Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me fill in the blanks, I would appreciate the help. Define an Accord and Satisfaction. State which of the following scenarios is a

Please help me fill in the blanks, I would appreciate the help.

  1. Define an "Accord and Satisfaction".
  2. State which of the following scenarios is a valid enforceable contract AND STATE WHY OR WHY NOT for each.>>>>
  • George offers to drive Larry to the airport . Larry accepts.
  • George offers to drive Larry to the airport in exchange for $75.
  • George offers to drive Larry to the airport in exchange for $75.. Larry accepts.
  • George offers to drive Larry to the airport since Larry had done it for him previously. Larry agreed.
  • George offers to drive Larry to the airport if Larry will give him the watch he had swiped from somebody else . Larry agreed.
  • George offers to drive Larry to the airport in exchange for Larry finally paying $75 that he had promised to George in a contract from last week. Larry agreed.
  • George offers to drive Larry to the airport in exchange for $75, even though the usual fair figure for a ride would have been $25. Larry agreed.
  • George offers to drive Larry to the airport in exchange for $75. Larry, 17 years old, agreed.
  1. Rita offered to pay Rupert $500 if Rupert would give up smoking for at least one year.. Rupert agreed. Rupert stopped smoking for the one year. Rupert , as a result could breath better and felt much better. Rita then refused to pay the $500 arguing Rupert had not given up any consideration since Rupert had not only had not suffered any detriment, Rupert had gained from giving up smoking. Can Rupert enforce this contract? Yes or No? Why or why not?
  2. State the 4 elements required for a CONTRACT:
  3. Usury statutes make contracts involving ____________________ illegal and therefore (valid, void, voidable)____________________.
  4. Agreements that interfere with M...________________ are considered against p_____________ policy and therefore illegal and (valid, void, voidable)_____________.
  5. All Covenants not to Compete are illegal.... (True or False?) .._____________. Why?_______________________________________________________________
  6. Exculpatory Clauses mean clauses that relieve a party of ..__________________.
  7. Exculpatory clauses that exclude li..____________ for NEGLIGENCE are (Enforceable or unenforceable)? ___________________
  8. Exculpatory clauses that exclude li...____________ for FRAUD are (Enforceable or unenforceable)? _____________________
  9. "Unconscionable" Clauses are clauses where the parties possessed Severely _________________ bargaining power and the one side uses it to get manifestly _________________ bargains or provisions in the contract
  10. Unconscionable Contracts may be "Substantively" Unconscionable which means there is unfairness in the actual terms which unfairly deprives a party of the ..._____________ of the agreement.
  11. Unconscionable Contracts may be "Procedurally" Unconscionable which means there is unfairness in the party's lack of k__________ or u..____________ of the terms of the contract due to procedural irregularities
  12. Agreements that ..________________ justice are considered against Public Policy and are therefore legally not enforceable
  13. Illegal Contracts are which? (Void, Voidable) _______________
  14. An on duty life guard is offered $500 by a drowning man if he saves his life. Is the $500 a valid consideration to enforce the deal? Why or why not?
  15. A Parking lot sign says it"Is not liable for damage accidently caused to a parked car by an attendant"..What type of clause is this? Yes or No? ..Why?
  16. Name three things which can not serve as CONSIDERATION i._____________________________ii.________________________________
  17. iii.______________________________
  18. Barbara enters into an agreement in which she sells her web design company Intelcorp to ExternCorp and agrees she will never open another competing web designer company anywhere in the state. What type of clause is this?_____________ Is this clause enforceable?Why?
  19. Barbara enters into an agreement in which she sells her web design company Intelcorp to ExternCorp and agrees she will not open another competing web designer company anywhere in the county for one year. Is this clause enforceable?___________; Why?
  20. Jose is a Law student and enters into an agreement to write up a Contract for Nick for $500 and also to do some house maintenance work for Nick for $100. After he is done, Nick refuses to pay any of it... Will Jose be able to successfully recover any of the fees in a law suit ?Why?_____________________________________________________________
  21. Albert prepares a contract which he asked Becky to sign. One clauses in the contract which lessens Becky's rights are very faint and small in size so that they are basically too small and complex for Becky to read or understand. The clause says that Becky can not sue Albert in court and must use Arbitration if there is a dispute..Will the Court likely enforce that clause?_______________________Why?_______________________________________________________________________
  22. Dave resides in Florida. Dave has an office in Alabama .Louis resides in Arkansas and has an office in Tennessee .. They enter into a contract valued at $65,000. Louis accuses Dave of a breach of the contract and wants to sue him for the loss of the $65,000. What courts can Louis sue in ?_________________________________________________________________________
  23. What type of Jurisdiction determines which States' courts can or can not hear the case of Dave and Louis?
  24. The Courts look for which (Adequacy or Legal Sufficiency ) in evaluating consideration?_____________________________
  25. Mike agreed in a prior contract to build Joe a garage for $5,000. . Can Mike use that promise again as consideration and reagree to do that job in a new contract in return for another $4,000? Yes or No _______and Why?____________________________________________________
  26. John Doe agreed to build a machine for Sam in ten days for $1,000. Sam then wanted to modify terms of the contract requiring it be done in 5 days instead. and John agreed in a written note to the change without getting anything for his agreement . Can the change be enforced even though no consideration was paid for the change?___________. Why_________________________________________________________________
  27. The same facts as #56 except John agrees to the modification in a phone call. Can the change be enforced even though no consideration was paid for the change?___________. Why_______________________________________________________________________
