• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Billy Joel Business Ethics and Law Case Study. In the above case scenario, the oral contract that was made between the seller and the buyer are not binding in the court of law in accordance to the contract law.

Extracts from this document...

Introduction

Business Ethics & Law Case Study Case Study Billy Joel decided he wanted to learn to play the violin for his next set of concerts. He called a violin salesman in New York and asked if he had any for sale. The salesman stated he had a Stradivarius and a Guarnerius (two famous brands of violins) and offered to sell them to Billy for $80,000 and $24,000, respectively. Billy agreed, over the phone, to purchase the violins from the salesman and told him he would be in town the next week to pick them up. Billy didn't show up for two months, and when he entered the store, the salesman wasn't there. His wife, Margaret, was there in the store, however, and she had full knowledge of the deal cut between her husband and Billy. (She'd heard her husband whining, complaining, and wailing about Billy not showing up for the last 2 months - and she was really sick of hearing about it.) Billy asked to see the violins, and Margaret showed him both of them. Billy stated he would agree to pay $65,000 for both of them, and Margaret, knowing that they were counterfeits and only worth $2,000 AND realizing that their house was about to go into foreclosure, agreed to the reduction in price and sold Billy the two violins for $65,000. ...read more.

Middle

As in the case the seller has been be met with the loss of settling for less that the agreed verbal contract holds. The offer that was made by the seller and accepted by the buyer was a partial fulfilment of the contract. The absent of proof that in deed an agreement was made between the two parties will made the court to rule in favour of Billy. This should hence be the basis of argument that Billy can use. The sell of counterfeit commodities to a buyer in high prices is considered to be a crime. The use of this basis by Billy holds a chance of guaranteeing him victory. This will also help in the reclaiming of his image as a performer indicating that it was the counterfeit pianos that lead to the earlier poor performance. It is hence imperative to state that through these bases Bill will have a strong argument in the court against the business persons. Defence to be used by the Business Persons: It is paramount to note that the Bernard and Margaret as the business persons do not hold a strong case against Billy due to the lack proof of the contract that was made in this business transaction. ...read more.

Conclusion

Based on the agreement, the two pianos were to be purchased at the stated price of $104,000. The reasonable period to enforce the purchase was the agreed one week where Billy was to collect the items. This can be used against him by the seller stating that they did not stick to the original oral business contract. The act of the seller misinterpreting the worth of the two pianos was not lawful since it is prohibited by the federal government. The presence of the third party in the business relation (wife) led to the reformation of the contract a new price generated. This led to the promise made to be broken by the buyer in the presence of the third party. Agency: The ostensible authority that is held by the wife of the seller to give the buyer a new business deal with the information she held about the fake nature of the pianos would be termed in order in the court if the two jointly owned the business. The fact that she was not gives the seller an upper hand in stating that the purchase was made on unfair terms without his knowledge. This gives a somewhat strong basis for argument in the quest to attain the $ 39,000 difference in payment that was not made. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Law of Contract section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Here's what a teacher thought of this essay

3 star(s)

A very weak three stars.

Marked by teacher Edward Smith 18/07/2013

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Law of Contract essays

  1. Marked by a teacher

    Using relevant case law explain why the distinction between an invitation to treat and ...

    3 star(s)

    'issued subjects to conditions displayed on the premises' It was held the ticket came out to late since contract was concluded when the motorist drove up to the machine. Also an automatic ticket machine was an offer, rather than an invitation to treat.[2] A unilateral offer is an offer open to the world at large.

  2. Marked by a teacher

    A contract by definition is an agreement between two parties by which both parties ...

    3 star(s)

    potential buyers to come make an offer, which makes whoever is interested in her shortbread the offeror, and in this case Eric who had replied to her advert. Therefore, Viv is the offeree, so acceptance lies upon her. although the case of Eric V Viv Windsor can be easily mistaken

  1. Marked by a teacher

    Contract Law - Offer And Acceptance

    3 star(s)

    or to the world at large (general offer - unilateral offer) * Tender is an offer by conduct even if it contradicting Unsolicated Goods And Service Act 1991 Invitation To Treat (ITT) * ITT is an invites other party to enter into negotiations.

  2. Critically evaluate what in law will amount to an offer

    Facey (1893) whereby An inquiry was made as follows 'will you sell us the bumper hall pen telegraph lowest cash price, reply paid.' The reply was 'lowest price for bumper hall pen �900', the enquirer sued as he thought it was an acceptance when in fact it was an inquiry.

  1. Postal Acceptance Rule

    time, which necessarily involved consideration of the applicability of the postal acceptance rule. Chief Justice Bowen held that in the circumstances of the case and upon true construction of the option agreement, clause 1 of the agreement required actual notice to be given to the defendant on or before 20th December 1972 to effect a valid exercise of the option.

  2. ELEMENTS OF CONTRACT - OFFER AND ACCEPTANCE.

    requested Bob to remind him to buy him a drink, following Currie v Misa that some benefit moving to the promisor. On Wednesday Alan telephone Bob and leave a message this would amount to an acceptance provided if Alan's replied to the offer in an unqualified assent and it is communicated.

  1. Four ways in which a contract may be discharged.

    If the contract gives no specification with regard to the time of payment, it could be divided, or severed, into 12 contracts, each for the delivery of 10 tons of wheat at �1,000. (d) Time. If the time of performance is of the essence then non-performance gives the innocent party the right to terminate.

  2. Contract Law - offer and acceptance.

    clear intention on the part of the person inviting the tenders to sell to the highest tender. In the above case the defendant's invited tenders from the plaintiff and another party to submit tenders for some shares and undertook to accept the highest bid.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work