JPMorgan Chase Essay Example | Topics and Well Written Essays - 1250 words - 5

JPMorgan Chase - Essay Example The Commission enforces its authority also by bringing â€Å"civil enforcement actions† against those who violate the securities laws (SEC, n.d.). On the other hand, the SEC as an overseer, watches over â€Å"the key participants in the securities world,† which include â€Å"securities exchanges, securities brokers and dealers, investment advisors, and mutual funds† and heads in advancing â€Å"the disclosure of important market-related information, maintaining fair dealing, and protecting against fraud† (SEC, n.d.). The SEC also persistently works with the participants of the major market as well as investors in the securities markets to take note of their concerns and experiences (SEC, n.d.). The primary responsibilities of the Commission include: interpreting and enforcing â€Å"federal securities laws†; issuing â€Å"new rules and amending existing rules†; overseeing the examination of â€Å"securities firms, brokers, investment advisers , and ratings agencies†; overseeing â€Å"private regulatory organizations in the securities, accounting, and auditing fields†; and coordinating â€Å"U.S. securities regulation with federal, state, and foreign authorities† (SEC, n.d.). The Commodity Futures Trading Commission (CFTC) on the other hand, is mandated â€Å"to regulate commodity futures and option markets in the United States† (US CFTC, n.d.). ... 2. Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. The elements of a valid contract are â€Å"parties competent to contract, a proper or lawful subject matter, consideration, mutuality of agreement or assent, and mutuality of obligation† (Henke v. U.S. Dept. of Commerce, 83 F.3d 1445 (D.C. Cir. 1996); Foundation Telecommunications, Inc. v. Moe Studio, Inc., 341 Ark. 231, 16 S.W.3d 531 (2000); Mallory v. City of Detroit, 181 Mich. App. 121, 449 N.W.2d 115 (1989); Rhode Island Five v. Medical Associates of Bristol County, Inc., 668 A.2d 1250 (R.I. 1996). It may also be â€Å"offer, acceptance, and consideration† (Gatlin v. Methodist Medical Center, Inc., 772 So. 2d 1023 (Miss. 2000); Sauner v. Public Service Authority of South Carolina, 354 S.C. 397, 581 S.E.2d 161 (2003); Shaw v. Smith, 964 P.2d 428 (Wyo. 1998). In every contract, there is always â€Å"an implied covenant of good faith and fair dealing† (Lloyd Noland Foundation, Inc. v. City of Fairfield Healthcare Authority, 837 So. 2d 253 (Ala. 2002); Wells Fargo Bank v. Arizona Laborers, Teamsters and Cement Masons Local No. 395 Pension Trust Fund, 201 Ariz. 474, 38 P.3d 12 (2002), as corrected, (Apr. 9, 2002)), where â€Å"neither party shall do anything† which would destroy or injure â€Å"the right of the other party to receive the fruits of the contract† (Diagnostic Laboratory, Inc. v. PBL Consultants, 136 Ariz. 415, 666 P.2d 515 (Ct. App. Div. 2 1983); Okun v. Morton, 203 Cal. App. 3d 805, 250 Cal. Rptr. 220 (2d Dist. 1988); Dunfee v. Baskin-Robbins, Inc., 221 Mont. 447, 720 P.2d 1148 (1986); Spanish Oaks, Inc. v.