Sally has a large farm and significant other assets.She agreed to loan her nephew Todd $100,000 with payments of principle and interest to be made yearly.A few years later she and Todd got into a dispute because Sally did not like his new girlfriend,Polly.Soon thereafter Todd got notice that Sally was suing him for not paying interest on the note.Todd defended on the basis that two years after the initial loan agreement was entered into,he and Sally entered into an oral agreement that he would perform services on her farm in lieu of paying interest on the note.If the court follows the reasoning of the court in the Case Opener involving Monroe Bradstad and Jeanne Garland,which of the following is the most likely result of the dispute between Sally and Todd involving whether he owes past interest amounts?
A) Todd will be required to pay the interest amounts because the agreement involving performing services in lieu of paying interest was not in writing.
B) Todd will be required to pay the interest amounts because the parol evidence rule bars evidence of any oral agreement outside the written agreement.
C) Assuming the court credits Todd's account of events, Todd will not be required to pay the interest amounts because the oral agreement will be considered a separate enforceable agreement.
D) Assuming the court credits Todd's account of events, Todd will not be required to pay the interest amounts because the oral agreement will be considered an extension and part of the original written agreement.
E) Assuming the court credits Todd's account of events, based on the parol evidence rule, Todd will be required to pay only 1/2 of the interest amounts.
Correct Answer:
Verified
Q1: The Uniform Electronic Transactions Act reflects the
Q3: Which of the following is a type
Q5: Blaine and Amanda orally agreed with Medical
Q6: In some states a promise to pay
Q10: The concept of performance has no effect
Q10: Contracts related to an interest in land
Q11: Which of the following is a type
Q12: Which of the following is false regarding
Q20: Which of the following is false regarding
Q29: In _,the English Parliament passed the Act
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents