such–under this 1888 rule–the doctrine would not likely apply because the letters submitted to
the court would not likely be punishable by perjury.
In Kennedy v. Cannon, 229 Md. 92, 96 (1962), however, the Court of Appeals extended the 1888
rule to apply to a witness in any "pleadings, affidavits, depositions, and

George V. Jordan Marsh Co. Brief
1. George v. Jordan Marsh Co., 359 Mass. 244 (Mass. 1971) 2. Facts: Plaintiff Irene George (P) is
filing suit against Defendant Jordan Marsh Co. (D) for mental anguish and emotional distress which
resulted in two heart attacks. D sold goods on credit to P's emancipated son, who purchased them on
P's account. D alleged that P stated in writing that she would pay the debts (which she did not incur),
even though it is understood that P did not make this guarantee. D then attempted to intimidate P
into paying these debts she did not owe by calling her at late hours, by mailing her bills, by sending
her letters stating late charges were being added on and that her credit had been revoked, and by
numerous other tactics. P suffered great ... Show more content on Helpwriting.net ...
common law which would satisfy these actions as described. Court states that no such common law
exists mainly because an issue such as this has not been dealt with by the court, it does not
inherently mean there is no tort present. The court also looks at Restatement 2d § 46 which states
"One who by extreme and outrageous conduct intentionally or recklessly causes severe emotional
distress to another is subject to liability for such emotional distress, and if bodily harm to the other
results from it, for such bodily harm." Restatements 2d would consider the repeated attempt at
unnecessary debt recovery the "extreme and outrageous conduct." 6. Holding: As stated in the case:
"one who, without a privilege to do so, by extreme and outrageous conduct intentionally causes
severe emotional distress to another, with bodily harm resulting from such distress, is subject to
liability for such emotional distress and bodily harm even though he has committed no heretofore
recognized common law tort." 7. Court's Order: As a result of this holding the court has established
sufficient law entitles P to have her case heard before trial court. 8. Reason: We can understand the
policy rational of the Court in making this decision. Being that there was no explicit law on the
books, the Court felt that the best interest of society would call for an establishment of such a rule to
allow the case to be heard. As such it is possible for a reasonable person

Tort Negligence Case Study
No, because there are excessively many acts of interfering negligence on the part of the landlord.
According to Tort law, it applies when one party neglect to act sensibly and hurt happens, despite
the fact that the person did not plan to cause hurt; the gathering is at risk for any wounds or harms
endured by another gathering because of the absurd direct (Melvin,2015). However, this class of tort
is called negligence. The essential contrast between purposeful torts and carelessness is the outlook
of the tortfeasor. At the point when a tortfeasor makes hurt a harmed party by making an absurd
danger of mischief, the law gives the harmed party a cure paying little respect to the tortfeasor's
purpose. The Restatements likewise perceive certain protections that might be stated in a negligence
case. Factors of negligence the law requires that particular components be demonstrated with a
specific end goal to recuperate in a claim against a tortfeasor for carelessness. The harmed party
must demonstrate five major components by noting certain inquiries regarding the lead being
referred to; Duty to find if tortfeasor owes an obligation of care to the harmed party? Breach of
obligation: Did the tortfeasor neglect to practice sensible care? Cause actually: Except for the
rupture of obligation by the tortfeasor, would the harmed party have endured harms? ... Show more
It is important to understand that in a situation where a tenant is in possession of leased space, the
tenant has the same special duties and level of liability that is imposed on landowners. Once a
landlord/owner has given possession of the property to the tenant, the landlord is generally not held
liable except for certain common areas (e.g., common stairwells, restrooms, or lobby). Furthermore,
this just so happen to show that the common stairwells were under this liability claim filed by the

Hillary Clinton Vs Odyssey
Speeches have been an effective way for someone to share their thoughts and opinions about topics
for years. Have they continued to be successful due to changes in the way that they are given, or is it
because modern–day orators have continued to use some of the same speech techniques? To
determine the answer, a comparison of an old political speech to a contemporary political speech
would be required. In both speeches, Speech in the Virginia Convention and We are not Afraid, both
Patrick Henry and Hillary Clinton use allusion, restatement, and parallelism to effectively state their
views. In their speeches, both Patrick Henry and Hillary Clinton use allusion. Henry alludes to The
Odyssey in the line, "We are apt to shut our eyes against a ... Show more content on Helpwriting.net
...
One example of Henry doing so is found when he is talking about the strength of his country. He
says, "They tell us that we are weak. But when shall we be stronger" (Henry 102)? He is restating
the point that the time for a revolution in America is now. He wants his audience to know how much
hope, determination, and confidence he has in the future America because he believes that they are
strong enough to win the revolution. Unlike Henry, Clinton does not use as much restatement in her
speech. Nonetheless, an example can be found in her speech when she says, "I'm not here to repeal
the 2nd Amendment. I'm not here to take away your guns" (Clinton). She is reiterating her belief of
making strict regulations on gun control to ensure the safety of Americans. She wants it to be known
that her motive is not to unarm Americans, which would infringe on the second constitutional
amendment. Although both Henry and Clinton use restatement, Henry does a more effective job of
emotionally moving his audience. He is putting faith into them, hoping that they will become
motivated. On the contrary, Clinton is less effective in her form of restatement; she does not use
restatement to motivate her audience like

An Alternative Basis For Enforcing Promises
Contract is generally defined as a "promise or set of promises for the breach of which the law gives
a remedy, or the performance of which the law in some ways recognizes as a duty" (Restatement
(Second) of the Law of Contracts § 1). Hence, when a person sues someone for breach of contract, it
only means that the defendant fails to fulfill his promise to the plaintiff (Maggs, p. 1). If this
happens, there are two options that the court may ask to the defendant – pay the plaintiff or perform
the promise. A promise is enforceable by the law if it comprised the two bases to be considered
legally recognized – reliance and consideration. Reliance is deemed as "an alternative basis for
enforcing promises" (Maggs, p. 13). On the other hand, consideration is defined "for a promise as
something – a performance or another promise – given in exchange for the promise as a part of a
bargain" (Maggs, p. 13). There are basically four requirements that characterize a consideration:
there should be a return promise or performance bargained; the return promise or performance is
agreed due to the promisor's request in exchange for the promisee's request; performance may be in
the form of forbearance, act, or destruction, modification, creation of legal relation; and the return
promise or performance may be granted to another person or to the same promisor and may be
granted by another person or the same promisee. Given these characteristics, consideration is often
referred as "the bargain