  28. Maurice offered to pay Sheila $100 not to tell the police about a theft Sheila saw happen. Sheila agreed . Can Sheila demand the $100 and enforce the agreement?Why_______________________________________________________________________
  29. The Statute of Limitations in NJ for standard Contract suits such as service contracts is __________years
  30. The Statute of Limitations prevents a claimant from doing what after the deadline.?
  31. Megan enters into a written contract with Justin to buy Justin's school books for $500. It turns out that Justin was under the influence of alcohol when he accepted. What is the enforceability classification of this contract?__________________
  32. Justin sobers up and now says he will proceed with the deal. Megan says ok, but when she attempts to proceed , Justin says he decided not to go ahead because Megan has not paid any additional consideration for the reaffirmation of the deal .. Can Megan enforce this deal? ___ ____________ Why?__________________________________________________________
  33. A contract entered into with a 16yr old is which..(Valid, Void, Voidable, Unenforceable, )
  34. Moe entered into a contract with a 16yr old Mary After Mary turns 18 years old the contract is then ..(Valid, Void, Voidable, Unenforceable, )__________________________
  35. Rich and Mark are in a dispute over how much Mark owes Rich . Mark claims he owes $500. Rich claims it is $1,000. They agree that Mark will pay $750 to resolve this . This lesser amount is paid. This is called an A..______and ___________. Is this deal valid consideration?_____________
  36. What kinds of special relief can be obtained in a Chancery Division Court?
  37. What kind of relief can be obtained in a Law Division Court?
  38. Define the difference between an agent and an independent contractor indicating how to determine which an individual is?
  39. Harvey threatened to sue Aaron for Aaron's failure to have paid an actual past debt , if Aaron does not accept an offer in a new deal. Aaron therefore accepts this new offer..
  40. However Aaron later refuses to go ahead with the new deal claiming he only accepted the offer under Duress. Will Aaron likely win?___________ Why?_____________________________________________________
  41. Harvey threatened to file a valid criminal charge against Aaron for Aaron's fraudulent acts in a past debt , if Aaron does not accept an offer in a new deal. Aaron therefore accepts this new offer..
  42. However Aaron later refuses to go ahead with the new deal claiming he only accepted the offer under Duress. Will Aaron likely win?___________ Why?_____________________________________________________
  43. A car dealer agrees in a discussion to keep an offer to sell a Lexus for $35,000 to Floyd open for 2 weeks. This type of promise is called an __________.
  44. The car dealer later fails to keep the offer open claiming he was given no consideration for this promise. Will the court enforce this promise? _______Why?__________________________
  45. A car dealer agrees in a written note to keep an offer to sell a Lexus for $35,000 to Floyd open for 2 weeks.
  46. The car dealer later fails to keep the offer open claiming he was given no consideration for this promise. Will the court enforce this promise? _______Why?__________________________
  47. Bob promised to build a garage for Sam in one month for $20,000. Sam accepted .
  48. Bob then said he wanted an extra month to complete it. Sam verbally agreed .
  49. Can Bob enforce the extension promise ?why? _______________________
  50. Would your answer to #80 be different if Sam agreed to the extension in writing and WHY?
  51. The general rule is that all Contracts need to be in writing.(True or False) __________________;
  52. Franklin agreed to pay Max $5,000 if Max would marry Franklin's daughter, Jane. Max agreed. Is this contract valid? Yes or No______________; Why?_____________________________________
  53. Franklin agreed to pay Max $5,000 if Max would NOT marry Franklin's daughter, Jane. Max agreed. Is this contract valid? Yes or No______________; Why?_____________________________________
  54. Two gas stations owners, Joe and John , each which own a station at a opposite sides of a high traffic corner and agree to keep the price of gas at $4.00 per gallon so they each can make lots of money. But Joe, in a month, lowers his price below the $4.00 mark, and John objects since he starts losing business. Can John enforce this mutual deal? Yes or No?___________________ Why or why not?_______________________________________________________
  55. A lender agrees to loan Frank $25,000 but only at a monthly interest rate of 50%. Can the lender enforce this deal? Yes or No__________________? Why or why not?_______________________________________
  56. Pete runs a sidewalk stand in town in which he offers the sale of books for $100, one a week for 5 weeks . Mikey accepts the offer. Mikey then finds out that Pete had not bothered to get a required peddler's license from the town. Will this justify Mikey backing out of the contract? Yes or No_________________ Why or why not?__________________________________________________________
  57. ABC LLC. (Owned by Sam Schmidt) has two people working on a building project . Max is given specific details as to how to do the job, and is provided tools by ABC LLC., . Moe is just instructed to get his share of the building done.
  58. Max and Moe each negligently work on separate walls. Max's negligence caused his wall to fall and injury bypasser, Sue. Moe's negligence caused his wall to fall and injured Shirley.
  59. Who can Sue successfully sue.?____________________________; Why?_________________________________________
  60. Who can Shirley successfully sue?_____________________________Why?__________________________________________________
  61. If ABC was not an LLC but a sole proprietorship , would your answers change for #90? Yes or No?_____________Why?_________________________________
  62. If ABC was not an LLC but a sole proprietorship , would your answers change for #91? Yes or No?_____________Why?_________________________________
  63. When is an offer effective?_______________________________
  64. When is an Acceptance effective?_________________________
  65. When is a Revocation effective?______________________________
  66. What is a Cause of Action?__________________________________
  67. What is a Dispute resolution Clause in a Contract?________________________________________________
  68. What is a Force Majeure Clause in a contract?_________________________________________________
  69. There are absolutely no exceptions to the requirement for Consideration.. True or False___________________

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

Students also viewed these Law questions

Question

What part does Benvelio play when he arrives on the scene?

Answered: 1 week ago