Reference no: EM131086283

For each scenario, answer the questions. Make sure to support each answer with at least one reference to the required background materials. Be clear about how the reading supports your answer. Your paper should be 4- to 5-pages in length:

1. You are at a bar, watching a football game. You run into your friend Bob and make a bet for $1000 on the game. You have ten witnesses to the bet, but you have Bob sign a short statement on a napkin regarding the bet, just in case. You win the bet, but Bob refuses to pay even though you have sworn statements from all of your witnesses and have a handwriting expert who can prove that it is Bob's handwriting on the napkin. Will you be able to legally collect your money from Bob? Why or why not?
2. Suppose you are selling your house and receiving bids from potential buyers. Your largest offer for your house comes from someone who is 80 years old, but is very wealthy and has more than enough money to buy your house. He signs an agreement to purchase your house for $500,000. A few months later, he has not yet paid you and you are unable to reach him by phone or email. You later find out he is living in a home for senior citizens with Alzheimer's disease. Will you be able to force him to pay you the $500,000?
3. You sign an agreement to provide consulting services for a friend of yours. The agreement is that you provide a business report for him on how he can improve the profitability of his small company. The agreement is simple and only includes the following: A) Your name and the name of your friend, B) an agreement that you will complete your report within one month, C) your report will be 50 pages and provide at least five recommendations on how to increase profits, and D) your friend will pay you $50,000 when your report is completed. When you complete your report, your friend is not satisfied and says none of your five recommendations will work and refuses to pay. Neither of you wants to go to court. What went wrong with this contract - the offer, the acceptance, the consideration, or other? What additional clauses do you think should have been included in the contract to prevent this disagreement?
4. You own a small construction business and run into your father-in-law, who wants to hire you for a $10,000 project. He is adamant about not signing a contract, and says, "We are family! No need to get lawyers involved; we trust each other." Being familiar with contract law, you know that since you are providing a service, rather than selling physical goods, an oral contract will be valid for amounts over $500. However, you know that your father-in-law is a bit absent-minded and might forget the terms of your oral agreement. What step or steps might you take to protect yourself from a future disagreement without a formal written contract?
5. Suppose you own a furniture manufacturing company. You have an oral agreement with a local furniture store to sell your products at a set price of $200 per couch and $25 per chair for a period of two years, with the store agreeing to buy at least five pieces of furniture per month during these two years. There are numerous witnesses to this contract but nothing is in writing. If the furniture store decides to stop purchasing your furniture after one year, is this oral contract enforceable? Explain your reasoning.