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Johnny needs to buy a lawn mower. His lawn is relatively modest, so he began looking for an affordable model. His friend, Mark, also needed a lawn mower. His yard was much larger, so he went to Johnny and said “Johnny, we both need a lawn mower.
Why don’t we go shopping and get the lawn mower together.” Johnny and Mark found a suitable lawn mower for $10,000. Johnny actually talked to the salesmen. And the salesmen agreed to extend Johnny a loan to purchase the lawn mower if Mark would orally contract to stand as a surety for Johnny if the payments were not made on time.
For two months, Mark uses the lawn mower more than anyone. But then Johnny fails to make payments and the salesman sues Mark under the oral contract. What will be the likely disposition of the case?
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Verbal Agreement Under Law
Many people are not aware that verbal agreements are in many cases as legally binding as written contracts. Verbal contracts can be upheld by a court if someone decides to breach the agreement, although without written terms and conditions it may be difficult to prove.
Conditions of a Verbal Agreement
Under law there are two basic terms that constitute a binding agreement. The verbal agreement will be binding if there was an agreement on the services to be performed and an agreement was reached on remuneration for this service. This agreement can be reached by a verbal exchange in person, via telephone or via an email.
There are certain contracts and agreements that must be made in writing and these will include the sale of property, tenancy agreements, copyright transfer, and contracts for consumer credit. In some cases, verbal agreements will not be upheld in court, not because of th...
Instances of the US Financial Crisis
It is beyond the level of human doubt that the whole world lives on the finance oriented and that the globe lies on the financial rock. Finance is an impression that cannot be separated and the world economy cannot work even a minute in the shaking of the financial sources (Cale and Roll, 2015). The rhythm of the American economy is on the walls of financial management and no any guess of the world political stability without finances.
The 2008 US Financial Crisis was reported as a worldwide financial constraint that begun in the US housing market spreading across the world destroying the economy of various world nations including the US. From the sources, the condition knocked the limit in 2008 with the number of prominent US-based financial institutions collapsing (Erkens, Hung, & Matos, 2012). US suffered a severe financial dislocation and led to the collaps...
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