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Hey guys, I have a group of questions and they are Business-Law related. I hope someone can help. Here is an attachment of questions. 1.

Hey guys, I have a group of questions and they are Business-Law related. I hope someone can help.

Here is an attachment of questions.

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1. Jon texted his Godson James, age 22: "Very proud of what you've accomplished in your new job so I'm giving you $1,000." James replied" On Friday Jon texted: "On second thought, offer revoked - you'l1 just waste the money on booze." True-False: Consideration is present so James is entitled to the money 2. Tom has a car worth $1,200. He wanted James to have it and for it to be a sale, not a gift, so he offered it for $1. James accepted. True-False: There is no contract lack of consideration. 3. Jon promised a niece, age 26, S1,000 if she would give up legalized sports betting for one year. True- False: There is no valid bargained-for consideration so his niece is not entitled to the mon 4. True-False: No bargained-for consideration is needed for a contract to be enforceable if it is written and signed by both parties rather than verbal 5. Jon hired Tom to build a house by May 31, 2018, for $250,000. Tom got involved in too many projects and got behind in his work so he emailed Jon that he needed an extra $20,000 or he would not finish the house. Jon emailed, "I don't like it but OK." True-False: Tom is entitled to $270,000 6. Assume that in #5, Jon claimed he owed $250,000 and Tom claimed he was owed $270,000. After negotiations they agreed on $260,000 and Jon sent Tom a check with "Full payment of debt" written on it. Tom cashed the check but wrote on it "Under protest- cashing this check is not my acceptance of this sum as payment in full." True-False: This preserves Tom's right to pursue the remaining $10,000 in court. 7. Joe needed cash by Friday. He had three baseballs inherited from his great-grandfather, who played in the major leagues in the 1930's. The market value of each is S2,500. On Thursday, having failed to get the cash, he decided to sell the balls. His neighbor Jones bought one for $1,800, a local sports museum bought one for $950, and a friend agreed to buy the third one for whatever cash he had on him, which turned out to be S17. Desperate, Joe agreed. Which deal is supported by consideration: (a) neighbor, (b) neighbor and museum, (c) all three, (d) none 8. Jones and Smith were in a turbulent romantic relationship. After knowing each other a short time, Smith moved into Jones's house and paid off her $310,000 mortgage. In exchange she gave him title to the house But their happiness didn't last, and Smith moved out. Two months later Smith sought reconciliation. Jones refused to get back together unless Smith gave her half ownership of the house. Smith agreed. After the the last time, Jones sued for her half of the house. Smith argued that his promise was not couple split up supported by consideration. True-False: Smith is correct 9. Abel and Baker had a tradition. Every Friday, they took turns going to the corner store and buying a ackage" -some vodka and a lottery ticket - with the understanding that they'd split any winnings 50-50 One Friday, Abel bought the package, and when they scratched off the ticket it was a $20,000 winner. Abel refused to split the winnings, however, and Baker sued. Abel claimed there was no enforceable agreemen lack of bargained-for consideration. True-False: Abel is correct, he does not legally ow Baker $10,000, although one could argue he has a moral obligation t

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