Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

11. A guitarist wanted to purchase the new electric guitar in a music store owned by a retired rock star, but had only half of

11. A guitarist wanted to purchase the new electric guitar in a music store owned by a retired rock star, but had only half of the $1,500 price. The guitarist offered to give the rock star $750 down and to pay the rest before one year had elapsed, but the rock star was unsure that the guitarist would be able to earn money playing gigs as the guitarist claimed. The guitarist called his uncle, and asked the uncle to supply the additional $750. The uncle immediately telephoned the rockstar and said to the rock star, Sell the guitar to the guitarist on his terms, and if he hasnt paid you the additional $750 one year from today, I will pay it to you. The rock star agreed, and on that basis sold the guitar to the guitarist. A year passed, and the rock star never heard from the guitarist nor received the $750 owing on the guitar. The rock star demanded that the uncle pay the $750, but the uncle refused. The rock star then brought an action against the uncle for the money due. If the uncle wins, it will be because: A. The oral promise to pay the rock star if the guitarist defaulted could not be performed less than a year from the date the uncle made the promise. B. The sole purpose of the uncles oral promise to pay the rock star if the guitarist defaulted was to provide pleasure and happiness to the guitarist. C. The oral promise to pay the rock star if the guitarist defaulted was not supported by consideration. D. The time for performance of the guitarists promise to pay was not sufficiently certain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance A Quantitative Introduction

Authors: Nico Van Der Wijst

1st Edition

1107029228, 978-1107029224

More Books

Students also viewed these Finance questions