Assignment #2.docx - Chelsea Lewis Legal Environment of...

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Chelsea Lewis Legal Environment of Business Professor Samuel D. Hodge October 7, 2018 Assignment #2 1. What is the legal issue in Gaines v. Kelly ? (One sentence) In the case, Gaines v. Kelly, the legal issue raised is, are representations, made by a mortgage broker for a loan to be funded, to be reasonably attributed to a lender for purposes of a borrower’s claim against that lender without apparent authority of the representations clearly stated? 2. According to the facts, what actions did Thompson take on Kelly's behalf that led Kelly to allege that Thompson was an agent of the Bank? Did the court find that these actions taken by Thompson created apparent authority? ( ½ - ¾ page) According to the facts of the case, Kelly initially signed the agreement with Thompson, on behalf of Commercial Realty Advisors to obtain his financing. Thompson then contacted Gaines, with the Southwest Guaranty Mortgage Corporation, about Kelly’s loan and giving him his information. Gaines gave Thompson a loan application in which he gave it to Kelly and when Kelly completed it, it got back to Gaines. Kelly also alleges that during this process, Thompson claimed that the loan was a “done deal.” These actions alone led Kelly to
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