Essay about Client Transaction

Words: 873

Pages: 4

Open Document

Dave Deedan has recently gained majority ownership to Shoe Leonard’s when previous business owner passed away. Dave retains Andrew Haynus to draft a will for him. Before Haynus is finished drafting the will he thinks of a great way to help Shoe Leonard’s make even more money. Haynus decides he is going to present Dave with a deal and offer $50,000.00 and would like some say in the decision making process of the business. Haynus also remembers while he is there doing the work he needs a new pair of loafers, so he plans on buying a new pair of shoes also.
Haynus practices in a state that has adopted the Model Rule 1.8. How does this rule apply to the two business transactions Haynus wants to enter in with his client?
Entering into …show more content…
The client has to be given the chance to seek the advice of independent counsel, and the client has to consent in writing to the transaction.
Haynus may not use confidential information to get a better deal on either business transactions, unless the client consents.
According to the Prof. Cond R. 1.8 a conflict between Haynus and the client does not exist with the sale of the shoes. This would be considered a standard commercial transaction for products that the client generally markets to others. The lawyer does not have an advantage in dealing with the client in this transaction.
Therefore, according to the Prof. Cond R. 1.8 a conflict will not exist in either transaction as long as the rules are followed and the proper steps are taken to ensure the

Essay on Career in transaction

Career in Transactions: helping clients buy, sell and merge with other organizations At a time when the global business environment holds increasingly complex growth challenges, we know that how organizations manage their capital today affects how competitive they’ll be in the future. We call it their Capital Agenda . Our transaction professionals help clients make better and more informed decisions about managing capital and transactions in a changing world. That means advising businesses on how…

Words 657 - Pages 3

Essay on Banking and Money

Customers can make transaction in its system platform such as bonds, stocks and futures. When customers make a transaction in its system, the bank receives a service fee from the process of transaction. A part of fee is prize and salary for staff and the rest of fee is operation cost for development of facility. However, customers cannot store their money in investment bank. So, how do customers use their money to make transaction in system? Cash is not a good answer. It is too simple. Clients need to have…

Words 381 - Pages 2

Chicken: Auditor ' s Report and Financial Statements Essay

guide the type of audit evidence gathered. These assertions are: Transactions - Occurrence - The occurrence assertion relates to whether all recorded transactions have occurred and pertain to the entity. For example, management asserts that all revenue transactions recorded during the period were valid transactions. Occurrence is sometimes also referred to as validity - Authorization - Authorization relates to whether all transactions have been property authorized. For example, the purchase of a material…

Words 2681 - Pages 11

Mobile Payments Essay

Mobile Transactions and Payment Processing Ashok Goudar Senior Enterprise Architect White Paper Contents Introduction Mobile Commerce – Business Context Mobile Commerce Strategy Mobile Channel Strategy Mobile Marketing Mobile Sales Mobile Service Mobile Payment Mobile Wallets Mobile Commerce Transaction Mobile Banking and Mobile Money Mobile Commerce Transformation Roadmap Mobile Commerce – Payment Business Scenarios Card based Mobile User to Business – Payments (CM2B) Mobile – Wallet…

Words 13772 - Pages 56

Examples Of Audit

and 3. Defences: client was contributory negligent, no causation, was not negligent. Breach of contract: Contract law only. Negligence: All except 1934 act. For third party under common law, must see what test used. Gross negligence: All except 1934 unclear. Fraud: All can. Defences: Disclaimer, LLP, indemnity. Financial statement Audit overview: Seminar 3 Accounting Cycles: Recording and processing transactions that affect a group of related accounts, begins when a transaction occurs and ends when…

Words 5073 - Pages 21

Smackey Dog Foods, Inc. by Ljubomir Essay

What internal controls issues do you identify? Solution: 1. Recorded transactions exist (occurrence). 2. Existing transactions are recorded (completeness) 3. Recorded transactions are correctly included in the master files and are correctly summarized (posting and summarization) 4. Recorded transactions are stated at the correct amounts (accuracy) 5. Transactions are correctly classified (classification) 6. Transactions are recorded on the correct dates (timing) There are several internal…

Words 2722 - Pages 11

Essay on Scaffold Plank

dilemma Bob faces in this case is a transaction that makes Bob question his and the company’s ethics and legal obligations. It’s February, business was slow, the company was $5,000 below their breakeven point, and it appeared as if a…

Words 1736 - Pages 7

King Goal Attainment

& Wills, 2014, p. 174). King’s model involves nurse-client interactions with belief that perceptions of the nurse and client as well as goals, needs, and values of the nurse and client influence the interaction process; individuals have…

Words 864 - Pages 4

ACCT 555 Week 6

Khalia Brewer ACCT 555 Week 6 Homework 14-21 A. (2)- Occurrence B. (1)- Accuracy C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting. D. (4)- existing cash receipts are recorded. 14-22 A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis. B.(3)- Employees involved in the credit-granting function are separated from the sales function C.(1)-…

Words 2308 - Pages 10

Advisory: Strategic Management and Transaction Services Essay

Transactions & Restructuring Even In the current economic environment there are opportunities for growth. For businesses with robust balance sheets and a steady and predictable cash flow, now is the time to get prepared for the upturn that is sure to come. To help make your company more robust, consider divesting struggling and non-core assets and take advantage of bargain prices to make acquisitions that will be a good strategic fit come the recovery. If full-blown merger and acquisition is not…

Words 1023 - Pages 5