Commercial Law – Oral Agreement – Potential Agency Agreement – Oral Terms

The case of Aboualsaud v Aboukhater and Another [2007], concerned an agency arrangement where a Claimant contended entitlement to commission pursuant to a binding oral agreement. The claimant was the executive vice-president of the Kuwait Investment Office in London and a financial adviser to both a petroleum corporation in Kuwait and to the Minister of Energy. The first defendant was a commercial director of the office of the government of one of the United Arab Emirates in London. The second defendant, the first defendant’s father, was the beneficial owner of a number of large hotels.

In the 1990’s, the claimant and the first defendant had a meeting in London. They subsequently became close friends. They would see each other every week and would speak on the telephone most days. Then, in late 2002, the claimant alleged that the first defendant had spoken to him about the sale of one of his father’s hotels. The specific hotel concerned was the ‘Monte Carlo Grand Hotel’ (“MGCH”).

The claimant further contended that a binding oral agreement had been made with the first defendant. He claimed that the agreement arose out of various meetings and telephone calls and that the terms were that if he introduced a party to the defendants, and that party went on to purchase the MCGH for a price that was acceptable to them, he would be entitled to a commission of EUR 21.5million.

In December 2004, the MCGH was sold to Kingdom, a member of the joint venture FHR European Ventures LLP. The claimant argued that the sale had been facilitated by the introduction of HRH Prince Al Waleed bin Talal bin Abdulaziz al Saud, who was the principal owner of Kingdom.

The defendants denied that there was any binding agreement for the payment of commission in the terms that the claimant had alleged. The defendants felt that the case was simply one where a friend had sought the help of another friend, and that if that help were to be successful then payment in recognition of that help could be expected.

The case proceeded to trial.

The issue which arose to be decided by the courts was whether there was an agency agreement between the claimant and the first defendant, the latter acting for himself and his father.

The court held that on the evidence, the first defendant’s account was more convincing than that of the claimant. This was mainly in respect of the essential points in dispute, namely, how the discussions between the friends arose, how the discussions progressed and what the outcome of those discussions was.

The court felt that on that basis, there could not be any agency agreement upon which a binding legal contract could be established. Therefore, judgment would be made in favour of the defendants.

Your Bankruptcy Attorney – Guiding You Through the Process

If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a knowledgeable bankruptcy attorney that can guide you through the entire process.

Here is what your bankruptcy attorney will do once you have contacted them.

Your Attorney Will Ask For All the Relevant Papers

You will first need to go for mandatory credit counseling six months prior to filing for bankruptcy.

The proof of that counseling, along with other financial papers (such as a list of all your debts, expenses, income and assets), will have to be provided to your bankruptcy attorney before they can proceed.

They will study your documentation and then advise you on the best way out of your financial predicament.

Your Bankruptcy Attorney Will Then Decide On the Relevant Chapter

Based on your financial records, your bankruptcy attorney will come to a conclusion as to which chapter is more suitable for your situation.

If you have exhausted your sources of income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source of income and would also like to save most of your assets, then your attorney might advise you to file under chapter 13.

If you own a business and you want to continue running it, then you could file for bankruptcy under chapter 11.

Your Attorney Can Help You with the ‘Means Test’

If you are filing for chapter 7 bankruptcy, then your bankruptcy attorney can help you calculate your gross and net income for the previous six months. That income will be compared to the average median income of a similar-sized family in your town.

If you do qualify to file under Chapter 7 bankruptcy, then your attorney will coordinate with a trustee appointed by the bankruptcy court in disposing your assets in order to pay off your creditors.

If your income exceeds “means test” guidelines for qualifying filing a Chapter 7, then your attorney will now have to shift their attention to filing for bankruptcy under chapter 13, which requires a new repayment schedule.

This schedule will help you clear your old debts over a period of 3 to 5 years.

Your Bankruptcy Attorney Can Draw Up a New Schedule for the Court

If you need to file for bankruptcy under chapter 13, then your attorney can draw up a new repayment schedule and get it approved by the court after arranging a meeting with your creditors.

Once the repayment plan is approved, then you will need to start your payments according to that schedule.