The Contract Agreement Is Enforceable And Binds The Parties
Having concluded that the July 7, 2009 settlement agreement is enforceable and binds the parties,
we must then interpret the terms of that agreement. "Settlement agreements are enforceable as
independent contracts, subject to the same general rules of construction that apply to other
contracts." Maslow v. Vanguri, 168 Md. App. 298, 316 (2006). We begin by observing that the
interpretation of a contract is a question of law subject to de novo review. Spacesaver Sys., Inc. v.
Adam, 440 Md. 1, 7 (2014). Moreover, in Maryland, we employ the objective theory of contracts,
under which: "[A court is to] determine from the language of the agreement itself what a reasonable
person in the position of the parties would have meant at the time it ... Show more content on
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The agreement in this case was an accord aimed to resolve a dispute that arose resulting from Kaye's
representation of Wilson–Gaskins in her dispute against GEICO. Wilson–Gaskins was
contemplating pursuing a professional negligence claim against Kaye. In consideration for "a
reduction in what Kaye would otherwise have been entitled to under [the parties'] retainer
agreement," Wilson–Gaskins agreed to: [R]elease and forever discharge Kaye . . . of and from any
and all action, claims and demands including claims or actions for contribution or indemnity of
whatever nature now existing or which may hereafter arise out of the legal representation of
Wilson[–Gaskins] in regard to Lawsuit including any consequences thereof now existing or which
may develop, whether or not such consequences are known or anticipated. In Wilson–Gaskins's
prior appeal we held that this agreement operates as a release that discharged any amount to which
Kaye may have been liable to Wilson–Gaskins. The question in this case, however, is whether the
language in this agreement expresses an affirmative promise by Wilson–Gaskins not to sue on
claims within its scope. Kaye contends that the release given by Wilson–Gaskins contains

Thomas Davitt On Contractual Obligation
The basis on contractual obligation is a promise, a promise from both parties to perform a duty, or
duties in reliance on that promise. This paper will take the stance that Thomas Davitt takes, stating
that though mutual assent and consideration are important to a contract, those factors are not the
essence of a contract. There is a moral obligation to fulfill a contract, one that is much more than
simply words written on paper. The second restatement of contracts defines a contract as: "a promise
or a set of promises for the breach of which the law gives a remedy, or the performance of which the
law in some way recognizes as a duty." Restatement (Second) of Contracts § 1 (1979). The
restatement goes on to define what a promise is. "A ... Show more content on Helpwriting.net ...
Davitt discusses the difference between "consent" and "assent". Davitt states that the former implies
a positive action and involves submission, while the later involves more passivity or submission,
which does not include consent. Id. at 273. Davitt would rather state that knowledge and consent are
more appropriate, because these two factors can be applied to both natural and legal promissory
agreements. Id. at 274. In Davitt's view, consideration is not the basis for contractual obligation.
Davitt uses consideration to discuss ways in which to distinguish between legally enforceable
promises are those that are not. According to Davitt, a consideration is the price bargained and paid
for a promise. Id. at 277. Consideration, as defined in the restatement, is similar, stating that in order
"[t]o constitute consideration, a performance or a return promise must be bargained for."
Restatement (Second) of Contracts § 71. Though Davitt uses a similar definition to that of the
restatement, he believes that consideration is not even essential for a contact. Davitt states that
bargaining, or a quid pro quo, too often fosters injustice and frustration of honest claims. The
Elements of Law, at 279. Davitt also states that men have been making agreements for a long time
that do not involve a quid pro quo, or anything else like the later, yet there is still a trust between the
two parties. Id. at 282. Davitt argues that

Indian and International Accounting Standards
Indian and International Accounting Standards & Practices
Introduction:
Accounting Standards are used as one of the main compulsory regulatory mechanisms for
preparation of general–purpose financial reports and subsequent audit of the same, in almost all
countries of the world. Accounting standards are concerned with the system of measurement and
disclosure rules for preparation and presentation of financials statements. They appear with a set of
authoritative statements of how particular types of transactions, events and other costs should be
recognized and reported in the financial statements. Accounting standards are devised to furnish
useful information to different users of the financial statements, to such as shareholders, ... Show
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Do we need to harmonize the accounting standards of different bodies?
Different companies observe it from published annual accounts of various Indian companies that
there are divergent accounting practices for the same transaction. This in effect is defeating the
comparability of financial statements.
The reasons for the different accounting practices may be:
a) Too many alternative accounting treatments in the accounting standards;
b) Lack of harmony among government, standards setting body, and regulatory agencies;
* Adoption of different accounting standards causes difficulties in making relative evaluation of
performance of companies. This phenomenon hinders the valuation and consequently the decision
making process.
* To overcome these problems, harmonization of accounting standards has already been started.
Accounting harmonization is not an end by itself, but it is a means to an end. The ultimate objective
of harmonizing accounting practices among countries is to foster international comparability of
accounts.
* But still the harmonization process has a long way to go. Many standard setting bodies and
regulators of different nations are ardent protectors of their local standards; they are in no mood to
allow their job being taken over by a foreign entity.
* Thus winning the consent of these bodies is vital for international accounting standards to don the
mantle of

Work As A Physical Therapist
Dillworth's work as a physical therapist puts her in a parallel position to a practitioner, as seen in
First Marblehead Corp. v. House, 541 F.3d 36 (1st Cir. 2008). The expert's testimony in First
Marblehead was relevant because the expert witness's professional background as a certified public
accountant, with degrees in economics and financial advisement, would assist the trier of fact with
understanding the financial complexities in the case from a practitioner's position. Id. at 36, 42.
Dillworth's position as a practitioner would permit her to testify about areas that fall under the
umbrella of her practice. Her testimony would provide the trier of fact with an understanding of the
issues and factors she analyzed. These issues ... Show more content on Helpwriting.net ...
Alice Dillworth's professional testimony is reliable based on a continued commitment to update her
opinions and knowledge as new and accurate science and discovery comes out in the area of
prosthetics and physical therapy. Her experience with ice hockey injuries and prior testimony given
in product misuse cases make her opinion instrumental in ensuring that the trier of fact have the best
understanding of both the issues of adequacy and open and obvious risk, and Dillworth's
scientifically sound opinions. II. LIFE RENEWAL INC. DID NOT BREACH ITS DUTY TO
PROVIDE AN ADEQUATE WARNING Life Renewal Inc. did not cause the injuries that Christov
sustained. These injuries stem from an unfortunate accident and poor judgment. Christov had a less–
skilled skater fall on him, which put excessive strain on the Phoenix I that he was already
improperly using by wearing it for ice hockey. Life Renewal Inc. did not fail to give Christov proper
instruction about the use and risks associated with the Phoenix I prosthetic, nor did Christov choose
to use the Phoenix I per the proper instruction. Liability for a warning defect falls to sellers if they
have failed to provide adequate instructions

