A Lawyer Has Entered a Contract with Her Client to Purchase

question 43

Multiple Choice

A lawyer has entered a contract with her client to purchase the client's summer cottage and is representing both herself and the client with respect to legal matters involved in completing the transaction.What is the most likely result of this lawyer's actions in these circumstances?

• A) The lawyer has breached her client's right to privilege.
• B) The lawyer has formed a binding and enforceable contract.
• C) The lawyer has breached her duty to provide a reasonably competent service.
• D) The lawyer has placed herself in a conflict of interest.

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Definitions:

Goodwill

An intangible asset that is created from such favorable factors as location, product quality, reputation, and managerial skill.

Competitive Advantage

An advantage that allows a business to generate greater sales or margins compared to its market competitors, often through unique resources, capabilities, or efficiencies.

Intangible Assets

Intangible assets are non-physical but valuable assets such as intellectual property, brand recognition, and patents, which contribute to a company's value.

Physical Substance

The material or tangible component of an asset, as opposed to intangible assets like patents or copyrights.