Business Law Essay

928 words - 4 pages

IRAC Method of Case Study Analysis
Nsima Etok and Christopher Dunbar
Business Law 531
March 31 2015
Gregory Martins

Introduction
In any type of business, whether it is partnership, Limited Liability Company (LLC) and or a
Corporation, these are seen as different types of businesses that involves one, two or more
People. The same is implied to businesses that are operated internationally between different
Companies and Organizations across the globe which deals with either importing or exporting
of products or other items of trade.
It is therefore necessary that in this type of business, all the parties involved have to look into
so many factors as will ...view middle of the document...

Kim Yong later sued General Motors for violating the contract agreement for the
specified 25 years by trying to relocate the business to a different area.
Rule: General Motors Corporation breached the contract agreement of “promissory estoppel”
by not being open to Kim Yong about other related issues about the partnership when it comes
to taxation from the United States in particular and the business in general.
Analysis: The court found out that General Motors with reference to promissory estoppel which
requires that a party’s action must be induced by a clear action and definite promise are guilty
of their action as this was not stipulated in the agreement by General Motors with Kim Yong
Conclusion: There is no promise where a corporation solicits a tax statement and using that as a
status quo to discontinue a business contract with another company. It is therefore imperative
that General Motors Corporation must face the wrath of the law by being untrustworthy in this
type of business transaction. (http://www.Lawnix.com/cases/promissory estoppel)

The IRAC Method of Case Sturdy Analysis (2)
Issue: The Home Depot Inc. A leading home retailing business organization in June 1988
decided to partner with a Mexican Pottery manufacturing company called Jose Chivas and
Son’s Inc. This company is based in Mexico and had being in this business for over 35 year by
producing different types of classic pot, sizes, designs, textures and quality. Due to the quality
product of Jose Chivas Company, Home Depot decided to partner with him for the production
and supply of pottery’s on a bi-weekly basis to all its in United States.
After 5 years of service from Jose Chivas, Home depot were lured by another Pottery Company
based in Peru to subscribed to their product with a 50% cut in production...

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