Summary : ' Torts '
Torts I Fall 2015 Midterm This set of questions and answers was created by [6046]. 1.) Kaycee is
the starting quarterback for the University of Montana Law Schools' Blewits. He's had a tremendous
senior season and is the front runner for the most prestigious reward in college football, the
Heisman. During a game against Oregon, the following set of facts occurred. It was in the midst of
the fourth quarter and Kaycee had just thrown an 81–yard touchdown pass to Dillon, giving the
Blewits a three–point lead. As Kaycee was doing his famous touchdown dance, an extremely upset
John ran onto the field from the stands and blindside tackled Kaycee directly in the knees. Kaycee
never saw John coming, and as a result of John's vicious hit, Kaycee suffered torn ACLs in both
knees. After visiting the doctor, Kaycee has learned that he will never be able to play football again.
Kaycee is extremely upset about the incident, and more specifically the millions of dollars he will
not make through being an NFL player. In seek of retribution Kaycee has sued John for the
intentional tort of battery. What will be the result of Kaycee's lawsuit against John? (A) Kaycee will
be awarded appropriate damages on the behalf that John had a duty to abide by the rules of the game
and he breached this duty through viciously tackling Kaycee in a time in which the rules clearly
prohibit. (B) Kaycee will not be able to recover damages because football is a very physical sport
and Kaycee

Economics
Accounting Changes
Crystal Williamson
Professor Gurey
Acc499
April 24, 2012
1. Discuss the primary reason for the restatement and the impact to the financial results for the
company you selected.
Apple Inc. is an American multinational corporation that designs and sells consumer electronics,
computer software, and personal computers. The company is best–known for its Macintosh line of
computers, the iPod, the iPhone and the iPad.
As of July 2011[update], Apple has 357 retail stores in ten countries. It is the largest publicly traded
company in the world my market capitalization. as well as the largest technology company in the
world by revenue and profit. Although Fortune Magazine named them the most admired company ...
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Anything in a financial restatement has to be assessed and identified by management. They should
also communicate with investors and stakeholders any restatements that could possibly take place. If
this is not communicated it could result in bad accounting decisions which could, in turn, cause lots
of problems for Apple or any other company where this terrible mistake is made.
3. Discuss what changes you would expect the company leadership to make related to internal
controls, accounting principles, or other initiatives as a result of the need to restate the financial
statements.
As far as the changes that should be made by leadership are concerned, there could be many
different reasons for the restatement. It would depend on whether it is because the accountants didn't
understand the accounting guidelines or if they just simply did not follow them. Whatever the
situation, company leadership would be expected to make the changes accordingly so as to conform
to all rules of accounting.
Sometimes updates in regulatory guidelines or laws may cause a company to revise earlier financial
statements. Depending on the industry, size of the company, and legal requirements, various
regulations must be met. As mentioned before, company leadership is very responsible for checking

that these regulations are met. In doing so, communication between the accountants is the most
important to

The National Collegiate Athletic Association
The National Collegiate Athletic Association's (NCAA) motion to dismiss at the US District Court
for the Western District of Pennsylvania involves Plaintiff Matthew Onyshko's (Plaintiff) claim that
his health issues resulted from the NCAA's negligence to inform, protect, and mediate student–
athletes that are exposed to head related injuries. This memorandum will establish the relationship
that the two parties share and the extent that the duty of care applies to this relationship. By
analyzing NCAA's duties, if any, to the Plaintiff –including the duty to protect, duty to warn, and
how risks not contemplated by the Plaintiff apply to the case– we find the NCAA, while having a
strong case, does not have grounds for dismissal. Finally, we will assess the NCAA's limited
liability due to their defenses including assumption of risk. Relationship & Duty to Warn A duty
arises when two parties deal with one another and are involved in a special relationship. The NCCA,
acting as the governing body for collegiate sports, is a professional organization serving students,
the non–professionals. The Defendant presents that the collegiate handbook passes on the
responsibility to "member institutions" to protect athletes, creating no relationship between the
Plaintiff and Defendant.1 The Plaintiff argues the NCAA Medical Handbook establishes the NCAA
"as the leader in setting safety standards for athletic competitions" while it's mission is " to protect
and enhance the physical and

The Fair Value Model
The provision is enforced by opinion 25 that denotes the need to include various aspects such as net
income and compensation costs. Through the use of the fair value model, the company is able to
have a transparent structure that enhances the commitment of the stakeholders and workers.
Therefore, the principles emphasize the pro–forma values and integration of various market
performances to reflect in the final financial report. Compliance with the regulations gives the
business a wide breadth of ideas that improve financial stability.
Financial benefits and risks
Dilution of ownership
Based on the concept of stock appreciation rights and stock option plans, the following are some of
the benefits that the company is likely to accrue. ... Show more content on Helpwriting.net ...
The option is also appropriate because of the flexibility since it allows adjustment of the prodata
share that might not work in stock options.
Requirements for lease reporting under GAAP and International Financial Reporting Standards
(IFRS).
Lease reporting regulations are contained in the GAAP FAS 13 and IFRS, IAS 17. The primary
differences entail the regulations on the leveraged assets, discount rates awarded to the lessee,
leaseback transactions under capital leases and operating leases as well as the profit or losses
(Ashok, 2014). Therefore, a company should explore the options to come up with a workable and
convenient plan corresponds to the strategic management objectives. Taking into consideration the
prevailing circumstances, the CFO should instigate a comprehensive lease policy that to guide
decisions in lease assets and the effect of such in the company portfolio. The principal aim should
avoid circumstances that can lead to the negative listing.
Therefore, the CFO and the CEO should perform Risk Weighted Receivable and record the
information in the financial reporting. Avoiding similar incidences in future require securitization
and proper accounting based on the transactions of the firm. In addition, the CFO should take note
of the contractual debts of assets such as commercial mortgages, car loans and residential loans
from the originator to minimize

