Property Ownership Laws and Policies

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Property Ownership Laws and Policies

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PROPERTY OWNERSHIP LAWS AND POLICIES 2
Part 1:
Should the sophisticated business people be held to their bargains? Why?
Cem and Hakan should be held to their bargains and not get a refund for their
deposits. This is because they had enough time during the bargaining period to evaluate all
the possibilities of things that could happen to their purchases like terror attacks and voice the
same to the contractors. This means that they failed on their part in asking the right questions
during the bargaining period as opposed to assuming that the contractor and management
would take care of their safety while in their penthouses. They had a valid reason but their
approach in response to their security concerns invalidates their demands for the refund of
their down payments. A court ruling that they needed not be held to their bargains would
mean that the contracts in the real state could be changed to suit the needs of the plaintiff
which is what the contract agreements are made to prevent (Find Law, 2004).
Was it ethical for Cem and Hakan to try to back out of their purchase agreements and get
their money back? Why?
Cem and Hakan were unethical in trying to back out of their purchase agreements and
get their money back because they signed binding agreements. By paying the down
payments, they had already committed to hold up their end of the bargain. It is important to
note that if the brothers had backed out of their purchase agreements earlier on, the legal suit
would not be in motion. Therefore, when looking at the ethical implications of their actions,
the defendant was right not to refund the down payments received. The brothers had the
chance of selling the units to other buyers instead of backing out of the deal and hence losing
their money in the process and wasting their time seeking refunds on their own breach of the
contract. The payment they made sealed their act of commitment irreversibly. The only way
for Cem and Hakan to earn their money back would be to sell their units to third party buyers
PROPERTY OWNERSHIP LAWS AND POLICIES 3
including rights to their initial down payments. This would mean that they would not have
lost any money and trust from the real estate community in New York. Ethically, they should
have approached 845 UN for renegotiation on the account of the 9/11 attack instead of
backing out of the deal entirely as they did (Find Law, 2004).
Was it ethical for 845 UN not to pay Cem and Hakan their money back? Why?
Ethically, 845 UN was right not to pay the money back to Cem and Hakan because in
the agreement it was refundable unless 845 UN breached their end of the bargain (Find Law,
2004). By the time Cem and Hakan were presenting their demand for a refund, 845 UN had
not breached any part of the agreement. It was unethical for Cem and Hakan to expect a
refund yet they were the ones who acted in breach of the agreement. This is because during
the negotiation, payment of the down payment and the signing of the agreement, the four
units were not being advertised and would have maybe attracted more serious buyers earning
the investor better profits. The legal suit in this incidence was an attempt by the brothers to
get their money back in whatever way but the terror attack presented them a perfect plan. The
brothers would have earned their money back by following through with the purchase and
selling it off to a third party. This would have ensured that neither side would be tied in a law
suit. 845 UN was ethically right not to refund Cem and Hakam.
Part 2:
When does a negotiation end and a binding contract exist/begin?
The negotiation ends when the terms of a contract have been agreed on by both parties. This
means no duress or any form of forced agreements by any party. When all the terms and
conditions of the contract being drafted are ironed out, then the negotiation ends. The
beginning of the contract begins when all the parties commit to the contract (Niedzwiecki,
PROPERTY OWNERSHIP LAWS AND POLICIES 4
Rzecki, & Centnarowicz, 2013). This is when they show commitment by signing a document
if it is required or make payments if it is a business action.
If there is conflicting language in the buyer’s order and the seller’s confirmation, which
language controls?
In the case of conflicting language in the buyer’s order and the seller’s confirmation, the
buyer’s language rules because the right thing for the seller to have done is to reject the order
by the buyer or offer the buyer alternatives prior to formalizing the contract.
How can Rachel determine when a contract has been performed fully?
Rachel can determine when a contract has been pe…
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