Business Law Questions Essay Example | Topics and Well Written Essays - 1000 words

Business Law Questions - Essay Example Since the purse contains cash and is a valuable property, there is no chance of it having been abandoned. In both the other instances, Ms File has better rights on it when compared to others, but not so when compared to the original owner of the file whoever he may be. Under Common Law in the United States, the finder of the property is entitled to hand it back once the real owner has made a demand for it from the present holder. If Ms File is dishonest, or casual about the affair, she could spend the money or give to someone to spend. But in any case, she is liable to the true owner once he makes a demand for it. This is also true for any person who receives the lost or mislaid property from Ms File. But for arguments sake, if the purse had indeed been abandoned, Ms File holds better title to the property than anyone else including the owner. She has to hand over the purse and its contents if the owner identifies her and demands it back. Some states in the country stipulate a certai n time period after which ownership is transferred to the buyer. The only other right she has to claim for any expenses that might have incurred to keep the property in good condition. But there is no chance of Ms File incurring any expenses to keep a purse in good condition. She could be held guilty under the statute on conversion which is a tort in US law in case she refuses to hand it over. The facts of the case are as follows. Hank, who bought a car from Ford Motor Company with his friend Cheatem as surety was found to be insane at the time of contract. But this became apparent only when Ford sued Hank for non-payment of installment on the vehicle. Cheatem refused to pay up on behalf of Hank on the defense that the contract was invalid due to the insanity clause. According to US laws, â€Å"insanity or mental incompetence is also a defense against enforcement of a