Acceptance In Joseph Heiting And Sons V. Jacks Bean Co
Most time, acceptance would be made in clear and loud matters, such as saying "Yes, I accept." But
silence would constitute acceptance of an offer where the common–law and statutory law allows.
Supreme Court of Nebraska has confirmed in Joseph Heiting and Sons v. Jacks Bean Co that
acceptance may be established by silence or inaction of an offeree and acceptance occurs when the
buyer/offeree "does any act inconsistent with the seller/offeror's ownership..." Neb. U.C.C. section
2–606(1)(c). In Joseph Heiting and Sons v. Jacks Bean Co, 463 N.W.2d 817, 236 Neb. 765
(Neb.,1990), Heiting (Plaintiff) offered to sell its beans at the posted price on September 30, 1987,
but was never informed of acceptance or rejection of the offer. Heiting and Jacks ... Show more
The Second Restatement of Contracts is very clear about the situations where acceptance is made by
silence or exercise of dominion. Section 69 of the Second Restatement of Contracts provides, (1)
Where an offeree fails to reply to an offer, his silence and inaction operate as an acceptance in the
following cases only: (a) Where an offeree takes the benefit of offered services with reasonable
opportunity to reject them and reason to know that they were offered with the expectation of
compensation. (b) Where because of previous dealings or otherwise, it is reasonable that the offeree
should notify the offeror if he does not intend to accept. (2) An offeree who does any act
inconsistent with the offeror's ownership of offered property is bound in accordance with the offered
terms unless they are manifestly unreasonable... Restatement (Second) of Contracts, §69. The core
of the restatement is about the meeting of the mind and reasonableness, i.e. the implied consent or
agreement by both parties. To sum up, this article clearly allows acceptance by silent action in the
contracts of selling

Cardozo Case Summary
A recently graduated accountant accepted a company wanting to go public as its first client. That
company was Cardozo and Co, Inc., incorporated in Massachusetts, but headquartered in Miami,
FL. The IPO was successful, and the public company decided to remain with the accountant. After
the IPO, the accountant provided tax advice on matters, such as sheltering money to the Cayman
Islands, and helped to prepare the financial statements for the proxy statement during a merger to
another company that would significantly increase its worth. The auditor's opinion on the financial
statements prepared had been released to the public, and even used by a Prosser Bank to provide a
loan to Cardozo and Co, Inc. An embezzlement was discovered, and the President ... Show more
v. Touche, the court used the primary benefit test, which became known as Ultramares. Ultramares
requires privity, the accountant has a fiduciary duty only to whom they performed work for or an
entity very close to privity. Ultramares requires four aspects for a nonclient; the accountant must be
aware of the name, purpose, extent, and that the client is aware of the nonclient's use. If Ultramares
was used by Prosser Bank and the shareholders, it would fail on several requirements, but primarily
due to the fact that privity is not present, and the parties existence was unknown to the accountant.
In the case of Tricontinental Industries, Ltd. v. PricewaterhouseCoopers, LLP, Tricontinental relied
on the Anicom, Inc.'s financial statements audited by PWC, but PWC did not note in its opinion the
discrepancies it discovered during the audit, and Tricontinental entered into an Asset Purchase
Agreement. Anicom eventually restated its financials and became bankrupt. Tricontinenal blames
PWC for negligence. The judge ruled in favor of PWC. Even though this case has different facts
than the Cardozo and Co, Inc. situation, under Ultramares, the accountant intended his work to be
used by his client. The Restatement (Second) of Torts, specifically with regard to the foreseen users
and foreseen class of users test expanded the liability of accountants to foreseen users and users
within a foreseen class of users. The requirements still include the accountant's knowledge

The Second Restatement Of Conflicts Of Law
A forum applies its own choice of law approach. So here North Montana will apply the Second
Restatement of Conflicts of Laws as the state follows that approach. Under the Second Restatement,
three main steps need to be considered: 1) whether the conflict is procedural or substantive, 2)
whether a choice of law provision in a contract should be applied, and 3) the application of a choice
of law rule. Here, it appears that the choice of law provision selecting Old York should be applied
because none of the exceptions to the general rule apply.
I. Procedural vs. Substantive Law
The first step under the Second Restatement approach is to determine whether a rule is rule is
procedural or substantive. If a rule is procedural than a forum will apply its own law. Courts
determine whether a law is substantive based on whether a section of the restatement classifies it as
substantive. Section 193 of the Second Restatement governs the validity of insurance contracts.
Here, the question is about the validity of a provision in an insurance contract, thus the Second
Restatement classifies this dispute as substantive, not procedural.
II. Choice of Law Provision
The second step under the Second Restatement is to consider any choice of law provisions within
the contract at issue. Here, the insurance contract has a choice of law provision that states "[t]his
agreement is governed by the law of Old York." Under Section 187 of the Second Restatement,
choice of law provisions are

Choosing A Choice Of Law
OVERVIEW
Choosing a Choice of Law Approach
A forum applies its own choice of law rules, and therefore
Klaxon
The Supreme Court has held that choice of law rules are substantive for the purpose of the Erie
doctrine. Klaxon v. Stentor Manuf. Co. Therefore, federal courts sitting in diversity jurisdiction
must apply the choice of law approach of the forum state.
Domicile
Every person has one and only domicile. A person keeps their domicile until its validly changed. For
example, at birth a person is assigned the domicile of his or her parents.
First Restatement
Under the First Restatement, a person can acquire a domicile of choice if there is a concurrence of
an intent to make that state home, and a physical presence in a dwelling there. These two elements
must be aligned for at least a moment.
Specific Issues
A person does not have to intend to remain the state forever, all that is required is an intent to make
that place home and no intent to leave at a definite time. We look to a person's outward intent to
determine intent, not their subject belief.
Under the First Restatement, a person acquires a new domicile of choice if that person is physically
present even for a moment in a dwelling place with the intent to make it home. (R.1d § 15)
The First Restatement requires a physical presence in a dwelling place with the intent to make it
home.
Interest Analysis
A person can acquire a domicile of choice if there is a concurrence of an intent to make that state
home and a

