HELP ME FIND SOME IDEAS TO WRITE A REPORT ABOUT THE FOLLOWING LAW CASE :WHAT IS potential causes of action Law

Question

Marty Lawless had been driving a cab in Chicago for a large company. “If I could only lay my hands on twenty thousand bucks” he marked, “I could really make out. I could get a cab and license of my.”
Jim Craven, who had attended law school said to him, “I’ll loan you the money. Use it for two years and then you can pay it back when you want, up to ten years.
But Marty was hesitant
Jim spoke up “Now hold on. We will make it carry one percent interest and you can sign a promissory note if you want. How’s that? ”
Marty replied, “Thanks a lot, Jim. It will sure give me a boost.”
Jim then raised a glass and said to everyone present, “All right, Let’s drink to the world’s newest independent cab driver!”
Marty resigned from his job. He also recommended Craven to a cab driver friend, Bill Short. Short had recently been rear ended by a beer truck and had suffered whiplash and other injuries.His cab, which he owned, was totaled.
But a few days later he received a letter from Craven in which Craven wrote he had had a “big deal” come up and did not have the money to loan now.
A few days thereafter Bill Short called to thank Lawless for referring him to Craven. Short advised Lawless that Craven had almost immediately negotiated a $500,000 settlement for him, as the beer distributor had wanted to avoid publicity from a.
Short also advised that Craven received a 40% contingent fee for his efforts.
Lawless has hastened to your office after learning that he cannot get his old job back and now awaits your advice.

(A)Discuss potential causes of action Lawless may have against Craven and their likelihood of success.
(B)If Lawless should prevail how would his likely monetary recovery be measured and why?

Answer 1

Trying to use the rational to address the irrational. No wonder the legal system takes such a beating.

Answer 2

If there was no signed promissory note there can be no action. Matt trusted a lawyer and that was his first mistake. No contract was signed, no action is possible. Without the contract it is simply a discussion between two friends and there is not enough of a verbal contract to make it binding. Matt should not have quit his job before he had the investment money secured, so that is his mistake. Craven (good name for a lawyer) has the right to focus elsewhere so long as he is not bound to his deal with Matt. Also, it would appear that the settlement obtained for Short should have produced even more money for Craven if he wanted to invest in Matt's proposition. Bar talk and boastful promises do not stand up in court, and, of course, it would cost Matt money to litigate against Craven. Matt loses. Welcome to commerce.

Answer 3

Problems with the loan

1. Statute of frauds. It was over $5000 and could not be completed in one year. Therefore, because it was not in writing it is not enforceable

2. However, there may be equitable estopple. Lawless relied on an assertion made by Craven, to Lawless' detrminent.