For this assignment, you will be required to do a written analysis of the scenario below using the IRAC method of analysis. Use the BU310 Unit 6 Assignment Template Download BU310 Unit 6 Assignment Template[Word] provided for this assignment to assist you with formatting as per the IRAC requirements.
Scenario
Cozier owned and operated Big River Harley Davidson in Wapello, Iowa. As required by law, Cozier took out a motor vehicle dealer's surety bond for $35,000 with United Fire and Casualty Insurance. The bond protects retail customers who get stuck when a motor vehicle dealer, perhaps because of fraud, does not deliver a vehicle that has been purchased. The surety bond was in force when Big River went out of business, and Cozier left the state. While in business, Big River sold a Harley to Connell Harley Davidson in Norfolk, Nebraska. Connell paid $12,000 for the Harley that was never delivered. Connell sued United Fire as surety for the $12,000.
Discuss whether Connell can recover. In your discussion, you will want to analyze the:
- Scope of Coverage Under the Surety Bond Provisions.
- Scope of Surety Bond Coverage Under Iowa Code Section 322.4(7).
- Policy reasons underlying Iowa Code chapter 322.
Submit
Submit a Word Document containing your assignment and the following requirements:
- Paper Requirements – IRAC Method of Analysis using the headings below:
- Issue
- Rule
- Analysis
- Conclusion
- APA Requirements
- 1" inch margins
- Times New Roman 12 pt font
- Double-Spaced
- Title Page
- Reference Page
- Your assignment should be 3 – 4 pages not including the title and reference page.
- A minimum of three (3) scholarly resources is required.