Kant 's Ethical Theory Of Ethics
According to MacKinnon & Fiala (2015), Kant's ethical theory is a deontological theory. A
deontology theory is based on "duties, obligations, and rights" (p. 111). The focus of this essay is
how Kant uses the 'Categorical Imperative' to explain the nature of ethics.
Immanuel Kant's basic moral principle the Categorical Imperative states, "I should never act except
in such a way that I can also will that my maxim should become a universal law" (Giambusso, 2016,
para. 2). His theory does not focus on the consequences of actions as the consequences have no part
in deontological ethics, but the imperative that a person must do what is morally right without
exception. One can use the Categorical Imperative as a formula to test if an action is morally right
or wrong, and if done correctly the result will be the same for everyone. So, no one has to tell you
what is right or wrong because when you use the formula correctly you can see for yourself what the
correct ethical action is no matter the situation. Kant's example to explain the idea is lying to get out
of a problematic situation. If one can substitute a certain situation for a rule of action (the maxim),
and then can make this rule of action the universal rule, the rule for everyone to follow and the rule
does not lead to a contradiction, then and only then is the action morally right. For example: The
situation: If I lie, I can get out of this problematic situation. The maxim (the rule of action): It is
okay to lie to get

Assignment On Capstone Research Project Essay
Assignment 3: Capstone Research Project Write–Down Inventory The concept of write–down
inventory states that the value of inventory should appear in financial statements only if it has some
value, which is equal to the difference between the current market replacement value and the
original inventory cost. IAS 2 stipulates that loss on write down inventory if small should be
reported as part of the cost of goods sold and if huge, it should be reported on a separate line on the
income statement. It thus follows that exclusion of write–down inventory may lead to investor
overestimation of earnings persistence thereby leading to ethical and financial implications. The
ethical issues include loss of brand value and goodwill, concealment of fraud penalties, and loss of
shareholder and investor confidence while financial implications may include excessive
compensation of the management. It would be advisable for both the CFO and CEO of the company
to consider negative assessment by the IRS since the company used write down inventory to reduce
its taxable income. The amount is inaccurate and is evidently used for tax purposes and was not
included in the income statement as stipulated. The IRS thus would be compelled to contact the
fraud technical advisor and the front line manager to ascertain the length of such an activity and
thereby claim the tax payable in addition to fraud charges. The CFO and CEO should identify any
changes in operations that may have led to slow–moving or

Thomas Jefferson Declaration Of Independence Rhetorical...
People today remember the enlightenment for creating the Saturnalia of new social epiphanies. As
these new and old mindsets collide, tension is certain, but uncertain is whom would give. This is
true in America, where a stout island king occupied and restricted a vast continent. They say the
quill is mightier than the sword, but use determines the impact. Some argue for Henry's ethos or
Paine's pathos, but Jefferson's logos surmount both, with the actual power to cause the war. A need
to appeal to the opposition's leader, and moreover, a need to affirm the colonies' fight is straight and
true marks it so. In Thomas Jefferson's Declaration of Independence, logos mark it most influential
via parallelism, restatement, and repetition. To begin, in Thomas Jefferson's Declaration of
Independence, Logos evolves through parallelism. "We hold these truths to be self–evident, that all
men are created equal, that they are endowed by their Creator with certain unalienable rights." The
last two phrases in this statement reinforce John Locke's ideas of basic human rights as a component
of his notion. These statements repeat the same concept, but wording prevents it from being
monotone. Another example is the section that lists grievances against the king. "He has forbidden
his governors to pass laws of immediate and pressing importance" is one. Or, consider "he has
refused to pass other laws for the accommodation of large districts of people." Both are examples of
parallelism. Both

A Covenant Of The Common Law Rule
Critically, a release takes effect immediately. Id. As a consequence, a release immediately
discharges any obligation within its scope. Id. Accordingly, because a release has the effect of
immediately discharging an obligation, the release is tendered at the time the release is given.
Therefore, a release cannot be breached because complete performance is rendered at the moment
release is effectuated. In some instances––again, generally in the context of joint tortfeasors––the
common law rule that a release had the effect of discharging an obligation rather than an obligor
was perceived to apply too harshly when an obligee gave a release with an obvious intent to only
discharge one but not all obligors. Shriver, supra, 155 Md. at ... Show more content on
Helpwriting.net ...
Contrary to a release, a covenant not to sue did not have the effect of discharging an obligation, but
rather it was a promise made by the obligee to refrain from enforcing the obligation. This distinction
permitted a plaintiff to reach a settlement with one joint tortfeasor without discharging the
obligation with respect to the remaining obligors. This concept is reflected in the Restatement
(Second) of Contracts, which defines a contract not to sue as "a contract under which the obligee of
a duty promises never to sue the obligor or a third person to enforce the duty or not to do so for a
limited time." Restatement (Second) of Contracts § 285. The material distinction between a release
and a covenant not to sue is that a release is an immediate discharge, and performance is complete at
the time the release is effectuated. A covenant not to sue, on the other hand, is a promise for the
maker to undertake some future performance. Stated differently, "[d]ischarge by release . . . has long
been regarded as an executed transaction rather than an executory promise" whereas "a covenant not
to sue . . . was treated as an executory promise." Restatement (Second) of Contracts § 295 cmt. a.
For this reason, a lawsuit on claims

The Inspired Kantian Non Formalism Analysis
Chapter Four
The Inspired Kantian Non–Formalism
The interpretation of Kant as a moral formalist or constructivist precisely, has been dominant in
much of the recent secondary literature on Kant in English–speaking world, for Silber, Rawls and
O'Neill we analyzed. Those interpretations have lately come under sustained philosophical attack by
the defenders of a non–moral formalist or realist interpretation of Kant. We have mentioned at the
outset, the essential division for formalist and non–formalist is in their understanding C1 as a
'formal' accomplishment or not. So far we have seen the formalist holds out for the preeminence of
universalzation in the hierarchy of principles, i.e. the buttressing rules Rawls or O'Neill posed. Now
we are to see how ... Show more content on Helpwriting.net ...
The concept of moral law springs from pure reason or reason that exists separate from empirical
considerations. Since pure reason is able to be relevant to material action, we see a conceptual
bridge is constructed in the form of the maxim, to the degree that it is tested in accordance to
prescriptive law, a determinate rule of action. This determination, it must be stressed, is voluntary
and subjectively constructed, while the basis of the analysis, this intend to act from duty, is based on
an understanding of moral law.
Hence, Dietrichson points out a non–formal approach to explain Kant, it is non–formal because it
raises the humanity–the material for Kant to guide action. Precisely, because the pure reason enables
us to grasp the moral law, we are striking to fulfill the requirement to act 'from' duty as it constitutes
purity of our humanity. Dietrichson did not see the formula of moral law as formal accomplishment
that reason alone could indentify moral law, but it must have non–formal

