please identify, analyze and draw relevant conclusions to each of the contracts, torts, crimes and other issues found in the hypothetical.

Jake went to his rich buddy Monte Moneybags to try to get a loan. Monte wasn't interested in giving a loan. However, Jake remembered that Larry owed him $400,000 and made the following proposition. "If you give me $40,000 right now, I will give you the $400,000 owed to me by Larry." Monte thought that was swell and immediately provided Jake with $40,000. Monte never contacted Larry about this new agreement. Letter from MonteAsking about the status of the $400,000.