Foundations of Business Law

The following is the IRAAC (of ILAAC) approach to solving legal problems.
Step I: Issue:

? Identifying the issue(s).

Step II: Rule (or Law)

? State the applicable Rule (or Law).

Step III: Authority

? Give the relevant Authority.

Step IV: Application

? Apply the Rule (or Law) to the facts.

Step V: Conclusion

? Reach the conclusion by giving the answer to the legal issue.CLICK HERE TO ORDER THIS ESSAY!!!!

Gerry, one of the financial advisors at “Tom and Gerry Ltd” prepares financial statements for George, a valuable client. George’s business has been quite profitable this year and George asks Gerry where he should put his money in order to obtain a good yield and reduce his tax payment. Gerry suggests that George invest in Facebook shares due to be released in an Initial Public Offering in the coming weeks. Back at work George has a discussion with his business partner Kosmo about the state of finance of the business and mentions Gerry’s suggestion about the Facebook Shares. Although George decides not to go with the suggestion, Kosmo invests a large sum of his profit in the Facebook shares. A month after the release of Facebook shares their value has reduced by 50%. In discovering this, Kosmo becomes really agitated and decides to go and talk to Gerry. As he burst out of the building he slams the door on the face of Newman, his neighbour who was also rushing in. As a result Newman is injured and will not be able to participate to the Adelaide Pétanque Club Championship, which he has won for the past 3 years, also earning $40 000 cash prize each time.

Question 1
Kosmo wants to know what kind of legal action, if any, he might have against Gerry.

Question 2
Newman wants to know what kind of legal action, if any, he might have against Kosmo.

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