Answering the following questions. 

 

1) Everett Langley set up a brokerage account with Accounts Traders in the name of his son Graham Langley. Mr. Langley deposited $20,000 in the account where it accrued interest annually in the amount of $500.00. Approximately five years later, Mr. Langley closed the account and transferred the money to another account. Graham never knew about the brokerage account. Needing Graham to complete some tax forms, Mr. Langley mailed the tax forms to his son. Seeing that the account now had nearly $25,000 in it, Graham decided to sue Accounts Traders and his father for the proceeds from the account. Does Graham have a valid claim against Accounts Traders or his father? Discuss all issues

 

2) Richard Wight entered into a credit card agreement with Bank of USA. Richard paid his card on time every month. Since most of Richard's charges were for his design business, he requested that Bank of USA change the name on his account to Richard Wight Design Gallery. Bank of USA issued a new card in the company's name with a new card number. Business began to wane, and so did Richard's payments. Ultimately, Richard stopped paying on this credit card. After a number of letters requesting payment, Bank of USA sued Richard Wight personally for the outstanding credit card debt. In the lawsuit, Richard claims he assigned his contract rights to his company and therefore was not responsible. Alternatively, Richard claims that issuing a new card and new account number, Bank of USA created a novation releasing Richard from any liability. Does Richard have viable legal arguments?