Questions from Business Law

Q: Walker leased a small lot to Keith for ten years at $

Walker leased a small lot to Keith for ten years at $100 a month, with a right for Keith to extend the lease for another ten-year term under the same terms except as to rent. The renewal option provid...

Q: The Brewers contracted to purchase Dower House from McAfee. Then,

The Brewers contracted to purchase Dower House from McAfee. Then, several weeks before the May 7 settlement date for the purchase of the house, the two parties began to negotiate for the sale of certa...

Q: The Thoelkes were owners of real property located in Florida, which

The Thoelkes were owners of real property located in Florida, which the Morrisons agreed to purchase. The Morrisons signed a contract for the sale of that property and mailed it to the Thoelkes in Tex...

Q: Lucy and Zehmer met while having drinks in a restaurant. During

Lucy and Zehmer met while having drinks in a restaurant. During the course of their conversation, Lucy apparently offered to buy Zehmer’s 471.6-acre farm for $50,000 cash. Although Zehmer claims that...

Q: On July 31, Lee Calan Imports advertised a used Volvo station

On July 31, Lee Calan Imports advertised a used Volvo station wagon for sale in the Chicago Sun-Times. As part of the information for the advertisement, Lee Calan Imports instructed the newspaper to p...

Q: On May 20, cattle rancher Oliver visited his neighbor Southworth,

On May 20, cattle rancher Oliver visited his neighbor Southworth, telling him, “I know you’re interested in buying the land I’m selling.” Southworth replied, “Yes, I do want to buy that land, especial...

Q: Plaintiff, Heath Benjamin (Benjamin), found more than $18

Plaintiff, Heath Benjamin (Benjamin), found more than $18,000 in currency inside the wing of an airplane. At the time of this discovery, State Central Bank (State) owned the plane and it was being ser...

Q: On August 12, Mr. and Mrs. Mitchell, the

On August 12, Mr. and Mrs. Mitchell, the owners of a small secondhand store, attended Alexander’s Auction, where they bought a used safe for $50. The safe, part of the Sumstad estate, contained a lock...

Q: Justin owned four speedboats named Porpoise, Priscilla, Providence, and

Justin owned four speedboats named Porpoise, Priscilla, Providence, and Prudence. On April 2, Justin made written offers to sell the four boats in the order named for $4,200 each to Charles, Diane, Ed...

Q: Irwin Schiff is a self-styled “tax rebel” who

Irwin Schiff is a self-styled “tax rebel” who has made a career, and substantial profit, out of his tax protest activities. On February 7, Schiff appeared live on CBS News Nightwatch, a late-night pro...