North Montana Will Apply The Choice Of Law Essay
The main question in this exercise is whether North Montana will apply the choice of law provision
in the contract between Good Hands and the Walmsleys. A forum applies its own choice of law
approach. So here the North Montana Court will apply the Second Restatement of Conflicts of Laws
as the state follows that approach. Under the Second Restatement, three main steps need to be
considered: 1) whether the conflict is procedural or substantive, 2) whether there is a choice of law
provision in the contract, and whether that provision should be applied, and 3) the application of the
choice of law rules from the Second Restatement. Here, it appears that the choice of law provision
selecting Old York should be applied because none of the exceptions to the general rule apply.
I. Procedural vs. Substantive Law
The first step under the Second Restatement approach is to determine whether the forum's rule is
procedural or substantive. If a rule is procedural than a forum will apply its own law. Courts using
the Second Restatement follows the applicable provisions in the restatement. This is similar to the
first restatement besides evidentiary privileges and statute of limitations. One of the main tests is
whether a section of the Second Restatement classifies a question as substantive. Section 193 of the
Second Restatement, which is found in the Contracts rather than the Procedure chapter, governs the
validity of insurance contracts. Here, the question is about the validity

A Critical Analysis Of The Contractual Elements Within The...
The following paper will offer a critical analysis of the contractual elements within the given case
study. Through an application of relevant laws and biblical principles; I will examine the capacity
and authority of individuals to facilitate binding contracts, the responsibilities of merchants in the
practice of good faith and fair dealing, and the issues of fraud within contracts, implied contracts,
promissory estoppel, and biblical dispute resolution. This work will contain three sections. The first,
will investigate strategies for continued business with Mr. Petersen. The second, will explore the
legal ramifications which may precipitate if I cease doing business with Mr. Petersen; including,
damages or remedies which Mr. Petersen may seek and my company's legal defenses against Mr.
Petersen. The third, will examine the effects of the dispute on Mr. Petersen's future interest in
Christianity, while identifying methods of biblical dispute resolution which may resolve and
reconcile my relationship with Mr. Petersen. Section One: Continuing Business Since Mr. Petersen
and I have been engaging in business, through the buying and selling of goods, respectively; he and
I have entered into an implied contract. Kubasek, Brennan, and Browne (2015) define an implied
contract as "a contract [which] is established by the conduct of a party rather then by the party's
written or spoken [agreement]" (Kubasek, Brennan, & Browne, 2015, p. 241). If I am going to
continue doing

A Case Of Statutes Trumping Common Law
This is a case of statutes trumping Common Law. The seller would allege that there was a mistake in
the advertisement and that, as advertisements are not offer, no contract was formed. This is a
mistake, as the facts demonstrate; New Jersey Vehicle Code § 4251 trumps the common law
practices of offers and mistakes. Lonergan v. Scolnick tells us that advertisements are simply
"manifestations of willingness to enter into a bargain," but are not meant to "justify another person
in understanding that his assent to that bargain is invited and will conclude it," as offers do
(Restatement 2nd §24). Therefore, the advertisement is not considered to be an offer to sell the
vehicle at the stated price. Under Common Law, ABC Motors would be able to refuse to sell the car
at the mistaken price of $25,000. However, in New Jersey, advertisements for the sale of
automobiles are governed by a statute, New Jersey Vehicle Code § 4251, stating, "A dealer of
automobiles in this state may not decline or refuse to sell an automobile to any person at an
advertised price while the vehicle remains unsold, unless the advertisement states the advertised
total price is good for only a specified period of time and that time has elapsed." As this statute
would trump the common law practice of advertisements not being offers, ABC Motors'
advertisement is considered an offer that cannot be revoked while the vehicle remains unsold and
the expiration of the offer has not lapsed. After receiving the

The Role Of Uniform Law In The United States
Introduction
Almost seventy years ago Professor Hessel Yntema wrote that a large and diverse country needs a
complex governmental structure that balances national interests and local liberties. The resulting
complexity is accentuated by history. The United States traces its roots to geographically dispersed
communities of migrants from different countries. They brought with them different cultural
baggage. Followed by rapid industrialization, this introduced new problems and worsened old ones.
Industrial accidents, complex corporate structures, labour unions and urbanization have induced
increasingly detailed regulation. Yet, despite this complexity and diversity, Professor Yntema
suggests that there is a fundamental unity of law in the United ... Show more content on
Helpwriting.net ...
Federalisation of law by Constitutional Decisions of the US Supreme Court
Supreme Court decisions instantly bring legal unification. The Court is best at prohibiting
contradictory legislation, but also does well on prescribing positive legislation. Where the Court
does prescribe these specific rules, typically these norms overwhelm any state rules. For example,
on January 21, 1973, first–trimester abortion was legal in some states and illegal in others. On
January 22, 1973, when the Supreme Court decided the case of Roe v Wade, 410 U.S. 113 (1973), it
became legal in all states.
While this approach has the upside of immediate applicability, it also has drawbacks. When
constitutionalizing an issue you largely eliminate legislative solutions. These legislative solutions
can be political compromises. They can change as political temperaments change. They can make
clear rules that are easy to apply, but may not be that easy to justify. Constitutional solutions are, by
the nature of American constitutional decision–making, judge–made solutions, normally no clear
rules. They invite litigation to change them or just to determine what they mean, for there is no other
way to obtain an authoritative interpretation. Other examples of unifying law through the US
Supreme Court are the 'Brady materials' and the 'Miranda

