| Volume 143 Number 27 |
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The People’s Lawyer’s Tip of the Day
Spend your gift cards. Americans spend almost $150 billion yearly on gift cards. And each year much of that money is not used. Delaying spending the card is usually not a problem, but if the business goes out of business or files bankruptcy, you may be out of luck. Many companies now face difficult financial times, especially if the imperatives of social distancing continue into the summer and fall—which appears extremely likely. My suggestion is for consumers to spend their gift cards online—and as soon as possible— in the case of companies whose profitability depends on social intimacy. Doing so will also help the retailers. Click here for more.
Federal and state officials press consumers to report COVID-19 fraud
All the bad that comes with a crisis situation like the coronavirus pandemic has officially crossed the line in U.S. Attorney General William Barr’s mind. He and Georgia Attorney General Christopher M. Carr are urging the American public to keep an eye out for suspected fraud schemes related to COVID-19. Throwing as wide a net as possible, Barr has instructed all U.S. attorneys general to move the investigation and prosecution of coronavirus-related fraud schemes to the front burner. Following suit, various levels of the Department of Justice put in place Coronavirus Fraud Coordinators to serve as the legal counsel and manage the prosecution of coronavirus-related crimes, as well as take the lead in informing the public about what to be on the lookout for. Click here for more.
Your Money
Retirees who have several sources of income, including pensions, retirement account withdrawals or part-time work, might have to pay taxes on part of their Social Security benefit. The federal government taxes up to 85% of Social Security payments for seniors who earn more than a specific threshold, but never taxes the full benefit. Here’s how to tell if your Social Security benefit is taxable: Click here for more.
For the Lawyers
Emails did not create a contract. The Texas Supreme Court considered whether an exchange of emails and documents constituted a “definitive agreement.” The parties signed a bidding agreement that, “unless and until a definitive agreement has been executed and delivered, no contract or agreement providing for a transaction between the Parties shall be deemed to exist”. The court found that by including the No Obligation Clause in the Confidentiality Agreement, Chalker and LNO agreed that a definitive agreement was a condition precedent to contract formation. The court noted that despite numerous emails indicating the parties may have believed they reached agreement, “Although the emails are writings, they do not form a definitive agreement.” The court also held that the Sellers did not waive their right to a definitive agreement as a matter of law. Chalker Energy Partners III LLC et al. v. Le Norman Operating LLC Click here for more.