Eugene H. Emmick hired L.S. Hamm, an attorney, to draft his will. The will named Robert Lucas and others (Lucas) as beneficiaries. When Emmick died, it was discovered that the will was improperly drafted, violated state law, and was therefore ineffective. Emmick's estate was transferred pursuant to the state's intestate laws. Lucas did not receive the $75,000 he would have otherwise received had the will been valid. Lucas sued Hamm for breach of the Emmick-Hamm contract to recover what he would have received under the will. Who wins?
What matters is fiduciary duties of an attorney.
[Lucas v. Hamm, 364 P.2d 685, 56 Cal 2d 583, 15 Cal. Rptr. 821 (CA 1961)]
Please describe what the Issue, Rule, Application and what the conclusion would be.© BrainMass Inc. brainmass.com October 24, 2018, 8:15 pm ad1c9bdddf
? Issue: Eugene H. Emmick hired L.S. Hamm, an attorney to draft his will. Robert Lucas would have received $75,000 from the estate of Emmick. The will was improperly drafted Lucas did not get anything. He sued L.S. Hamm for ...
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Mike, as corporate counsel and corporate secretary of Pandora Personal Products, has learned that insider information
Mike, as corporate counsel and corporate secretary of Pandora Personal Products, has learned that insider information about his company's planned acquisition of a smaller manufacturer, Just Tweezers, Inc., has been leaked to outsiders. The leak has been traced to his son, who Mike had told about the merger in confidence. The next day (and weeks before the merger news becomes public), the price of Pandora stock rises from $15/share to $21/share and closes the day at $20.25. The official word from the company that day?and Mike drafted the "no news" news release at the request of the stock exchange?is that there is no news forthcoming and no explanation for the stock price rise.
? Do you suppose Mike and may be some trouble or are things OK for now?
? Anybody else maybe sweating bullets at the moment?
? Explain what law violations are evident now or might become evident as the days go by.
? Finally, what strategy should Mike's company employ now, keeping in mind the laws about insider trading that you've learned about.