Sub: Corporate Law

Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela who will assume personal liability for the repayment of the mortgage.

o Please see Exhibit 3. (b) $500 million of 12.5% 20 year subordinated debentures –

G. S. Adams, vice president of the Washington Bank & Trust Co., entered into a bilateral contract with Mr. Bickham. When they met, Adams is speaking on behalf of the bank when he promised to loan Mr. Bickham money on specific terms. The terms were

When Jack proposes to Ken to ‘part payment of debt, ' he is asking to pay £2,000 less to Ken, for the same job. Ken gains no legal benefit if he promises but he does gain practical benefit since he would not have to take Jack to court, and ‘run the

In order to advise Billy in whether he is entitled to the extra $20,000 and a share in the farm, the key facts and relevant issues must be examined to determine if the elements of a legally binding contract exists. Whether there was an agreement and intention to create legal relations between the two will be used to determine whether Choy has breached a contract between the two. If a contract is found to

3. NuTech Company agrees to sell computer equipment to Office Stores, inc (OSI) for OSI to make to its customers. Their construct will be unenforceable if it does not include: the quantity of the goods.

Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela, who will assume personal liability for the

Case 4: As of January 1, the Lohse Company owes the First Arbor Bank $350,000 which is due on December 31. Since Lohse seems unable to repay the note, the bank agreed that Lohse can “settle” this balance by agreeing to make four, annual installments on each of the next four years, provided that it adds a “due on

g. On December 31, 2012, the company completed the work on a contract for an out-of-province company for $7,900 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction.

NOW, THEREFORE, in consideration of the mutual promises herein set forth and subject to the terms and conditions hereof, the parties agree as follows:

The Borrower and the Lender are, in good faith, entering into this Agreement and a contemporaneous Security Agreement, dated as above. The Debtors are entering into this Loan Agreement for the sum of $1,500,000.00 to be rendered by the Lender in the form a cashier’s check at the time of signing. The loan is compelled by the ample consideration provided in the corresponding Security Agreement. Both of these Agreements may be modified, amended, or supplemented from time to time throughout the natural course of the Agreements.

be able to repay but he promises to do so anyway. This action is not consistent

Bernie is selling his 2006 ford Fusion. Vivian makes an offer to purchase the vehicle for $12,000.

As per the information provided, the parent has extended a loan to the tune of $ 40,000 to her son while the son promised to make a payment of $ 50,000 at the end of the tenure of five years. The parent expressed that she had no desire to earn any income from extending the loan and had expectations with regards to repayment of principal amount only. However, in actuality the son made the repayment of the principal after two years and voluntarily provided interest income of $ 4,000 calculated at the rate of 5% pa. The main issue is to

In the article “Consideration - in Acceptance of Contract”， this support Robert’s (2015) evidence that if an act is performed then a subsequent promise to pay by reference to that act is not enforceable as the consideration was past. Other that, he also noted that if there was an implication; the past promise to pay is enforceable.