Elma And Elsa Case Study - Law Assignment Help

Assignment Task

Scenario One

Elma is one of our clients. Elma is 94 years old. Despite her age she is in very good health. Her 18 year old grandson Charlie was visiting her for the afternoon. Charlie told Elma that he would love a new Ipad for his birthday that is coming up. Elma isn’t too sure what an Ipad is but she knows from Charlie they cost about $1500. Elma doesn’t know what these Ipad things look like so she decides it would be easier if she transfers the money into Charlie’s account. Elma has used internet banking a few times before and she is confident she knows how to do it. She knows she has Charlies bank details written down as she did the same thing for Charlie at Christmas time. She finds the paper and enters the details in and makes the payment the day before Charlies birthday At Charlie’s birthday dinner, Elma says to Charlie that she has placed the money into his account. Charlie tells her that it didn’t come through and shows Elma his bank account on smartphone app. Charlie then helps Elma look at her bank account online. Charlie can see Elma has made a payment of $1500 but the account number entered is not his account. Charlie can see that Elma entered Charlie’s name but the account number is wrong. In the free text identifier, Charlie can see Elma wrote ‘for your ipad, love nanna elma’ Elma is very embarrassed and apologises to Charlie.

Advise Elma on what steps she needs to take and whether she is likely to recover the funds.

Scenario Two

Tony is Elsa’s son and Charlie’s father. Tony runs his own business that is experiencing financial difficulty. His bank told him that they will only lend him money if someone acts as guarantor. Tony asks Elsa whether she would help him and be guarantor for his loan. Elsa agrees but she is not really sure what a guarantor is meant to do. Tony says its just a formality that the banks use. A week later, Tony and Robert, the bank manager show up at Elsa’s house. Elsa shows them in and Tony gets out a bit of paper and says mum I just need you to sign here. Elsa says, Im not sure what all this is about but I just don’t want to anything to happen to my house. Robert and Tony say that everything will be fine. Elsa signs the document, where it says ‘Guarantor.’ A few months later, Tony goes out of business. Despite the loan, it wasn’t enough to avoid financial ruin. Elsa receives a letter from the bank that says because she was guarantor of Tony’s loan, the bank needs to sell her house so they can receiver the $180,000 still owing.

Advise Elsa as to anything that can be done to save her house. Refer to any relevant cases in your answer.

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