Insured In Shakespeare's Dilemma
Issue Three
In regards to this issue, Linda can insure her voice against loss of it. She can insure her voice as a company asset through a contract of insurance.
I. Legal implications
In order for Linda to insure her voice, she would need to enter into a contract of insurance that has similar requirements and certain policies that of a normal contract. In relation to entering into an insurance contract, permission from a minimal of two directors is needed for the agreement to be permissible. Firstly, still Linda is in a band, for Shakespeare to fund for insurance contract, it would be more efficient if the whole group also sign up for insurance on their voices, given that they are a band. This will require Shakespeare to disclose information about all band members, and not just Linda herself. This may cause controversy between the band members who do not want to insure their voice. Also, since Linda is notably the only one who wants her voice insured, her best option would be to get her voice insured on her own. So therefore there are other ways in which Linda can insure her …show more content…
As the van is worth $20,000, only half that amount can be considered as an asset in the group as the rest belongs to EZ Finance. The remainder is yet to be paid, and this may cause a few implications given that the van is regarded as personal property under the Personal Properties Securities Act. This means that there will be GST and a payment of security interest, which is a type of property interest, attached to the chattel. Even though the group use the van and it is listed as a personal property to the group, they do not have full rights to it. They cannot sell the van if they wish to do so, as they still have remaining mortgage to it, and the chattel mortgage company that controls this would forbid Shakespeare from selling
In regards to this issue, Linda can insure her voice against loss of it. She can insure her voice as a company asset through a contract of insurance.
I. Legal implications
In order for Linda to insure her voice, she would need to enter into a contract of insurance that has similar requirements and certain policies that of a normal contract. In relation to entering into an insurance contract, permission from a minimal of two directors is needed for the agreement to be permissible. Firstly, still Linda is in a band, for Shakespeare to fund for insurance contract, it would be more efficient if the whole group also sign up for insurance on their voices, given that they are a band. This will require Shakespeare to disclose information about all band members, and not just Linda herself. This may cause controversy between the band members who do not want to insure their voice. Also, since Linda is notably the only one who wants her voice insured, her best option would be to get her voice insured on her own. So therefore there are other ways in which Linda can insure her …show more content…
As the van is worth $20,000, only half that amount can be considered as an asset in the group as the rest belongs to EZ Finance. The remainder is yet to be paid, and this may cause a few implications given that the van is regarded as personal property under the Personal Properties Securities Act. This means that there will be GST and a payment of security interest, which is a type of property interest, attached to the chattel. Even though the group use the van and it is listed as a personal property to the group, they do not have full rights to it. They cannot sell the van if they wish to do so, as they still have remaining mortgage to it, and the chattel mortgage company that controls this would forbid Shakespeare from selling