Reference no: EM13871664

1. Luke asks an acquaintance Steve if he'll come help him work on his boat this Saturday. Steve is very busy, but says it will take $200 for him to pass up on some other jobs. Luke agrees to the terms. Do Luke and Steve have a contract? If so, what kind (s)? If not, what do we have here?

2. Suppose that his way and Like calls and tells him that he was able to complete the repairs by himself and there is no need for him to come now. What is Luke's action called in the contract terminology? Can he legally do this at this point? Explain.

3. I'm furious at a local oil change place for the long wait time. I vent on Twitter and state that I will give $2000 to anyone that will spray paint "Horrible Service" on the front of their building. A guy with nothing to lose does and it and asks for the money. Will I have to pay? Explain.

4. If two people disagree about a contract being formed between them (one believes yes, the other no), what standard/view would a court use to look at the facts and determine if the required elements of a contract in fact existed? Explain.

5. I offer to sell my bicycle for $450 on Craigslist. A couple of weeks later a guy sees me and shows me the $450 and wants the bicycle. Do I have to give them to him since he met my posted asking price (assuming they had not sold yet)? Explain.

6. Let's say that I want to proceed with the sale and the night before I am to give the bike to him, I die in a freak car crash. What happens now with the bicycle sale?

7. My wife and I are renovating an old house to flip it for a profit. When we purchase, we get a bid to renovate for $25,000. During the removal of the old tub and tile, it is discovered that there is substantial water damage and mold, which will cost an additional $10,000 to repair. Will the builder be able to hold us liable for the additional costs? Explain.

8. My wife is starting to get concerned about my weight. She promises that if I lose 20 pounds in the next six months that she will give me $10,000 from a separate trust account she had prior to our marriage (not community property) to do whatever I want with. I lose the weight and she tells me that she's not giving me the money, as it was something I should have done anyways. Assuming that I'm mad and become vindictive, can I hold her to the agreement in contract? Explain.

9. The town of Mystery, Alaska, is told that the New York Rangers are coming to play their local pond hockey team in an exhibition game to be televised nationally. As such, they expend a substantial amount of money fixing up the town and most notably building a "hockey rink" around the pond they presently play on. The New York Rangers get scared and try to back out. If they don't come, what legal principle might allow Mystery to recover their costs? Explain. Assume no contract was actually signed and the complete details were ever explicitly stated, but a Rangers representative did confirm to the town that they were coming.

10. My son, age 16, is hungry one day after school and goes with a friend to the local Walmart for some food. While they are there, he buys some stuff for dinner at a cost of $15 and a new video game that costs $45 with money I had given for him to save for his first car. I'm furious and tell him to get all of the money back as he was just a stupid kid. What will he likely be able to recover from Walmart? Explain.

Food is a necessity, but minors are not contractual

11. I place a bet with Jimmy the Greek on the Cowboys game for $2,000. I win, but Jimmy refuses to pay. Should I take him to court to get the money? Explain.

12. I'm shopping at Academy one day and see a high dollar fishing rod on sale that I like. In scanning the rod at their in store price checker to make sure it is on sale, it actually rings up at one cent (.01 - and yes, this did happen). I then proceed to buy 5. Let's say a few hours later, Academy realizes the mistake. Can they rescind the transaction assuming they can find me? Explain.

13. I'm buying a house, but for health reasons (mold) I am really concerned given that it might have been flooded ten years back. The seller assures me that it wasn't. In actuality, the seller didn't own the house at the time, had purchased it in a quick cash deal, and didn't know anything about the history. Was this fraudulent representation? Explain. What are my options at this point?

14. On a trip to a conference, my car breaks down in small town. I tell the mechanic that I have to be on the road that evening. The mechanic says he can get it done, but it will be $3,000 for a repair that normally costs about $500. I have no choice, but to proceed. After the fact, can I claim duress based on the facts presented and recoup some of the money from the opportunistic mechanic? Explain.

15. Briefly explain if each of the following contracts must be in writing to be enforceable:

a. A fishing charter contract to six months from the date of agreement.
b. A contract for the sale of a $1000 car.
c. A guaranty by my parents for a product that I am purchasing.

16. Jerry Seinfeld is scheduled to do a comedy show in New York. At the last minute, he decides that he would prefer to go to the Knicks game. Instead he sends one of the writers off his show that has performed at some small comedy clubs to perform in his place. What is his action called and can he do it? Explain.