Your Attorney Can Help You Avoid the Pitfalls

Filing for bankruptcy can be a complicated affair – and you will probably be too worried to be thinking straight.

An efficient bankruptcy attorney can calm you down and point out the pitfalls and advantages of filing for bankruptcy under different chapters after analyzing your case.

Hiring an attorney can save you a lot of time and effort. They will do the legwork involved to close your case at the earliest possible time.

An experienced, knowledgeable bankruptcy attorney is a vital asset to have on your side when you are facing financial difficulties and thinking of filing for bankruptcy.

What Can You Expect From a Good Bankruptcy Attorney?

If you have filed for bankruptcy or you’re thinking about it, it’s a good idea to obtain the services of a bankruptcy attorney. A bankruptcy attorney can help you wend your way through the legal ramifications of a bankruptcy because he or she will have knowledge you may not have.

You can do some of your bankruptcy work yourself, it still helps significantly to have a bankruptcy attorney look over your documentation and make sure everything is in order before you file. You also need to know your rights as someone who is filing for bankruptcy, and an attorney can help you make sure that you get all of your rights met and keep whatever you’re entitled to as well.

In addition, a qualified, experienced and knowledgeable bankruptcy attorney is going to have many insights you do not have. For example, they can make suggestions or recommendations as to what other options you may have which may be much better for you than facing the long-term negative effects of bankruptcy.

Bankruptcy laws have changed in the last few years, so that today, it’s harder to file for what’s called “Chapter 7” or liquidation bankruptcy than it used to be. Chapter 7 bankruptcy is basically what used to be called “straight bankruptcy.” With this, those who file for bankruptcy turn over any nonexempt assets for liquidation to creditors, and then debts are paid off with these liquidated assets. When the proceedings are over, the debtor is completely exempt from further pursuit by creditors and the debt is completely discharged. A bankruptcy attorney can tell you whether or not you qualify for this particular type of bankruptcy. If you do, it’s generally advised that you take advantage of this type of bankruptcy, since it will exempt you from any further responsibility for these debts once the bankruptcy is complete. However, be advised that you will lose nonexempt assets for liquidation, including perhaps your house. Therefore, the pros are that you are completely “forgiven” your debts, but you may have to start from scratch.

Also you need to be aware that there are certain types of debts such as tax liens, student loans, child support and others that cannot be discharged by any form of bankruptcy, so if this type of debt makes up a major portion of your indebtedness, declaring bankruptcy is not going to help you in the least.

Chapter 13 bankruptcy is the other major type of bankruptcy that most debtors look to file for today. With new bankruptcy laws, most states will not let you file for Chapter 7 bankruptcy if you have a regular income. What this type of bankruptcy says is that you’re not going to be forgiven your debts. Instead, Chapter 13 bankruptcy is what is known as “reorganization” bankruptcy for debtors with an income. With this, you are allowed to keep most assets, including your house in most cases. However, you’re going to have to make payments to your creditors through a trustee over a period of several years, usually, until the debt is paid off. A plan is drawn up for the repayment and then a court approves or disapproves of it, based upon whether or not it meets bankruptcy code requirements for confirmation.

Again, obtaining a bankruptcy attorney is a good idea to help you determine what type of bankruptcy you qualify for and which is best for you. Be advised, though, that bankruptcy attorneys aren’t free and even if you are facing financial hardship, you’re still going to have to come up with attorneys’ fees of roughly several hundred dollars to have a bankruptcy attorney handle your matter for you. Still, it’s money well spent so that you know you’ve done everything you can to make your bankruptcy proceedings go as smoothly as possible. After that, of course, you can get on with your life. Most people who file discover that they have saved much more than the amount of the attorney’s fees in terms of the money and assets they were able to retain, based on the attorney’s intimate knowledge of the new bankruptcy laws.

The Importance of Lawyer Assistance

One of the determinants of independence is dealing with some DIY or “Do It Yourself” situations. However, self-reliance is sometimes not enough to lessen oversights, failures and frustrations in circumstances that you are not familiar and have no experience with. Sometimes, there are inevitable circumstances that professional help must be sought in order to reach your objectives.

