Essay on Mitsubishi UFJ Financial Group - Essay Prowess

Essay on Mitsubishi UFJ Financial Group

Essay on Mitsubishi UFJ Financial Group


Mitsubishi UFJ Financial Group

This is the largest bank in Japan that mainly involved in the banking business, credit card business, leasing, and trust banking among others. The company also provides foreign exchange, mortgage loan, asset management, insurance among others through its trust asset division, corporate division, an international division and retail division. According to research conducted on march 31st last year, the company had 61 associated companies and 220 subsidiaries (Hoover, 2011).

How administrative agencies should respond in order to prevent high–risk gambles in securities or banking.

Administrative agencies have a duty to protect investors, facilitate capital formation and to organize, uphold fair and efficient markets. In order to prevent high risk gambles in banking or securities, the administrative agencies regulate the product’s futures and its markets. This regulation is achieved through the promotion of efficient and competitive markets and the protection of investors against fraud, manipulation and abusive trade schemes. However, administrative agencies should authorize public companies to publicly disclose their financial information in order to allow investors to make decisions on which companies they would invest in (Cheeseman & Henry, 2010).

Essential elements of a valid contract

The initial element that a contract must meet in order to be termed as valid involves proposal and acceptance. The party that is willing to must present in writing or printed proposal to the other party requesting its willingness to enter into a contract with the other party. However, this proposal can be accepted or rejected by the other party. When this proposal is accepted, the contract becomes valid and vice versa is also true. Moreover, valid contract involves consideration of the promise that has been made by the either of the two parties who are intending to make a contract. For example, when bank members want to take a loan, the bank must consider the amount to be its potential to lend the amount required, the repayment period and whether the security presented is worth that amount (Bar & Drobnig, 2004).

The other element involves the capacity of the two parties to a contract. This element involves considering factors such as age, health of the contracting parties among other factors. For example, the law requires the contracting parties to be above eighteen years of age and physically and mentally fit. That is, no one should enter into a contract with a minor or mentally ill people. Additionally, a valid contract must involve a legal relationship. That is, the subject of the contract should be legal in that, the importance of the substance that have lead to the entry of the contract is high enough such that any breach can result to the face of the law. For example, failing to repay the loan, the bank can prosecute or be granted a mandate to auction the asset that was stipulated as security of that loan as opposed to prosecuting someone for failing to take you to dinner as he or she had promised (Bar & Drobnig, 2004).

The other element that a valid contract must meet involves certainty of the terms and conditions of the contract. That is, the terms and conditions of the contract should be clear to both parties and should be free from ambiguity or vagueness. In addition, the contract should have the possibility of performance. That is the contract that the parties have entered should have the opportunity of being achieved. For example, banks should not give loans to customers when the security presented is too below the value of the amount required. Additionally, the contract should also be legally enforceable such that the parties can have a relieve in case of beach of the contract (Bar & Drobnig, 2004).

However, parties have a responsibility of maintaining good faith while undertaking contracts to avoid situations of conflicts or violating human rights. For example, bank members should be determined to observe and honor the terms and condition that are stipulated while taking loans (Bar & Drobnig, 2004).

Comparison between intentional and negligence torts

Intentional torts are offences that are deliberately committed against people or property. Common intentional torts include battery, false imprisonment, trespassing among others. On the other hand, negligence is a situation where individuals or organizations have the capacity to prevent injury or death to an individual but fails due to some reasons decide not to do so. For example, medical doctors can fail to treat a patient due to their own reasons. Moreover, both intentional and negligence torts can result to injury or death of an individual. Furthermore, both torts require the offenders to face the law and in case they are found guilty; they sentenced for a set duration (Cheeseman & Henry, 2010).

The tort action of “Interference with Contractual Relations and Participating in a Breach of Fiduciary duty”

Fiduciary duty is a duty that requires the promoter to explain the financial transactions or other assets that he or she handles with honest and to disclose any secret profits of the company to the independent board of directors. Disclosing personal interest in contracts is a tort that may lead to the company in nullifying the contract leading to a high loss. The tort action that can be taken is prosecuting the offender in order to repay the loss that the company incurred. Thus, interfering with the contractual relation would also lead to the cancellation of the contract and the consequence is repaying the losses incurred (Cheeseman & Henry, 2010).

How banks have protected the software that allows online transaction

Online banking has provided protection in banking transaction in a number of ways. For example, banks alerts their customers in case of unusual transaction to their accounts, provides time when transactions are made, provides image of the individuals when transacting and provides the customers with security codes. These security codes enable customers to feed any time that would be accessing their accounts (Cartwright, 2001).


Bar, C., &Drobnig, U. (2004). The interaction of contract law and tort and property Law in Europe: A comparative study. München: Sellier European Law Publ. 

Cartwright, P. (2001). Consumer protection and the criminal law: Law, theory, and policy in the UK. Cambridge [etc.: Cambridge University Press.

Cheeseman, Henry R. (2010). The Legal Environment of Business and Online Commerce: Business Ethics, E-Commerce, Regulatory, and International Issues, Sixth Edition. Published by Prentice Hall.Copyright © 2010 by Pearson Education, Inc. 

Hoover, W. D. (2011). Historical dictionary of postwar Japan. Lanham, Md: Scarecrow Press.