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Homework answers / question archive / Maxwell, in route home recognized the guy in the seat next to him as the youngest billionaire in Arbor Town, Benford Bennard

Maxwell, in route home recognized the guy in the seat next to him as the youngest billionaire in Arbor Town, Benford Bennard

Business

Maxwell, in route home recognized the guy in the seat next to him as the youngest billionaire in Arbor Town, Benford Bennard.  In that very moment he recognized that his stock was dropping from his online source because of the negative statement made by his competitor. He picked up the magazine from the seat back pocket and noticed that he was on the front cover.  It described Maxwell as Arbor Town's newest billionaire and raved about AMOE's future ventures.  It was projected that within the next 24 months Maxwell would double his wealth.  The article spoke about how AMOE's R&D department was on the verge of discovering some leading-edge technology that would increase the safety rating of handling gun powder by 1000%.  The article also specified that the company was now worth $1B. The magazine was printed earlier in the month before AMOE's current financial setback and Maxwell realized that his company had lost 50% in value.  Without informing Ben of AMOE's current financial status. Maxwell realized that Ben was negotiating on AMOE's over-valuation from the magazine article printed over a month ago as they were reading the article simultaneously. Not realizing the AMOE value had dropped Bennard took a leap and said to Maxwell, "I'd buy AMOE today if I had the chance".  Maxwell, recalling the current value of his company, said "I will sell you AMOE for $1B".  Bennard pulled out his checkbook and wrote a check payable to Maxwell for $1B.  Maxwell accepted the check and immediately took out his keys and handed them to Bennard.  He said, "the green one opens the front door and the red one opens my office door, which is now your office.  There was an article in the magazine on the plane that featured Maxwell indicating that his company was now worth $1B. The magazine was printed early in the month. The gentleman on the plane, also a billionaire, said if Maxwell was serious that he would write him a check right then and there.  Maxwell said he was very serious and wrote the check for the full $1B and handed it to Maxwell right then and there. CONTRACT(S) OFFER, ACCEPTANCE, CONSIDERATION & TORT(S) False Misrepresentation & Ethics , 1.1 & 2.1)
Meanwhile, Phillip was at work in the break room when he saw the commercial advertising "Super Xplosives" for half off. Phillip approached Rifle and offered to buy $50,000 worth of "Super Xplosives" on behalf of AMOE.  Phillip was trying to impress his new boss by negotiating a highly profitable deal.  Phillip and all the customers that purchased the "Super Xplosive" soon discovered that the bullets were not as advertised and only as explosive as a firecracker. (CONTRACT - LEAGAL CAPACITY ,CONSUMER - AGENCY 1.1, 5.1 & 6.1)
??Meanwhile, Phillip was at work in the break room when he saw the commercial advertising "Super Xplosives" for half off. Phillip approached Rifle and offered to buy $50,000 worth of "Super Xplosives" on behalf of AMOE.  Phillip was trying to impress his new boss by negotiating a highly profitable deal.  Phillip and all the customers that purchased the "Super Xplosive" soon discovered that the bullets were not as advertised and only as explosive as a firecracker. (CONTRACT - LEAGAL CAPACITY ,CONSUMER - AGENCY 1.1, 5.1 & 6.1)
Maxwell sent word to Riffle that he was planning to sue him for the damage he has caused to his company.  Rifle after careful reflection felt that he may in fact be liable for Maxwell's dropped in stock value decided he needed to make some quick capital.  Rifle ran a local commercial selling "Super Xplosive" bullets which purported to be 10 time more explosive then the average bullet for half off. The Super Xplosives were in fact only as explosive as a firecracker.  His "Super Xplosive" ammunition flew off the shelves.  Rifle sold $100,000.00 worth of ammunition in 1 day. The day after Maxwell discovered Phillips purchase of "Super Xplosives" and tried to terminate the contract with Rifle that was made on AMOE's behalf. CONSUMER( 5.1)
Maxwell challenged the purchase by Phillip as invalid as he stated that Phillip was only a "contract employee" and had no capacity to contract on behalf of AMOE. Phillip accused Maxwell of breach of contract when he did not get the credit card and car as promised. 
Use The IRAC( issue, rule, analysis, conclusion to solve.

 

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