In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss.Use the Internet or Strayer databases to research a different bank of your choosing.
Write a three to four (3-4) page paper in which you:
Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy.
Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.
Compare and contrast the differences between intentional and negligent tort actions
Discuss the tort action of "Interference with Contractual Relations and Participating in a Breach of Fiduciary duty" and, if the bank you've chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action.
With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation.
Use at least three (3) quality references.Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Describe the legal environment of business, the sources of American law, and the basis of authority for government to regulate business.
Describe the elements of a contract and explain the basic provisions of contract law relative to offer, acceptance, capacity, legality, fraud, third-party rights, performance, and breach of contract.
Explain the components of the Uniform Commercial Code (UCC) relative to sales and lease contracts and the basic provisions of the UCC addressing sales / lease contracts, title, risk, insurable interests, and the performance and breach of contracts.
Use technology and information resources to research issues in business law.
Write clearly and concisely about business law using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.