On what basis could mona rescind the contract

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Reference no: EM132167913

1. Gene sells a trail bike to Hollis without disclosing that the odometer, which reads 10,000 miles, was disconnected 90,000 miles ago. Does Hollis have to pay the contract price? Discuss.

2. Mona is induced by her guardian Newt to sign a contract to invest her student loan funds in Overseas Bank through Newt’s investment firm. Unknown to Mona, Newt realizes ongoing commissions from the investment. On what basis could Mona rescind the contract? Discuss.

3. Carl leases 2 acres of land to his friend, Larry. Larry intends to build a house on the property which will significantly increase its value. Larry applies for a $1 million loan from Fleet Bank to build the house. Carl orally promises the bank that he will be responsible for paying back the loan if Larry does not. On that basis the loan is approved.

Is Carl’s promise enforceable if Larry fails to pay back the loan? Explain.

Reference no: EM132167913

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