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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.

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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.

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A very weak three stars.

Marked by teacher Edward Smith 18/07/2013

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