1. Mark tried to purchase some goods on credit from Billy. Billy refused to sell him the goods because he did not believe Mark would be able to pay. Steve orally promised Billy that he would pay for the goods if Mark failed to do so. If Billy sells the goods to Mark, is Steve legally bound by his promise? Explain your answer.

2. DeRoller was the executor of his mother’s estate. Because there were insufficient funds in the estate to pay all its debts, DeRoller orally promised several creditors that he would pay the balance out of his own funds. Can DeRoller be held legally responsible for his promise? Explain your answer.

3. Bain orally agreed to sell some land to Carroll for $10,000 and accepted a deposit of $1,000 to bind the agreement. Later, on learning that another buyer would pay a higher price, Bain refused to honor the contract with Carroll. Carroll sued to enforce the contract. Did Carroll succeed in this suit? Explain your answer.

4. On July 15, 1992, Martin orally agreed to work for Stein until June 1, 1993. Was this contract enforceable? Explain your answer.