How did the Supreme Court define an investment contract in Howey
Read the book : Palmiter, Alan, Securities Regulation: Examples and Explanations, 7th, ISBN-13: 978-1-4548-8130-8, ISBN-10: 1-4548-8130-5 (“Text”) Chapter 2 Definition of Security And Chapter 3 Materiality
It should briefly lay out the basic facts of the case. These are usually generally agreed upon by the time it gets to the final appeal stage; i.e., the Supreme Court or a Federal District court.
What is much more important is the issue at law – the dispute about what the law means or how it should be interpreted.
What was the majority of the court’s decision in the case, and – more importantly – what was the basic reasoning behind this decision?
If you are asked to read a dissent in the case, what was the decision and reasoning in the minority?
Do you agree or disagree with the court’s decision? Explain why.
– references should be clearly connected to the text through parentheses (Smith, 2016) or footnotes.
Direct quotes should be in quotation marks. Material which is a close paraphrase of another work, although not a direct quote, should be referenced and explicitly acknowledged with the expressions like ‘paraphrase,’
-Use these questions and answer it writing into the case.
How did the Supreme Court define an “investment contract” in Howey?
What kinds of financial arrangements constitute “securities”?
What are the implications of being a security?
How do the securities laws balance investors’ need for information against issuers’ burden of disclosure?
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