Equity And Trusts Assignment

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Added on  2020-02-19

Equity And Trusts Assignment

   Added on 2020-02-19

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Equity and TrustsNameCollege of Affiliation
Equity And Trusts Assignment_1
Name:Box NumberAddress Date: 30th August 201730th August 2017Donna PaulsenAddressRef: You’re Rights against Louis Litt and Harold YOU’RE INSTRUCTIONSThe following is a letter advising on the legal position that you have against Louis Littand Harold, who is the son of Daniel Paulsen. FACTS OF THE CASELouis Litt facilitated a trade where you managed to use $ 750,000 to buy products whosemarket value was $ 250,000. These products were bought from ATS, which is a companythat had links with Louis. In fact, the company paid Louis $ 300,000 for services thatwere not offered. Unfortunately, ATS managed to close down at the end of June 2016. Another case is on Daniel Paulsen. He has the power of attorney over the assets of yourmother. Nonetheless, he sold your mother’s house for $ 500,000, and gave $ 250,000 tohis son Harold, who went on to buy a house and renovate it, which now costs $ 250,000.LEGAL ISSUES IDENTIFIED Basing on the facts that are identified in this case, there are a number of legal issues thatyou need to consider, for you to successfully bring a case in court. The following aresome of the issues that should be under consideration:Whether the transaction ordered by Louis Litt was an act of unconscionabletransaction.Whether Louis Litt can be held liable for the transaction. Whether you can hold Jessica Pearson for the transaction.Whether you can recover the $ 250,000 that your uncle gave to his son Harold,after selling the house belonging to your mother. RULES
Equity And Trusts Assignment_2
In this case, Louis Litt had extensive influence over the financial affairs of DPA, thecompany that is managed and owned by Donna, and ATS, where Louis was also anemployee. One of the laws that can be used for purposes of addressing the abnormalprofits that was made by ATS through the misrepresentation of the prices of software isthe 2010 Competition and Consumer Act. Subsection 20 (1) of the act is very clear onissues touching on the misrepresentation of prices. According to this subsection of theact, the law denotes that no person should engage in any unconscionable actions orbehavior while engaging in commerce or trade. Section 21 (1) of the Consumer act further prohibits the engagement of unconscionabletrade by business organizations that supply products and goods to other organizations.Moreover, a similar case that can be used to examine the liability of Louis Litt and ATSis on Australian Consumer Commission v Lux Distributors Pty. In this case, the courtruled that it is unacceptable for an individual to use their influence for purposes ofconvincing another party to buy a product; thus, the plaintiff can seek remedies if theproduct bought has been misrepresented. Regarding the position she has on her inheritance, one of the laws that can be used forpurposes of determining whether she should claim for a revocation was established in theleading case of Strong v Bird. In this case, the principle established is that, if a testatorhas gifted a person who is the executor of his will, the principles of equity will hold thatgift to be valid. For this rule to hold in a court of law, the testator must have had theintention of ensuring that the gift is irrevocable and immediate. This was the intention ofEdith your mother. ANALYSIS By making you the executor as well as the beneficiary of the will, she had the intentionof ensuring that you access the gifts immediately, and the process to be irrevocable(Posner, 2014). On this note, Harold will have to return back the $ 250,000 given by hisuncle, and this is because the uncle violated his power of attorney by acting on hisinterests and not that of Edith. Note that, the traditional remedies for issues touching on
Equity And Trusts Assignment_3

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