Did gupta properly raise the defense of impossibility

Assignment Help Business Law and Ethics
Reference no: EM131166203

Brad Gupta formed two companies, Ameriquest Holdings and Ananya Aviation, for which he purchased three airplanes that were in lease agreements with US Airways and Continental Airlines. However, after the events of September 11, 2001, the two airlines did not renew their leases for the three planes now owned by Gupta. Consequently, Gupta could not continue his loan repayments, and U.S. Bancorp Equipment Finance foreclosed and sold the planes. U.S. Bancorp sought to enforce the loan agreements for the millions of dollars still owed for Gupta's debt after the proceeds from the sale of the airplanes had been deducted. Gupta, however, argued that the events of September 11, 2001, resulted in immense losses to the airline industry and that performance of the loan agreements (i.e., repayment) was impossible. Did Gupta properly raise the defense of impossibility? What was the court's reasoning?

Reference no: EM131166203

Questions Cloud

How do the issues affect the projects feasibility : What legal issues might arise from having only "digital signatures" or only electronic/paper copies of documents instead of physical documents? How do these issues affect the project's feasibility?
Is farmer nelson a merchant : He claimed that because he was not a merchant, a signed memorandum with his signature of some sort was needed for the contract to be enforceable. The cooperative claimed that because Nelson was a merchant, the unobjected-to memorandum satisfied th..
What is the depreciation tax shield for project : The machine falls into the MACRS 7-year class life category. Assume a tax rate of 40% and a discount rate of 16%. What is the depreciation tax shield for this project in year 7?
List things that influence technical feasibility of system : List three things that influence the technical feasibility of the system. How can you learn more about the issues that affect the three kinds of feasibility?
Did gupta properly raise the defense of impossibility : Gupta, however, argued that the events of September 11, 2001, resulted in immense losses to the airline industry and that performance of the loan agreements (i.e., repayment) was impossible. Did Gupta properly raise the defense of impossibility? W..
Equity in the computation of team wacc : If the common shares are selling for $4.90 per share, the preferred shares are selling for $16.9 per share, and the bonds are selling for 98.81 percent of par, what would be the weight used for equity in the computation of Team's WACC?
Why a function has only one inverse function : The function g is called an inverse to the function f if the domain of g is the range of f, if g(f(x)) = x for every x in the domain of f and if f(g(y)) = y for each y in the range of f.
How do you think the court of appeals ruled : EnerSys again appealed, arguing that any obligations EnerSys had under the 1991 agreement were not material. How do you think the court of appeals ruled? What standard would you use to determine whether an element of the agreement between the two ..
Compare and contrast phases steps techniques and deliverable : Compare and contrast phases, steps, techniques, and deliverables. What are the six general skills all project team members should have?

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Does the punishment always fit the crime

Does the punishment always fit the crime?How serious a problem is racial profiling?How can global terrorism be eradicated?

  Summarizing the key points of juvenile arrests 2008 article

National Criminal Justice Reference Service article "Juvenile Arrests 2008". Write a 700- to 1,050-word paper summarizing the key points of the "Juvenile Arrests 2008" article

  May racially derogatory statement be made criminal

CONSTITUTIONAL DEFENSES 1.  May racially derogatory statement be made criminal? May racial motives be used to enhance the punishment for crimes such as assault and battery?2. May religious beliefs be regulated by the state? May religious practices be..

  What will you argue and will you succeed

The defense has appealed, and you are the defense lawyer making the argument to the appellate court on Brazen's behalf. What will you argue and will you succeed

  Ethics in criminal justice administration analysis

Explain the role of critical thinking with regard to the relationship of ethics and professional behavior. Include in your paper a proposal for a seminar in ethics training for law enforcement officers. In your proposal choose five areas of ethica..

  What type of damages are available in tort lawsuits

Based on the news headline, outline and explain two (2) other types of torts a business may be liable for and explain why. (Do not use the video example as one of your own suggestions.) Then, explore some of the steps a company may take to avoid l..

  Develop the effects on interstate commerce test

Why did the U.S. Supreme Court develop the "effects on interstate commerce" test

  What recourse, if any does partner have against the bank

What recourse, if any does PARTNER have against the bank. Make sure you review the material for multiple payees and the corresponding code sections before you answer. Include references to code sections in your answer. The answer should be half a pag..

  How the tool helps the investigation

How you would use the tool in the investigation. How the tool helps the investigation and the evidence you expect it to provide. Why you believe the evidence the tool provides is critical to the investigation

  Individually you are to explain the followingthe

individually you are to explain the following the initiatives you will take individually outside of the department to

  Consequences of the veil of incorporation

Write a brief explanation about why the directors' duty to prevent insolvent trading exists and the circumstances and consequences of the 'veil of incorporation' being lifted for insolvent trading.

  Find myself struggling to find citable peer reviewed journal

Find myself struggling to find citable Peer reviewed journals. Would you have any particular sites that you have found beneficial?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd