Question 1

Distinguish between an assignment and delegation.

Accepted Answer

The answer of Distinguish between an assignment and delegation....

Question 2

Sandy Cowden inherited $700,000 from her grandfather.Reginald LaRocco is a local businessman
who operates an almond ranch and is an insurance salesperson.He owns several land parcels in the local community and wants to sell some of this land to Sandy.He convinces Sandy to buy Riveracres,Reginald's ranch on the outskirts of town.Reginald tells Sandy that there are 130 acres on the ranch.In fact there are only 90.Sandy has the ranch surveyed before buying and learns that it has only 90 acres.Reginald tells Sandy that he paid $50,000 for the land 40 years earlier and it is worth 10 times that today.He actually only paid $25,000 for the land which he purchased 53 years ago.He sells it to Sandy for $380,000 and three months later Sandy finds out a similar adjoining parcel sold for $210,000.Sandy wants to get out of the Riveracres contract.Will she be able to do so? Why or why not? Explain.

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Question 3

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player,Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

Accepted Answer

The subsequent transfer of Sara's right to receive payment for the new digital player is an assignment. In an assignment, the assignor (Sara) transfers all or part of their rights or benefits under a contract to another party (the assignee). The assignee then has the right to receive payment from Rizwan.

Question 4

Bill owns a rare vintage Ford Mustang automobile.Jack,one of Bill's closest friends and a physician,has persuaded Bill to sell the car to Jack at a price substantially less than market value.At the time Bill sold the car,he was resting in a nursing home recovering from a serious illness.If Bill desires to set aside the sale,what arguments might he make?

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Question 5

When the Statute of Frauds requires that a contract be in writing,how much of a writing is required? Is a complete,written and signed contract necessary? If not,what satisfies the requirement?

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Question 6

Andorra orally agrees to work on Brook's farm in the Matanuska Valley near Fairbanks,Alaska.
Under their contract,Andorra will remain through two growing seasons,for a period of 15 months.Compensation will be room and board plus $500 paid each month and $50,000 paid at the end of the 15-month term.All goes well for six months,through the first harvest.Then Brook,because of
domestic difficulties,sells the farm and fires Andorra.What legal remedy,if any,does Andorra have?

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Question 7

Under long-established law,minors generally have the power to avoid liability for their contracts.They seldom exercise this power,even though they make annual purchases measured in the billions of dollars.What are some possible explanations for this seemingly strange state of affairs?

Accepted Answer

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Question 8

Under the Statute of Frauds,some specified contracts must be in writing and signed by the party
against whom enforcement is sought.State several benefits or advantages that result from this statute for the contracting parties.

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Question 9

The band "The Colorfast Tattoo" signs a contract to sing at the Hornet Theatre.The band and the owner agree that they will include a liquidated damage clause in the contract.Let's really make the penalty stiff: so whoever breaches has to pay the other guy one hundred grand." This sum was far above either "The Colorfast Tattoo's" usual payment or the profits the promoter expected from the performance.Is this clause valid? Explain your answer

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Question 10

Kay Kirk had paid the outstanding balance on her MasterCard credit card,and had made no further
purchases with the card for three months.Then,she was shocked when a statement arrived by mail
showing assorted charges on the card for a total of $2,700.She quickly checked her wallet and found her card.Must she pay the $2,700?

Accepted Answer

The answer of Kay Kirk had paid the outstanding balance...

Question 11

Is an advertisement generally considered to be an offer? Why? Why Not? Explain.

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Question 12

Rosemary and Ronald were engaged in dispute over a contract.Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary.Rosemary agreed to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract.Assuming
the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?

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Question 13

Adrian sent an offer to Sehar by mail to sell him a used computer monitor for $125.An appropriate response accepting this offer is first effective to form a contract when

Accepted Answer

For a contract to be formed, there must be an offer and an acceptance. Sehar must express his acceptance of Adrian's offer. This can be done by mailing his letter of acceptance, which becomes effective as soon as it is put in the mail. Therefore, the best choice is D - Sehar mails his letter of acceptance.

Question 14

Warbeagle was hired by Barge Brothers Diet Center to give advice as to how to best market the
Diet Center's new "Starvation Diet." Warbeagle was to be paid for the development of a marketing plan based on the number of days he worked in preparation of the plan ($1,000 a day).When he had completed about half of his intended work (five days),Warbeagle received an offer to tour the great restaurants of Russia with all expenses paid.He left Barge Brothers,but he did not leave them high and dry.He provided a computer disk and hard copy of all work he had completed to the date of departure.He also left a bill for $5,000.

Accepted Answer

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Quiz 8: Contracts: Enforceable Agreements