BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
16th Edition
ISBN: 9781305768697
Author: Mann
Publisher: Cengage Learning
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Chapter 9, Problem 4Q
Summary Introduction
To discuss: Whether a contract been formed and the rights of person C and person M.
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is a breach of promise to marry your fiancee actionable?
when is violation on promise to marry your fiancee actionable?
James sold his 1965 e-type Jaguar car to Shirley for $18,500. During the negotiations James claimed that the car was actually a 1963 model, which were rarer, and therefore more valuable.
Shirley, who was 17 at the time of purchase, bought the car on the understanding it was the 1963 model.
Are all the elements of a valid contract present?
Explain your answer.
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BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
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- Explain the dangers of entering into a contract with someone who is under 19 years old where you are an adult?arrow_forwardBuyer Bert can't believe that Seller Sam has had a last-second change of heart about entering into an agreement to sell his home to Bert. Sam has offered to refund Bert's earnest money and even pay him something in acknowledgment of Bert's inconvenience and disappointment, but Bert's not having it. He wants Sam's house. Choose the remedy for breach of trust that Bert will most likely take. accept compensatory damages demand specific performance initiate rescission settle for liquidated damages 19:19arrow_forwardIf one party to a contract uses any form of unfair coercion to induce another party to enter into or modify a contract, the coerced party may avoid the contract on the basis of fraud. True O Falsearrow_forward
- James sold his 1965 e-type jaguar car to Shirley for $18,500. During the negotiations James claimed that the car was actually a 1963 model, which were rarer, and therefore more valuable. Shirley, who was 17 at the time of purchase, bought the car on the understanding it was the 1963 model. Are all the elements of a valid contract present? Explain your answer. (Examine legal concepts and scope of contract law).arrow_forwardVinson had a severe gambling problem. Every night, he stayed awake to the early hours of the morning picking games and spreads and betting online or calling his bookie. Finally, Vinson's wife, Bethany, had enough of Vinson's gambling. Bethany entered into a written contract with Hyacinth, a gambling addiction therapist who agreed to treat Vinson twice a week for six months. The contract is signed in writing (by the contract parties. Bethany and Hyacinth; and, of course, also by the patient, Vinson). Vinson then begins his counseling. However, after two months. Bethany sees no improvement in Vinson's behavior. After all, her debit cards just got declined at the store, and when she confronted Vinson, he simply stated, "I lost $1,000 on the Miami Marlins last night." Bethany decides she is going to breach the contract, that is, to stop paying Hyacinth. What would a court most likely find, if Hyacinth sues Bethany to enforce the contract and make Bethany pay for the breach? O UCC Article 2…arrow_forwardExplain what is the role of unjust enrichment in the doctrine of quasi-contracts?arrow_forward
- distinguish fraud in the performance of a preexisting obligation from fraud in the perfection of a contractarrow_forwardMary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment and aks for a security agreement on Mary's car. Instead Mary gives him her diamond necklace worth $8,000.00. He agrees to to this arrangement and takes possession of the necklace. To "perfect" this security interest Mark needs to obtain a written security agreement and file it with the Illinois Secretary of State? True/False.arrow_forwardProfessor Shott buys a Porsche against the wishes of his much more intelligent wife. Professor Shott soon realizes his mistake when he starts to make the car payments. Jane, a very wealthy 17 year old, offers to buy the Porsche and Professor Shott accepts. Now assume that before she turns 18 Jane gets in an accident and badly damages the Porsche causing $20,000 in damage. Assume she originally paid Professor Shott $50,000 for the car. If Jane now seeks to return the damaged car what is the result? Professor Shott must refund Jane his money minus the amount of the damages. Professor Shott does not have to refund Jane anything. Professor Shott can demand it be repaired before giving Jane a refund. Professor Shott must refund Jane 100% of his money even though he damaged the car.arrow_forward
- Define the following under contract Act 1932, provide essentials with example a) Coercion, c) Undue Influence, b) Fraud, d) Misrepresentationarrow_forwardsanjayarrow_forwardPlease provide Reaction to statement below: William refrained from certain behaviors, as requested by his uncle, in exchange for a large sum of money. Since the executor of Story's estate refused to pay William, claiming that the contract lacked consideration, there is a theory of consideration that William can rely on. William can invoke the concept of forbearance, which he did by refraining from drinking liquor, using tobacco, swearing, and playing cards or billiards for money until he reached the age of 21. This act of forbearance on his part can be considered adequate consideration for the contract. In this case, even though refraining from liquor and tobacco has been beneficial for William's health, it can still be considered a legal detriment or forbearance for the contract. Considering the facts presented, William fulfilled his uncle's requirements, and Story acknowledged that William had fulfilled his part of the bargain. Based on this, there was valid consideration for the…arrow_forward
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