Questions from Business Law

Q: (a) Judy orally promises her daughter, Liza, that

(a) Judy orally promises her daughter, Liza, that she will give her a tract of land for her home. Liza, as intended by Judy, gives up her homestead and takes possession of the land. Liza lives there f...

Q: On September 2, 2011, Levine executed a mortgage bond under

On September 2, 2011, Levine executed a mortgage bond under which she promised to pay the Mykoffs a preexisting obligation of $54,000. On October 14, 2014, the Mykoffs transferred the mortgage to Bank...

Q: George owed Keith $800 on a personal loan. Neither the

George owed Keith $800 on a personal loan. Neither the amount of the debt nor George’s liability to pay the $800 was disputed. Keith had also rendered services as a carpenter to George without any agr...

Q: The Snyder Mfg. Co., being a large user of coal

The Snyder Mfg. Co., being a large user of coal, entered into separate contracts with several coal companies. In each contract, it was agreed that the coal company would supply coal during the year in...

Q: On February 5, Devon entered into a written agreement with Gordon

On February 5, Devon entered into a written agreement with Gordon whereby Gordon agreed to drill a well on Devon’s property for the sum of $5,000 and to complete the well on or before April 15. Before...

Q: Discuss and explain whether there is valid consideration for each of the

Discuss and explain whether there is valid consideration for each of the following promises: (a) A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a hi...

Q: Alan purchased shoes from Barbara on open account. Barbara sent Alan

Alan purchased shoes from Barbara on open account. Barbara sent Alan a bill for $10,000. Alan wrote back that 200 pairs of the shoes were defective and offered to pay $6,000 and give Barbara his promi...

Q: Nancy owed Sharon $1,500, but Sharon did not

Nancy owed Sharon $1,500, but Sharon did not initiate a lawsuit to collect the debt within the time period prescribed by the statute of limitations. Nevertheless, Nancy promises Sharon that she will p...

Q: Anita and Barry were negotiating, and Anita's attorney prepared a long

Anita and Barry were negotiating, and Anita's attorney prepared a long and carefully drawn contract, which was given to Barry for examination. Five days later and prior to its execution, Barry's eyes...

Q: In February, Gardner, a schoolteacher with no experience in running

In February, Gardner, a schoolteacher with no experience in running a tavern, entered into a contract to purchase for $40,000 the Punjab Tavern from Meiling. The contract was contingent upon Gardner's...