The Contract Law Of The United States
Essay Paper on the Contract Law of the United States Introduction Contract Law of The United
States of America In order to have civilized interactions between people contract law is an invention
that creates good faith and fair dealing. The United States people have a government that has a legal
system that enforces agreements called contracts. An agreement without enforceability leaves the
parties vulnerable to mistakes, dishonesty, changes of mind, illegality. Also, a contract means that
the people can have reliability in their relations. People can have their problems remedied and
damages made up for. Contract enforcement makes a more stable platform for businesses, making
them more likely to do business and helping the economy, ... Show more content on Helpwriting.net
...
What business and people are allowed to do is regulated by contracting. Contract laws are made by
the state or the courts. Our society is controlled by contracting, which keeps order. Contract laws are
enforced by the courts. Fairness and equity in contracts is the assignment of the courts. Certain basic
contract rights are protected by the law. Unfair and unconscionable advantage by strong groups and
powerful individuals over less influential individuals is regulated by contracting. Aspects of the
Contract Law of the United States The Contract Clause Article I, section 10, clause 1 of the United
States Constitution, states: "No State shall enter into any Treaty, Alliance, or Confederation; grant
Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and
silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law
impairing the Obligation of Contracts, or grant any Title of Nobility." Law that retroactively impairs
contract rights is prohibited by this Contract Clause. State legislation cannot impair contract rights.
Court decisions can still be used to impair contract rights.[2] Contract Clause. (2015, February 11).
The individual State governments and the United States Congress have rights established by Article
1 of the United States Constitution. Any law that impairs the obligation of contracts is not allowed
by Section 10. However, states are not

Case Brief Soldano V. O’daniels Court of Appeals of...
Dustin SOLDANO, Plaintiff and Appellant, v. Howard O'DANIELS, Defendant and Respondent.
141 Cal.App.3d 443, 190 Cal.Rptr. 310 Court of Appeal, Fifth District, California. (March 28, 1983)
OPINION ANDREEN, Associate Justice. Does a business establishment incur liability for wrongful
death if it denies use of its telephone to a good samaritan who explains an emergency situation
occurring without and wishes to call the police? This appeal follows a judgment of dismissal of a
complaint for wrongful death upon a motion for summary judgment...[by defendant]. "This action
arises out of a shooting death occurring on August 9, 1977. Plaintiff's father [Darrell Soldano] was
as shot and killed by one Rudolph Villanueva on that date at defendant's ... Show more content on
Helpwriting.net ...
For instance, California courts have found special relationships in Ellis v. D'Angelo (1953) 116
Cal.App.2d 310, 253 P.2d 675 (upholding a cause of action against parents who failed to warn a
babysitter of the violent proclivities of their child), Johnson v. State of California (1968) 69 Cal.2d
782, 73 Cal.Rptr. 240, 447 P.2d 352 (upholding suit against the state for failure to warn foster
parents of the dangerous tendencies of their ward), Morgan v. County of Yuba (1964) 230
Cal.App.2d 938, 41 Cal.Rptr. 508 (sustaining cause of action against a sheriff who had promised to
warn decedent before releasing a dangerous prisoner, but failed to do so). (Tarasoff, supra, 17 Cal.3d
at p. 436, fn. 9, 131 Cal.Rptr. 14, 551 P.2d 334.) And in Tarasoff, a therapist was told by his patient
that he intended to kill Tatiana Tarasoff. The therapist and his supervisors predicted the patient
presented a serious danger of violence. In fact he did, for he carried out his threat. The court held the
patient–therapist relationship was enough to create a duty to exercise reasonable care to protect
others from the foreseeable result of the patient's illness. Here there was no special relationship
between the defendant and the deceased. It would be stretching the concept beyond recognition to
assert there was a relationship between the defendant and the patron from Happy Jack's

Requested Remedies Case Study
Requested Remedies
I am seeking monetary damages in the form of compensatory damages – due to breach of contract –
for the loss of potential sales, the recovery of advertising investments, and the difference in product
price from my original pay schedule to the present schedule. Due to the defendant's breach of
contract, I have sustained significant losses in potential sales. The defendants unwillingness to
provide the product stipulated in the contract has caused the loss of numerous potential sales and
resulted in a loss of profit. The Convention of Contracts for the International Sale of Goods (CISG)
(1980) section II, Article 74 creates clear rules for the loss of profits within breaches of contract.
The article states "Damages for breach ... Show more content on Helpwriting.net ...
The case of Tractebel Energy Marketing, Inc. (TEMI) v. AEP Power Marketing, Inc. (AEP) (2007),
also sets an important precedents for the U. S. Court of Appeals, Second Circuit's view on lost
profits within breach of contract suits. The Court stated, "[O]nly an award of damages equal to lost
profits will put the non–breaching party in the same position he would have occupied had the
contract been performed...AEP seeks only...the amount it would have profited" (TEMI v. AEP,
2007). On the precedents of this opinion, I am seeking compensatory damages for lost profits due to
the defendant's breach a contract. The second monetary compensation I am seeking is the recovery
of advertising expenses. During the pre–dispute sales interactions, I invested heavily in the
advertising of Muscadine grapes. Since the breach of contract my investment in the promotion of
this product has devalued significantly. By the guidelines of the Restatement (Second) of Contracts,
I have a right to seek remedies in the form of monetary damages for my lost investment in
advertising. The Restatement (Second) of Contracts §373 states, "On a breach by non–performance
that gives rise to a claim for

Johnson Bank V. George Korbakes & Company, Llp
Case 51.2 Accountant's Liability:
Johnson Bank v. George Korbakes & Company, LLP
Keller School of Management Case Questions:
Critical Legal Thinking Which of the following three legal theories did the Court apply in making
its decision in this case?
a. Ultramares doctrine
b. Section 552 of the Restatement (Second) of Tort
c. Foreseeability standard
Before we can determine the doctrine used by the court, I would like to first dismiss the ones that do
not apply.
a. The court could not have used the Ultramares doctrine because GKCO was not in privity
relationship with the bank or any other third parties.
b. The use of Section 552 of the Restatement (Second) of Tort could have been the court's only
resort to make its decision. ... Show more content on Helpwriting.net ...
A loss contingency can be listed under liability when there is a high probability that the company
will lose the lawsuit. On the other hand, when a lawsuit is expected to be won –which is the case of
Brandon's lawsuit– , it should not be listed under assets. Rather, it should be annotated in the
footnotes. According to GAAP, contingencies that might result in gains usually are not reflected in
the accounts because to do so may cause recognition of revenue prior to its realization. (Becker, p.
f6–39)
GKCO should have followed the rule of "conservatism" in this regards and not reflect the lawsuit in
the accounts because to do so might have caused recognition of revenue prior to its realization. This
is with accordance with GAAP. Becker, p. 39.
Was the footnote sufficient disclosure of this information?
Legally speaking, yes. Ethically speaking, no. GKCO did comply with U.S. generally accepted
accounting principles (GAAP) in regards to making adequate disclosures in the footnotes (Arens
48.) However, GKCO should not have relied that anyone not familiar with footnotes disclosures
would have read those footnotes.
Should GKCO have included the licensee's sales in Brandon's sales?
No, this was an obvious mistake committed by GKCO that ended up inflating Brandon's listed sales
by 50%. This mistake made Brandon look bigger than what it actually was but it did not increase his
net income.
Was the footnote sufficient disclosure of this

