Reference no: EM132118435

1. Salim has entered into a contract with Jenna to buy her land for $50,000. Salim has paid the amount in full. However, Jenna has not transferred the land to Salim. Salim decides to sue Jenna to request a court order to compel Jenna to transfer the land as per the contract. Which of the following remedies is the court most likely to enforce in this case?

Rescission.

Substantial performance.

Consequential damages.

Specific performance

Liquidated damages.

2. Twenty years after you take this class you are successful and wealthy. Knowing that this class was the key to your success, you look up your old professor and send her a letter stating; “Because you helped me so much while I was a graduate business student, I am planning on sending you a check for $100,000.” The Professor never relied on this promise and thus did not change her position. Later you come to your senses and do not send the check. Nevertheless, the professor files a lawsuit. Select the correct statement.

You should have to pay the professor; Your initial letter created a valid contract.

You should not have to pay; promissory estoppel applies.

You should not have to pay; you can allege insanity as a contractual defense.

You should not have to pay; the professor did not send a timely letter of acceptance.

You should not have to pay; there is a lack of consideration.