Will silas be able to enforce the agreement

Assignment Help Financial Management

Reference no: EM131990127

1. Silas, a wealthy man, gave his friend Abraham a valuable stamp collection. Later, as a result of poor investments, Silas was on the verge of bankruptcy. Abraham, in an effort to help his friend, offered to pay Silas $5,000 for the stamp collection, and Silas accepted the offer. If Abraham fails to pay, will Silas be able to enforce the agreement? Explain.

2. Sam entered into a contract with Ben for the sale of cotton. A writing was made sufficient to indicate a contract for sale; it specified the quantity as “all the cotton to be produced on my 825 acres.” That contract was signed by Sam. Does the writing satisfy the UCC Statute of Frauds (§2-201) against Sam? Explain.

Reference no: EM131990127

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