Third Party Rights Over Property Case Study Example | Topics and Well Written Essays - 1250 words

Third Party Rights Over Property - Case Study Example In the first instance Helen does not own the building outright as Kevin invested money into buying the shop and flats; Helen has taken out a mortgage on the building so Southern Counties Building Society would have a vested interest (the property was put up as collateral for the loan) and the second flat has been tenanted with Tom having a five year lease by deed of that flat. The amount of vested interest in the property owned by Kevin will depend on whether or not he and Helen had formed a partnership prior to buying the property, how long him and Helen had been living together in the first floor flat and what rights either of these situations (business partnership or de-facto relationship) might have on the ownership of the building. Because Helen raised the loan to buy the property it could be assumed that she might have a majority stake holding in the building and therefore could sell the business without involving Kevin. However, if Helen raised the mortgage so that her contribution to the building then equaled Kevin's then she has no right to sell the building without consulting Kevin first and the sale would be a joint decision. Kevin has another stake hold... Also any lease agreement he may have would have to be honored by the new buyer. The actual amount of impact Kevin would have on the sale of the building would depend on any agreement made between him and Helen, whether Kevin has any rights under de-facto law (which would be virtually nil in Britain as de-facto couples do not share the same rights as married couples) and whether or not Kevin is listed on the land title as co-owner. Helen would also have to pay off the mortgage owing amount on the building at the time of sale because the building is the collateral for the money loaned. Another problem that the new buyer would have to face is the lien on the property that prevented Helen from setting up a business that would act in competition to other businesses in the area. Any prospective buyer would have to be informed that the shop portion of the building could only be used as a newsagent shop. However, that covenant might not necessarily apply if the agreement was made personally between Helen and the person she purchased the shop from, as this covenant would only apply if it had been entered on the land title. If the land title had remained unregistered throughout the previous transactions then the situation for Kevin and Helen changes slightly. If Kevin does not have a legal partnership agreement with Helen then he would have difficulty proving his claim to any ownership of the building. He may be entitled to some duress under de-facto land ownership legislation, but that would be difficult to prove if he did not have something in writing that could prove the extent of his relationship with Helen (such as a Cohabitation Agreement) and the amount

Price Differences Associated with Quality Essay

Price Differences Associated with Quality - Essay Example This paper will critically analyze the price differences associated with quality by giving a specific focus on imperfect competition and price differences. Effects of grade quality on demand According to an observation, â€Å"grade quality is the distinguishing feature or grade of the product in appearance, performance, life, reliability, taste, odor, and maintainability etc; these are generally called as quality characteristics† (Charantimath, 1). The grade quality or quality characteristics can have a great influence on the demand of a product because quality and price are the major determinants of a product’s market demand. Economic theories state that a change in quality can make a shift in the demand curve. When two identical products with different quality levels are available in the market at the same price, consumers would buy the product having superior quality. To illustrate, demand for Giordano’s pizza is greater than that of Papa John’s at a gi ven price. It happens because consumers believe that Giordano’s pizza has higher quality and therefore it would better satisfy their needs than Papa John’s pizza would do. ... It is observed that modern people are able to determine their needs precisely; hence, they can accurately identify product quality characteristics that are necessary to serve those needs. It is obvious that improved quality characteristics may better serve an individual’s needs. In other words, a consumer would get greater level of utility from a product with higher grade quality. Generally, a consumer always tries to acquire increased utility with minimum amount of money. In short, it can be stated that a product with higher grade quality will have increased market demand or demand is positively affected by grade quality. Referring to the law of demand, it is clear that the price of a product is directly proportional to its market demand. As discussed earlier, a product with higher grade quality will have a high level of market demand which in turn leads to an increase in its price. Maintenance of quality-price relationship is necessary for stabilizing an economy. To illustra te, majority of the agricultural products have predetermined grade quality standards and hence their price considerably varies in accordance with grade quality changes. Agricultural yields with a lower quality are paid minimum prices while marketers are ready to pay higher for high quality agricultural yields (â€Å"Grain marketing plans for farmers†). However, the law of diminishing marginal utility is also applicable to quality-price relationship. The law states that utility derived from the consumption of a product diminishes with each unit of the same product additionally consumed. Hence, a product’s price will not be increased beyond a certain level if a person continuously consumes a