jUSTIN eVANS

lEE dENNEGER AND mARK kNUTSON BOTH LIVED TOGETHER FOR A YEAR, THROUGH 1999-2000. wHEN THE YEAR 2000 CAME THEY MOVED INTO ANOTHER HOME. mARK ONLY HAD MONEY TO PAY THE MORTGAGE AND A FEW OTHER EXPENSES IN THE HOME. (fisher, J.A.D. n.d.).

hE DIDN'T HAVE EXTRA FUNDS TO SPEND ON OTHER THINGS. fEBRUARY 2001, aTT SENT LEE dENNEGAR A CREDIT CARD. A CREDIT CARD THAT HE WASN'T AWARE OF. lEE LET MARK DEAL WITH ALL THE FINANCES IN THE HOUSE. (fisher, J.A.D. n.d.).

eVEN SIGNED OFF ON LEE DENEGARS CHECKS, AND USED HIS CREDIT CARDS AS WELL. aLL THE STATEMENTS WERE BEING SENT TO THE HOUSE. soMETIMES THERE WERE PAYMENTS BEING MADE ON THE ATT CREDIT CARDS. (fisher, J.A.D. n.d.).

LEE THEN WAS IN THE HOSPITAL FOR A WHILE. hE HAD A NERVOUS BREAKDOWN IN SEPTEMBER OF 2001. eVEN THOUGH LEE GAVE MARK THE CONSENT, HE SAID THAT HE WOULD RARELY SIGN THE CHECKS. (fisher, J.A.D. n.d.).

IN 2003 OF jUNE, HE FOUND OUT THAT HIS ROOMMATE MARK HAD PASSED AWAY. AFTERWARDS LEE RECEIVED MAIL FROM NEW CENTURY SAYING HE OWES 14,752.93. (fisher, J.A.D. n.d.).

FROM A ATT CARD THAT HE WASN'T AWARE OF. IN 2013 AFTER MARKS DEATH, THE ACCOUNT WENT INTO DEFAULT. HE ALSO ADMITTED HAVING POOR MEMORY, THAT HE COULD FORGET THINGS. (fisher, J.A.D. n.d.).

THIS COULD'VE HAPPENED DURING HIS NERVOUS BREAKDOWN. HE ALSO LET'S HIS ROOMMATE DEAL WITH SO MUCH, THAT MARK MAY HAVE TOLD HIM AND HE SIMPLY FORGOT. (fisher, J.A.D. n.d.).

eVEN THE JUDGE FELT LIKE LEE GAVE MARK THE CONSENT TO OPEN THE ACCOUNT. ALL THE PAYMENTS MADE ON THE CREDIT CARD WAS KEPT FOR EVIDENCE.

THERE WAS SEVEN MONTHS RECORDED OF EVIDENCE, THAT SHOWS SOMEONE MADE PAYMENTS ON THE ATT CREDIT CARDS. iF MARK GOT CONSENT FROM LEE THAT MAKES LEE RESPONSIBLE FOR THE 14,752.93. (fisher, J.A.D. n.d.).

Facts

• there was no legal document assigning lee to open any credit cards.
• He didn't authorize 14,752.92 worth of credit.
• payments were only made sometimes.
• he's depressed and had a nervous breakdown.
• new century wants the full payment back.

solution

• try to dispute the credit card.
• get a lawyer. (Mendel, s. 2017).
• try to file for false identity or fraud.
• look for mark death insurance to cover the cost.
• look for assistance since the roommate passed away.
• (staff writer, 2021).

i feel in this case between, lee and mark the best theory would be the agency theory. because lee really depended on mark to take care of any finances. there was some disagreement between lee and mark.

lee gave him consent but wasn't aware of the checks and the credit card. mark stated he rarely signed off on checks.

agency theory

• agency theory-when someone relies on an agent to execute specific financial decisions and transactions that can result in fluctuating outcomes. (corporate finance institute, 2022).

conclusion
lee depended on mark so much to get his mail, keep up with the finances, etc. then lee had to start doing his own finances. he found a letter in the mail saying he owes 14,752.93 the judge felt like he gave mark so much consent that it was okay for mark to open up a credit card. there's not much evidence that could help lee get out of paying the money back to the debt collectors. he's still held responsible, and would have to pay off the credit cards.

references
Corporate Finance Institute. (2022, May 7). Agency theory. https://corporatefinanceinstitute.com/resources/knowledge/other/agency-theo...

FISHER, J.A.D. (n.d.). NEW CENTURY FINANCIAL SERVICES INC v. DENNEGAR. Retrieved from http://caselaw.findlaw.com/nj-superior-court-appellate-division/1263011.htm...

Mendel, S. (2017, October 3). How to dispute a charge: Everything you should know. ValuePenguin. Retrieved from: https://www.valuepenguin.com/disputing-credit-card-purchases

Staff Writer. (2021, November 2). What happens to your lease if your roommate dies. Trust & Will. Retrieved from: https://trustandwill.com/learn/what-happens-to-your-lease-if-your-roommate-...