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ID: 376084 • Letter: P
Question
Please read the article and answer the following questions: https://www.martinandjones.com/Why-Should-I-Choose-Martin-Jones/Newsletters-Brochures/MJNewsletterSpring08.pdf
Do you think the trial, appeals or high court's decision could have been affected by the sub-prime loan crisis?
Can you find another case where a court found a contract unconscionable? If so, on what basis?
Based on what you've read, do you believe that you're a party to a contract that might be unconscionable?
How do you balance the Tillman analysis with the idea that a grown adult should be responsible for knowing the deal before signing anything?
If you don't believe you are a party to an unconscionable contract, ask a friend about their contracts. Share their anonymous story as part of the discussion.
Explanation / Answer
Do you think the trial, appeals or high court's decision could have been affected by the sub-prime loan crisis?
Each decision which is given by the court depends on the many evidences from different areas. Thus in this case, it is clear that the incident of subprime loan crisis has its influence on the final decision of the court. Though, it may not be a substantial one as this case has its own merits which were considered by the court about the subprime loans at one point. These reason which might be given by the court could be on the basis of the subprime loan crisis was resulted from the manner in which the bank started its contract between the sellers and buyers.
Can you find another case where a court found a contract unconscionable? If so, on what basis?
Kugler v. Romain, 279 A.2d 640 (N.J. 1971).
This case was unconscionable on the basis that the book that was being sold to the consumers had no any or very little educational value for the children in the age group and socio-economic position the defendant represented would be benefited by them. According to law If the price is grossly excessive in relation to the seller's costs, and if in addition the goods sold have little or no value to the consumer for the purpose for which he was persuaded to buy them and which the seller pretended they would serve, the price paid by the consumer takes on even more serious characteristics of imposition.
Based on what you've read, do you believe that you're a party to a contract that might be unconscionable?
Yes, in the universities fees structure, there are a lot of activities that when looked closely the do not apply to a majority of the students. For example there is a travelling fee and medical fees that are highly charged and most of the students do not participate in trips or go the school health Centre. It is therefore the rights of every student to be refunded the money that they did not use but this is not the case and the school uses this extra cash for their self-interest.
How do you balance the Tillman analysis with the idea that a grown adult should be responsible for knowing the deal before signing anything?
In terms of loans, all adults with legitimate securities are able to apply for them. It does not specify the informed and the non-informed. Therefore, the contracts between people should be clearly explained so as the person can get full understand of the kind of contract he or she is signing into and the consequences it might have so as the most desperate and vulnerable individuals are covered.
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