Legal and Regulatory Aspects of Management, Research Paper Example

The address within which I live is 3601 N. Military Trail, Boca Ranton FL 33431. It is the address of Lynn University which is located in Boca Ranton, Fla, on Florida’s gold coast, in between Palm Beach and the Fort Lauderdale/Miami region. Boca Renton city is cosmopolitan and it offers excellent quality of life, and employment opportunities. Lynn University is in residential area just minutes away from beaches, shopping, cultural facilities and fine dinning.

From business point of view it is important to know if the property is situated in a municipality or a city. A city has got more opportunities than a municipality thus knowing the place the property is situated will enable one to make decisions where he/she wants to reside. The history of Boca Ranton city and the population census together with the large business activities which are being carried out in the place helps one to realize that the place is located within the municipal council boundaries of Boca Ranton city.

Question two

The constitution details the general process for making a bill into law. To begin with, a bill must first pass both houses of the congress by a majority vote. After the congress has passed it is sent to the president to sign it into law within the first 10 days. However, if the president rejects the bill, called a veto, the bill is returned to the congress for reconsideration. After reconsideration the congress again votes for the bill and if this time round it is passed by two thirds majority then the bill becomes a law without the signature of the president what is called “overriding a veto”. On the other hand, if the president decides to sit on the bill doing nothing until 10 days elapses, then, the bill automatically becomes law without president signature. But, if the congress has adjourned before ten days passes and without the president’s signature then the bill fails to become the law.

The Supreme Court it the US is responsible for interpreting the constitution and to ensure that rule of law prevails. The court also examines the actions of the legislature, executive and administrative branches of the government to ensure that those actions conform to the constitution. Whenever the court finds that the actions of any government body do not conform to the constitution, it declares it unconstitutional and therefore becomes null and void. If the enacted law is found to be unconstitutional by the court then it is declined or is made void and null.

Question five

The main reason why some states are still operating non-recourse mortgages is because of the benefits the borrower has over the mortgage. If the borrower defaults to settle the mortgage, the lender can’t force payment but, takes the property (foreclose) and sales it. If the property is sold at a loss the lender suffers the losses and the borrower does not owe the lender any liabilities.

The constitution under the Common law permits the state to decide if the mortgage debt was recourse or non-recourse. The common law provides that if the borrower fails to pay the debt in full at the appointed time, the borrower suffers the complete loss of title, despite how long and faithfully the payments had been made. However, the equity courts lessened the strict common law by providing a provision for the debtor to regain the title even after default. The borrower only regains the title after paying the debt with all the accrued interests. This kind of relief is called equity of redemption. For non- recourse mortgage the borrower is favored where as with recourse mortgage the lender is favored.