Mandatory Audit Firm Rotation – a Literature Review Essay
Mandatory Audit Firm Rotation – A Literature Review
Introduction
Since the passing of the Sarbanes–Oxley Act of 2002, much debate has occurred concerning
mandatory auditor rotation for publicly held companies. Most corporate scandal involves dishonest
or questionable accounting. This realization has brought about the priority to take more measures
are taken to assure companies disclose the most reliable financial information. It is believed that a
lack of auditor independence may be to blame for fraud as we have seen in recent years. The
Sarbanes–Oxley Act of 2002 ordered an investigation of whether or not implementation of a
mandatory auditor rotation policy could be beneficial. If this were to take effect it would require that
... Show more content on Helpwriting.net ...
Changing auditors can be very costly for companies. Research has shown that when companies
change auditors, they also often end up filing a restatement shortly after. Possibly this is because it
has a new set of eyes looking at the information. At any rate, these restatements are shortening the
money supply of companies (Daniels, 2009).
Conversely, there are many research based arguments that support mandatory auditor rotation. Some
claim that this is simply because extensive auditor tenure allows room for both auditor and clients to
become lenient with policies. There has also been an ongoing concern that true auditor
independence cannot be achieved because auditors are chosen and paid by the client company's
management (Raiborn, 2006).
Additionally, many times the auditors are dealing directly with those in management while
conducting their audit. This relationship is thought to create a conflict of interest which makes this
type of reform much more complex than a requirement to change audit firms at regular intervals.
Some also believe that increase turnover of auditors could affect the quality of companies' audits.
As stated earlier, there are increased restatements with an increase in auditor turnover. However, it is
believed that if auditor rotation were adopted, over time the number of restatements should decrease
as auditors will become more

What Is An Affirmative Law In The Case Of Martin's Law?
Plaintiffs begin their strained path to relief by citing Section 17–103(a) of the Estates and Trusts
Article ("ET") of the Maryland Code (2010, 2016 suppl.) for the proposition that they are entitled to
petition the court to "construe a power of attorney or review the agent's conduct." Indeed, when
accepting the facts in a light most favorable to the Plaintiffs, the Plaintiffs would likely have
standing to review Martin's conduct as power of attorney under ET § 17–103(a). While ET § 17–103
may grant the Plaintiffs standing to seek review of the power of attorney, that authority does not
afford third parties–such as the Plaintiffs–any entitlement to relief. Simply put, while ET § 17–
103(a), grants Lauren and arguably Phyllis standing to ... Show more content on Helpwriting.net ...
at 204 (quoting Restatement (Second) of Agency § 342, comment b on Subsection (3)); see also
Curtis G. Testerman, CI. v. Buck, 340 Md. 569, 576–77 (1995) ("The rule in Maryland is clear that,
'if an agent fully discloses the identity of his principal to the third party, then, absent an agreement to
the contrary, he is insulated from liability.'") (quoting A.S. Abell Co. v. Skeen, 265 Md. 53, 56,
(1972)); King v. Industrial Bank of Washington, 474 A.2d 151, 155 (D.C. 1984) ("The designation
of the signer as an agent and the naming of the principal are essential to the avoidance of liability on
negotiable and nonnegotiable contracts alike."); Rittenberg v. Donohoe Const. Co., Inc., 426 A.2d
338, 341 (D.C. 1981) ("Where a principal is disclosed, no liability will fall upon the agent for acts
committed by the principal unless he binds himself for same by definite words or stipulation.");
Henderson v. Phillips, 195 A.2d 400, 402 (D.C. 1963) ("When his principal is disclosed . . ., the
agent ordinarily does not incur personal liability. The law is well settled that when an agent acts in
good faith on behalf of a disclosed principal, he is not held responsible in the event of his principal's
default."). To

Contract Between Swimu And The Abbots
Issue 1: Whether the additional terms of paying separately to SWIMU for the materials to build the
pool are a part of the contract between SWIMU and the Abbots. Issue 2: Whether a modification of
the contract between SWIMU and the Abbots, in the form of additional payments to finish building
of the pool, is supported by the consideration. Rule: To determine whether the additional terms
become a part of the contract there must be a definite and seasonable expression of acceptance or a
written confirmation which is sent within a reasonable time to operate as an acceptance even if it
contains terms additional to or different from the offer, unless, the acceptance is expressly made
conditional on assent to the additional terms or different ... Show more content on Helpwriting.net ...
A contract is an exchange of promises or a promise in exchange for performance, for breach of
which the law gives a remedy, per Restatement 2nd of Contracts §1. For the contract to be valid
there has to be mutual assent, parties mutually agree upon the same specific thing. Per Restatement
2nd of Contracts §54, there are two types of contracts: unilateral, where acceptance is by
performance, and bilateral, where there is an exchange of mutual promises and both of the parties
have the rights and duties. There must be consideration for a contract to be enforced by the court.
According to the Restatement 2nd of Contracts §71, to constitute consideration, a performance or a
return promise must be bargained for. Furthermore, for there to be consideration, there must be
either a benefit to the promisor or a detriment to the promisee (see Hamer v. Sidway). According to
Alaska Packers' Ass'n v. Domenico, the pre–existing duty rules states that an agreement to a contract
is not supported by the consideration if one of the parties to the agreement does or promises to do
something that he is legally obligated to do or refrains or promises to refrain from doing something
he is not legally privileged to do. However, Angel v. Murray set an exception to that rule

Lopez V. Union Pacific Railroad Case Summary

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Lopez V. Union Pacific Railroad Case Summary