Businesses will constantly encounter legal issues. You will need someone who has the experience and knowledge to guarantee that all procedures are followed and that all legal requirements are met. This situation will necessitate hiring a lawyer to guide you every step of the way.

It is not advisable to assume that you fully understand the ins and outs of a legal issue before making a choice. Lawyers can provide you with an in-depth knowledge of the law that can help you arrive at a decision after completely analyzing the legal aspects involved first.

Lawyers have different expertise and specialization. You also have to make sure that you have the right lawyer that is fit to handle a situation for you. For instance, when it comes to sale and purchase of commercial or personal properties, you have to specifically look for a “commercial lawyer”. A commercial lawyer can help you understand acquisition arrangements and major asset agreements at hand. He will sit with you and walk you through every pages of a complicated contract before signing one to ensure that the conditions set will impact your personal goals on a positive note.

Getting a commercial lawyer to help you handle your business legal concerns can help you save a lot of time effort and resources. It is beneficial to have a lawyer working with you when faced with legal concerns to avoid or minimize mistakes and errors. However, it is more favorable if you hire one to legally structure your business, right off the bat. Building a good and strong relationship with a lawyer strengthens cooperation and teamwork in accomplishing a common goal.

Experience Is Number One When Selecting A Bankruptcy Attorney

As the economy continues to spiral downward, many Americans are afraid they might be facing a bankruptcy filing in the future. None of the economic news that the media is putting out seems very promising. The perfect storm is being created because the government continues to print and borrow more money with the consequences of evaluating the US dollar. Many economists are predicting hyperinflation due to Keynesian economics the current administration is trying to unsuccessfully use to get out of trouble. Americans are now fearing that they may have to file for bankruptcy if things don’t get better. The credit card debt of the average American is now eight times higher than it was 30 years ago. With so many people surviving only on their credit cards, it doesn’t take a rocket scientist to figure out that many of these individuals will end up filing for bankruptcy.

The idea of filing bankruptcy sends chills down most individual spines. It’s really not as bad as what most people think as long as the debtor has the help of an experienced bankruptcy attorney. How do you find a quality bankruptcy attorney? It’s not a common topic at the dinner table as most people don’t want to accept the fact that a bankruptcy filing might be in their future. There’s also the pride thing. Many people that are struggling to make ends meet are embarrassed about their pending financial failure that they won’t ask for help. Filing for bankruptcy is not usually something that people want to share with their friends and family.

When looking for a bankruptcy attorney the most important thing that an individual should look for is experience. It’s just like finding a good surgeon, in most cases, the more surgeries they perform, the better they get at it. The more experience a bankruptcy attorney has, the odds are better that they will face different circumstances that allows them to have more knowledge of all areas of the bankruptcy code. Most attorneys try to practice in a specific area of the law that they excel at. Many specialize in Chapter 7 bankruptcy, working with families and individuals. There are others that make their forte, Chapter 13 bankruptcy, which is more geared around protecting real estate and property.

Since the changes to the bankruptcy code in 2005, filing bankruptcy has taken on a new complexity that should not be done without the help of a bankruptcy attorney. Although, the law allows for an individual to file bankruptcy pros se, it’s not advised. There are many landmines that someone could run into trying to do it on their own from filling out the petition all the way down to the timing of when to file bankruptcy.

When an individual considers filing for bankruptcy, if they don’t know an attorney, they should go consult with a couple of attorneys before they make their final decision. Finding the right bankruptcy attorney also includes the dynamic of the relationship. When a person is intimidated by their bankruptcy attorney, they can find themselves afraid to share everything with an attorney. It’s important to have an attorney that you feel comfortable with and not afraid to ask any questions. After the debtor finds a bankruptcy attorney that they feel comfortable with, they should make sure that an attorney has experience with the debtor’s specific situation. If there are no references for the debtor to check, they should check out the bankruptcy attorney online on sites like the BBB and the local state bar. bankruptcy might be the most important financial decisions in individual might make, that’s why a person should take the time to find the right bankruptcy attorney to take them through it.