1. An important aspect of evaluating the legal implications of an agreement centers around knowingwhat lawapplies to the situation.After reviewing the agreement between Tech Savvy and Paradigm below,identify and explain the significance of the key term(s)that will help you determine which law applies.Tech Savvy, Inc. is a software producer that entered into a verbal agreement with Paradigm Corporation wherein Paradigm Corp. agreed to buy Tech Savvy's newly developed software (a "good"). The agreement also provided that Tech Savvy would supply both training and technical personnel ("services") to work with Paradigm Corp. employees in installing and learning the software.

What law (Common Law or UCC)governs this agreement? Explain.

1. Spencer Realty & Construction Co. had a lead on a "prime" piece of real estate. Although Spencer did not have a listing agreement with the seller of the property, she contacted Do & Alvarez Properties ("DAP"). Spencer knew that DAP was looking for a location for a commercial development. Spencer told DAP only that she knew of the"finest, most outstanding, viable location in the county and it just came on the market". Spencer said she would reveal the location of the property and the owner's name if DAP would sign an agreement which would require DAP to pay a 10% commission to Spencer if a sale of the property resulted. DAP agreed and the agreement was signed by both parties.

Four months later, DAP bought the property after negotiating the deal himself. DAP claims it does not owe a commission to Spencer because there was insufficient consideration to support the payment of so large a commission. DAP claims that all Spencer did in the entire transaction was to reveal the location of the property and the owner's name.

Was there sufficient consideration to make this promise enforceable?

1. Rey knows that Amelia has coveted his classic car for quite some time. Finally willing to sell it, he sends a letter to Amelia offering to sell her the car for $65,000. Amelia responds by saying she needs time to arrange financing. Amelia offers Rey $500 to keep the offer open to her for two weeks. Rey agrees, taking the $500.

Three days later, Katilyn contacts Rey saying she is interested in buying the car and has the cash to buy it outright. Rey is concerned that if he doesn't sell the car to Katilyn now, she may not be interested later. Furthermore, Amelia may never be able to arrange financing. Rey is afraid he may end up with no buyer at all.

He asks for your opinion.

What do you advise and why? What is the legal basis for your answer?

1. Eric promised his roommate David that he (Eric) would buy property insurance on the contents of their apartment. David relied on Eric's promise and did not buy any insurance. Later, a fire in the apartment destroyed most of David's goods.Discuss whether David may be able to recover damages for his lost property from Eric.(Is there a valid contract here? Is there any theory that might allow David to be compensated for his loss?)