Reference no: EM133282843

1. An old couple (Mr. K. and his wife) made a promise to their niece and her husband (Mrs. and Mr. P.) that Mr. K would leave them a portion of his estate in his will, if Mrs. and Mr. P sells their cottage and come to live with the old couple and share the household and other expenses. The young couple sold their cottage and started living with the old couple. But the two couples are always arguing and the old couple renounced the agreement by telling the young couple to move somewhere else. The young couple filed a suit against the old couple for the breach of promise. Do you think there is valuable consideration in this agreement? Will the young couple succeed?

2. Do you think third parties affected by a contract should be given the power to sue for detriment or loses that directly affects them?

3. Mr. T., a stamp dealer, had a rare Peruvian 5 cent blue stamp for sale. He wrote to Mr. S., a collector who specializes in Peruvian stamps, asking whether he would be interested in purchasing it. Mr. S. wrote in reply, 'I am willing to pay £500 for the "blue"; I will consider it mine at that price unless I hear to the contrary from you and will collect it from your shop next week.' Advice Mr. S. as to the legal position: if Mr. T. disregarded Mr. S.'s letter and sold the stamp to Mr. O. for £600. What if MR. T. put the stamp on one side in an envelope marked 'Sold to Mr. S.' but Mr. S. decided that he no longer wished to buy it? What is the legal position of this case?

4. Why does the rule of law differ among countries?

5. A wrote to B offering to sell him a block of shares in ABC Ltd. In the letter, which arrived on Tuesday, A asked B to let her know by next Saturday. On Thursday Bill posted a reply accepting the offer. At 6 pm on Friday, he changed his mind and called A. A was not there but her phone answering machine recorded B's message stating that he wished to withdraw his acceptance. On Monday A opened B's letter, which arrived that morning, and then played back the message on the machine. Has a contract been established between A and B in this case? Explain all the legal principles of this case

6. Do you support the principle of consideration being sufficient and not adequacy as a Fair and Just legal principles? How do you apply this principle to Past Considerations?

7. How does the principle of intention to create legal relations in an agreement among families and friends differ from that of business entities?