Essay on "Resolution the Scenario"
Essay 5 pages (1466 words) Sources: 4
[EXCERPT] . . . .
ResolutionThe scenario for this case study is as follows: Sue and Tom are business partners. They have a partnership in which they purchase and renovate homes and apartment buildings. They have worked together as partners for five years and currently own seven properties. A few months ago they talked about purchasing another property. Sue was in favor of the purchase but Tom was not sure because he believed the asking price was too high. Tom told Sue he would let her know his decision by a specific date. On the date that he was suppose to give his answer he was out-of-town on vacation. Two days later Sue purchased the property in her name. When Tom returned, he told Sue he thought the partnership should buy the property. Sue told Tom she had bought the property in her name alone. Tom asked Sue to put the property in joint name so the partnership could own it. Sue refused.
The analysis begins with the facts; 1) a business partnership existed that was mutual and agreed upon; 2) other transactions involving real estate have been entered into by these same business partners; 3) it should be presumed that the prior transactions were enacted based upon a mutual agreement; 4) that it is the habit of the business partners to purchase only upon agreement properties that will be held in the name of the business partnership; 5) it should also be presumed that the partners have disagreed on purchases in the past, and that the disagreement has led to properties that were not purchased in the name of the business partnership; 6) that the purchase of the property in question was discussed between the partners, and that while one partner, Sue, was advocating purchase of the property, the ot
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The dispute, based on this case study and facts, is that Sue will not agree to convert the purchase of the property that she made independent of Tom and the business into the name of the business after Tom finally decided to contact her to say that he agreed to the purchase in the name of the company.
Presumptions: Tom and Sue have a successful partnership based on mutual agreement. That they have resolved their differences as business partners successfully in the past. That absent the agreement of both partners, there is no purchase of properties in the name of the business. Therefore, it is recommended that before this case goes to a court, that the partners engage in a mediated dispute resolution. This will save the company the problems that might adversely impact its stability and credit rating should the partners engage in a civil suit one against the other. Mediated dispute resolution will help the partners to understand each partner's position without the emotions that come to exist between people who have been business partners where they rely one upon the other in making decisions on a daily basis.
Gene Stephens (1989) says that one of the things that people will learn as concerns the legal system, is that all people have rights or claims that come into conflict with the rights and claims of another at some point in their lives (21). This is the case before us. Tome and Sue have come to that point in their business relationship where it has become necessary to determine if an action independent of the other is to be considered a personal transaction, or a transaction that arises out of the business relationship and partnership. As such, it might be best if an independent arbitrator helps these partners work through this, and in so doing, perhaps save the more important partnership.
Ian L. Stewart (2001) disagrees that arbitration is useful (509). Stewart says:
In the rapidly expanding Internet environment, time is one of the most valuable commodities. The Uniform Domain Name Dispute Resolution Policy constitutes a valuable asset to the Internet community, because it provides quick and economical… READ MORE
Quoted Instructions for "Resolution the Scenario" Assignment:
“Dispute Resolution Essay
Read the following paragraph:
Sue and Tom are business partners. They have a partnership in which they purchase and renovate homes and apartment buildings. They have worked together as partners for five years and currently own seven properties. A few months ago they talked about purchasing another property. Sue was in favor of the purchase but Tom was not sure because he believed the asking price was too high. Tom told Sue he would let her know his decision by a specific date. On the date that he was suppose to give his answer he was out-of-town on vacation. Two days later Sue purchased the property in her name. When Tom returned, he told Sue he thought the partnership should buy the property. Sue told Tom she had bought the property in her name alone. Tom asked Sue to put the property in joint name so the partnership could own it. Sue refused.
Write an Essay of approximately 1500 words and include the following:
Your opinion as to whether Tom should proceed with a lawsuit.
A discussion of whether arbitration might be a better possibility.
A discussion of whether mediation might be effective.
Decide the type of dispute resolution Tom should pursue. Explain why your choice best fits the facts as presented. Also, discuss why you have NOT selected the other two types of dispute resolution.
Reference:
Course Materials
Business Law by Henry R. Cheeseman, 2006. Pearson Education,Inc ISBN-10:0-13-198493-4.ISBN-13:978-0-13-198493-6.
Business Law- Study Guide by Ramona Atkins,2007.Pearson Education, Inc.
How to Reference "Resolution the Scenario" Essay in a Bibliography
“Resolution the Scenario.” A1-TermPaper.com, 2009, https://www.a1-termpaper.com/topics/essay/resolution-scenario/6142. Accessed 29 Jun 2024.
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