Case 9.2: Bilateral or Unilateral Contract
The case is an interesting one. It really deals with why you need to read the small print and/ or have agreements in writing. My. Bickman struck a deal with Washington Bank & Trust for his personal and business accounts to be transferred over to the bank, loans to be issued with a 7.5 % interest rate, and a loan terms of 10 years to pay off each loan. Mr. Bickman made the agreement with Mr. Adams Jr. the CP of the bank at the time. After Mr. Adams Jr. resigned from the bank, the bank notified Mr. Bickman of increases to the interest rates for all existing and new loans. To this Mr. Bickman disagreed and filed for a breach of contract. (Cheeseman, 2013)
The case is based in bilateral contract agreements. …show more content…
Bickman wins lies in which aspect of his contentment was filed. Under the argument of breach of contract, the courts found that the bank honored the contractual agreement of the 7.5% interest rate. Since in the original agreement did not hold a provision outlining the duration that the bank was required to honor the 7.5% interest agreement, the courts fell back on whether they honored the agreement for a reasonable amount of time. In review of the duration of which the interest had been honored, the courts found that the banks had honored the agreement for more than a reasonable amount of time. (Leagle, Inc., 2015)
Mr. Bickman also attempted to recover interest that he voluntarily paid in excess of the 7.5%. The courts found that precedent had been established and could not recover the back money unless there was fraud in the party enforcing the claim and knowledge that the claim is unjust. In this case there was no fraud performed or misrepresentation. Mr. Bickman had agreed upon the loan agreements, whether he chose later to contest the legitimacy of them after the …show more content…
McLaughlin made an offer the purchase of property, prepared contracts, and sent three earnest-money checks to show good faith toward the purchase. Heikkila changed the price and the closing dates of the properties within the acceptance letters; he added a reservation of mineral rights and prior to signing all the agreements. Mr. McLaughlin did not sign the revised agreements in acceptance prior to Heikkila withdrew his offer to sell. Mr. McLaughlin then filed suit to compel specific performance of the perchance agreements under the original terms. (Cheeseman, 2013) Based upon my professional experience with negotiations and contracts, I do not find that a formal agreement had been settled upon, thus no formal contract to convey to contract real property exist. I base this off of the fact that while an initial offer was made, the terms were altered and no formal agreement of price had been accepted by both parties involved. Therefore either party could still back out of the negotiations at any
The case is an interesting one. It really deals with why you need to read the small print and/ or have agreements in writing. My. Bickman struck a deal with Washington Bank & Trust for his personal and business accounts to be transferred over to the bank, loans to be issued with a 7.5 % interest rate, and a loan terms of 10 years to pay off each loan. Mr. Bickman made the agreement with Mr. Adams Jr. the CP of the bank at the time. After Mr. Adams Jr. resigned from the bank, the bank notified Mr. Bickman of increases to the interest rates for all existing and new loans. To this Mr. Bickman disagreed and filed for a breach of contract. (Cheeseman, 2013)
The case is based in bilateral contract agreements. …show more content…
Bickman wins lies in which aspect of his contentment was filed. Under the argument of breach of contract, the courts found that the bank honored the contractual agreement of the 7.5% interest rate. Since in the original agreement did not hold a provision outlining the duration that the bank was required to honor the 7.5% interest agreement, the courts fell back on whether they honored the agreement for a reasonable amount of time. In review of the duration of which the interest had been honored, the courts found that the banks had honored the agreement for more than a reasonable amount of time. (Leagle, Inc., 2015)
Mr. Bickman also attempted to recover interest that he voluntarily paid in excess of the 7.5%. The courts found that precedent had been established and could not recover the back money unless there was fraud in the party enforcing the claim and knowledge that the claim is unjust. In this case there was no fraud performed or misrepresentation. Mr. Bickman had agreed upon the loan agreements, whether he chose later to contest the legitimacy of them after the …show more content…
McLaughlin made an offer the purchase of property, prepared contracts, and sent three earnest-money checks to show good faith toward the purchase. Heikkila changed the price and the closing dates of the properties within the acceptance letters; he added a reservation of mineral rights and prior to signing all the agreements. Mr. McLaughlin did not sign the revised agreements in acceptance prior to Heikkila withdrew his offer to sell. Mr. McLaughlin then filed suit to compel specific performance of the perchance agreements under the original terms. (Cheeseman, 2013) Based upon my professional experience with negotiations and contracts, I do not find that a formal agreement had been settled upon, thus no formal contract to convey to contract real property exist. I base this off of the fact that while an initial offer was made, the terms were altered and no formal agreement of price had been accepted by both parties involved. Therefore either party could still back out of the negotiations at any