Was the exchange bank correct

Assignment Help Macroeconomics

Reference no: EM13727059

Martin made an oral contract with Cresheim Garage to work as its manager for two years. Cresheim wrote Martin a letter stating that the oral contract had been made and setting forth all of its terms. Cresheim later refused to recognize the contract. Martin sued Cresheim for breach of the contract and offered Cresheim's letter in evidence as proof of the contract. Cresheim claimed that the oral contract was not binding because the contract was not in writing and the letter referring to the contract was not a contract but only a letter. Was the contract binding?

Lone Star Life Insurance Co. agreed to make a long-term loan to Five Forty Three Land, Inc., whenever that corporation requested one. Five Forty Three wanted this loan to pay off its short-term debts. The loan was never made, as it was never requested by Five Forty Three, which owed the Exchange Bank & Trust Co. on a short-term debt. Exchange Bank then sued Lone Star for breach of its promise on the theory that the Exchange Bank was a third-party beneficiary of the contract to make the loan. Was the Exchange Bank correct? [Exchange Bank & Trust Co. v Lone Star Life Ins. Co., 546 SW2d 948

Reference no: EM13727059

Questions Cloud

Problem pertaining to sensitivity analysis and shadow price : Identify each variable and explain the criteria involved in setting up the model. This should be encapsulated in one (1) or two (2) succinct paragraphs - Write a paragraph addressing the part of the problem pertaining to sensitivity analysis and sh..

Write an overview of the company''s functional strategies : Analyze Chico'sFASInc 2010 Annual Report. In a 2-3 page document, write an overview of the company's functional strategies using the Three Functional Concerns model.

What is the best approach toward meeting this objective : Increasing Profitability...What's the best approach toward meeting this objective, Operational Efficiency - Clearly there are some operational issues that have been and/or remain to be addressed

Circumstances that break down an overall design : Under what circumstances would you break down an overall design to include individual user views? Provide examples from either your workplace or class assignments.

Was the exchange bank correct : Cresheim wrote Martin a letter stating that the oral contract had been made and setting forth all of its terms. Cresheim later refused to recognize the contract.

What is the rationale behind such inventory control criteria : In this section, describe how you apply differential pricing for your room sales. For example, how is differential pricing applied to different market segments, to weekday/weekend rooms or to different distribution channels? What is the rationale..

Why was a risk management plan considered unnecessary : Altex Corporation in the case study section of your text. Write a summary of the case and answer the following questions from the end of the case.

Nested if functions along with vlookup function : The Vlookup function returns a #n/a! error if no lookup value is supplied, and various other errors whne invalid keys are entered. Use a combination of three levels of nested if functions, and other functions to avoid these problems.

The intrinsic and extrinsic rewards provided by the job : The intrinsic and extrinsic rewards provided by the job. The satisfaction and motivational result of those rewards.

User Account

All Pages