What kind of promise did john make

Assignment Help Business Law and Ethics

Reference no: EM13907115

Book: Essentials of Business Law and the Legal Environment by Richard Mann and Barry Roberts the 10th edition. ISBN-13: 978-0324593563 or any older editions.

Chapter 11

1. John is walking around in a bad neighborhood. Paul walks up to him, puts a gun to his head and asks him if he wants to buy a painting for a $100. In fear for his life, John says yes. Is this a valid contract? Why? Let's say that John discovers that the painting is worth a thousand dollars, what are his options?

2. John is a lawyer. One of his clients Paul wants to get into business with him buying a subway together. John thinks he can save money by drafting the legal paperwork himself and he asks you if it is a good idea for him to do that? Advise him.

Chapter 12

1. What is consideration?

2. John sits in class next to Martin. John tells Martin that when he sees him in class on Monday he will give him a hundred dollars. What kind of promise did John make?

3. John rents an apartment. The lease expires and he moves out. He owes the landlord 1000 dollars. He sends him a check for 300 dollars with a note that if the landlord cashes the check, it means that he forgives the balance. If the landlord cashes the check, can he sue the former tenant for the balance?

4. A gets a phone call from a collection company saying that he owes $8,000 for a credit card debt that the collection company bought from the credit card company. A tells collection agency that the debt to credit card company was $4,000. Credit Card Company is able to provide paperwork proving the amount. A offers to pay $6,000 to settle the claim with Collection Company. Can the collection company cash the check and sue for the balance owed. Why?

Chapter 13

1. What is an illegal agreement? Is it void, voidable or unenforceable?

2. A is a plumber. He fixes the plumbing in B's house. B finds out that A does not have the state required plumber license. B asks you about the law on whether there is a valid contract between him and the plumber and whether he has to pay A. Advise him.

3. A works for an auto parts seller. His contract states that when he leaves his employer, he can not get a job with a competitor for two years anywhere within 200 miles from the employer. What do we call this provision? Is it enforceable? Explain.

Chapter 14

1. Contracts with minors are voidable. What should a merchant do to protect its interest when entering a contract with a minor?

2. A is under guardianship by court order. B learns that A wants to sell her house. If A and B enter into a contract for the sale of the house. What is the legal effect of this contract?

Chapter 15

1. What does the statute of frauds require?

2. Mary is engaged to Lil Wayne. Lil Wayne tells her if she marries him, he will give her one million dollars. Mary comes to you for advice. She wants you to know if, indeed, if she marries him he will owe her a million dollars and that she can sue him if he does not give her the money after she marries him. Advise her.

3. What is the parol evidence rule?

Chapter 18

1. A Kentucky corporation KY 1 signs a contract with a Saudi corporation Saudi 1. Saudi 1 wants a provision in the contract stating that in case of a dispute then Saudi law not Kentucky law governs the contract. is that possible? How? In case of a lawsuit in KY, which law would the KY judge apply?

2. Can the parties have in the contract a provision that in the event of a breach of contract that the aggrieved party can get attorney's fees?

3. What is the primary objective of contract remedies?

4. How do we calculate compensatory damages from a breach? Which damages expose the breaching party to the biggest and most uncertain liability?

5. Are punitive damages allowed in contract action? What does the conduct constituting the breach have to be in order for an aggrieved party to get punitive damages?

6. What is a penalty? Are penalties allowed in contract?

7. A signs a contract with a cell phone company for a one year contract and gets a free cell phone. The company has a provision in the contract that should A cancel the service before the end of the contract term A would owe the company $300. Is this a penalty? Can company enforce this provision in the event of a breach by A?

8. John signs a contract for an engineering job paying 100,000 dollars a year. The employer one week later tells John that they are cancelling the contract. John is now happy thinking that he can just not work for a year and spend the 100 thousand dollars that he would win in a slam dunk lawsuit. Is John correct in his thinking? Advise John.

9. Which remedy requires the defaulting party to perform her contractual obligations? In what kind of contracts courts will not grant such a remedy?

10. A signed an agreement with B that includes a valid covenant not to compete. A says that he is getting a job that violates that covenant. B comes to you for advice. Advise B.

Reference no: EM13907115

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