Business Law Research Paper Example | Topics and Well Written Essays - 750 words - 5

Business Law - Research Paper Example For any business or corporation to expand, agents are required in dealing with the third party on behalf of the employer (Jennings, 2012). Thus an agent is accorded authority to represent the principal when dealing with a third party. An agent may act implicitly or apparently, and thus the principal is bound to be liable to the agent’s actions and conducts when acted within the authorities accorded to him. The principal may also incur liability when the agent intentionally harms a third party (Jennings, 2012). The principal and the agent are liable for any loss or damages caused to the third party if the agent and principal’s identity are partially or fully undisclosed when dealing with the third party. A principal must indemnify the agent for any damages caused to third party if the agent acted within the actual authorities confided to him. The agent though, must indemnify the principal of any payments for any authorities exercised outside the stipulated actual or apparent authorities allowed. Fraud, extortion and other ills though may befall the third party when an agent assumes inherent powers by virtue of agent – third party relations. A popular and good example of this kind of scenario i s the Colorado Supreme Court case of Grease Monkey vs. Montoya (Jennings, 2012). Grease Monkey Holding Corporation is a Utah based corporation and Grease Monkey International Company is a fully owned subsidiary of Grease Monkey Holding Company. Arthur Sensenig was the President, Chief Operations Officer (COO) and Chairman of the Boards of Grease Monkey International, Inc. on a period between 1983 through 1991. He had broad authorities and acted as agent and chief officer of Grease Monkey. Sensenig was mandated with raising capital from banks and other lenders, up to $500,000 without the Boards approval (Davant, 2002). Between 1983 through 1991 Sensenig was able to extort money from Nick and Aver Montoya under the guise that it was an investment to Grease Monkey.

America Today Essay Example | Topics and Well Written Essays - 750 words

America Today - Essay Example Just as before the first round of financial depression, America had just elected a charismatic leader to the White House who promised to fix the problems left by his predecessor. However, he failed to do so and the American people were left to pay the price . I find it quite disturbing that America seems to have a pattern of allowing history to repeat itself. As one will recall from our lessons in this class, America was enjoying one of its longest and largest economic growth spurts before the depression came along. This is a typical scenario that was again played out before the 21st century era of American depression, only this time, both the stock market and banking system collapsed. With more than 15 million Americans out of work, the government chose to pull the country out of the depression era by introducing European style social and economic reforms The New Deal allowed the government to have a more direct hand in the social and economic business of the American people. By adopting a policy of moderate currency inflation the federal government managed to jumpstart the economy and offer relief to some debtors by creating credit facilities that dealt with industry and agriculture. Banks were severely monitored and controlled so that they would not make the mistake of increasing their already existing bad loans. While The New Deal ushered in a new era of social, political, and economic stability for the government, the events happening overseas in Europe and Asia were slowly beginning to rear its ugly head in relation to the existence of America as a pacifist country. The American economy was at its peak when it became directly involved in the European and Asi an wars of World War II. Although the United States of America managed to survive the economic effects of the war through the act of selling bonds, rationing, and other cost saving measures at home, the country was slowly emerging as the de-facto leader in terms of international relations. The defeat of Hitler during the European War by the Allied Forces allowed their scientists to come and work for the Americans who were still dealing with the war in the Asia Pacific at the time. Since the nuclear bombs were actually a Nazi brain child, these scientists who worked on the project simply handed over their research, results, and expertise to their new masters, who in this case, turned out to be the Americans. We helped them fine tune the weapon of mass destruction without really having a real reason to use it in the Asia Pacific war. 3 There is a historical belief that Japan was actually close to surrendering and had already lost the war by the time the U.S. forces had decided to drop the bomb on Hiroshima and Nagasaki. A decision that the government made, according to historical documents, on the fact that by being the first to use a nuclear weapon, the United States will have the upper hand in the nuclear arms race and shall therefore be