Part 3- Contracts, Chapter 9: Intellectual Property and Unfair Competition, Doc 1 | Indiana University Bloomington - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

372

Pages:

1
Author:

bratrochanter

Analysis of Contract Issues in the GSU Scholarship Scenario 1. Was There a Contract Between GSU and Paul for the Eagle Scholarship? o A contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. In this case, GSU’s catalog and phone confirmation might imply an offer of the scholarship to Paul, contingent on his meeting certain qualifications. Since he chose GSU partially based on this offer, his acceptance could be implied. However, given that the scholarship requirements changed, GSU may argue that the catalog was not a formal contract but merely an offer that could be modified. 2. If So, What Kind of Contract Was It? o If the catalog and representative’s assurances constitute a binding offer, this could be an implied contract based on GSU’s representations. Alternatively, it may also qualify as a unilateral contract since GSU offered the scholarship based on Paul meeting the specified requirements, which he had at the time of admission. 3. What Body of Legal Rules Would Apply to the Contract? o The common law of contracts would likely apply, given that this is not a transaction involving the sale of goods (which would invoke the Uniform Commercial Code, or UCC). If this is an implied or unilateral contract, then common law principles governing offer, acceptance, and consideration would dictate the contract’s validity. 4. If It Wasn’t a Contract, Is There Any Other Basis for a Legal Obligation on the Part of GSU? o Yes. Paul could argue promissory estoppel, which applies when one party reasonably relies on another's promise to their detriment. Here, Paul reasonably relied on GSU’s promise of a scholarship, chose GSU over other schools, and consequently suffered a disadvantage when the terms changed. Under promissory estoppel, Paul may claim he relied on a promise, even if no formal contract was made. 5. Would It Be Ethical for GSU Not to Honor Its Promise to Paul? o Ethically, it would seem unfair for GSU to alter the scholarship criteria after Paul’s acceptance, especially when he based his decision partly on financial aid eligibility. If the change was unforeseen or outside GSU’s control, GSU should at least communicate clearly with affected students and offer transitional solutions or alternative financial aid options to uphold good faith.

Related Documents

Part 3- Contracts, Chapter 9: Intellectual Property and Unfair Competition, Doc 1

Part 3- Contracts, Chapter 9: Intellectual Property and Unfair Competition, Doc 1 - Page 1

of 1

Recommended Documents

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Part 11- Regulation of Business, Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws, Note 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Part 10- Corporations, Chapter 43: Management of Corporations, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Part 6- Credit, Chapter 28: Introduction to Credit and Secured Transactions, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 6

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Part 4- Sales, Chapter 21: Performance of Sales Contracts, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Part 11- Regulation of Business, Chapter 49: Antitrust The Sherman Act, Note 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Part 3- Contracts, Chapter 12: Consideration, Doc 1

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 7

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Part 2- Crimes and Torts, Chapter 8: Intellectual Property and Unfair Competition, Doc 3

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Part 2- Crimes and Torts, Chapter 6: Intentional Torts, Doc 2

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Part 11- Appendix B: Uniform Commercial Code, Note 15

Part 11- Appendix B: Uniform Commercial Code, Note 15

Indiana University Bloomington Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

New Documents from this Course

Chapter 4: Appendix P7

Chapter 4: Appendix P7

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Summary Cheat Sheet

Chapter 21: Summary Cheat Sheet

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 15: Quick Study

Chapter 15: Quick Study

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 2: Accrued Revenue

Chapter 2: Accrued Revenue

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Inventory Costing Illustration

Chapter 4: Inventory Costing Illustration

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 25: Future Value of an Annuity

Chapter 25: Future Value of an Annuity

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 21: Appendix

Chapter 21: Appendix

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 24: Problem Set A

Chapter 24: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 23: Decisions and Information

Chapter 23: Decisions and Information

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 17: ABC for Service Providers

Chapter 17: ABC for Service Providers

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Appendix P6

Chapter 4: Appendix P6

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary

Chapter 4: Problem Set A

Chapter 4: Problem Set A

Grand Rapids Community College Financial and Managerial Accounting: Information for Decisions - John J. Wild

Summary