Please make sure to explain your answers in regard to the scenarios below. You need to use the correct legal terms in order to demonstrate your understanding of the principles involved. Please be thorough with your explanation.

Questions:

1.On October 30, Farraday offered to purchase some farmland from Hume for $14,500 with possession in January. On November 15, Hume counter-offered, by letter, at $15,000. The letter was delivered to Farraday's home on November 20 but Farraday was absent on a hunting trip. Farraday's wife opened the letter and wrote back to Hume, stating that her husband was away for 10 days, and asked that Hume hold the deal open until Farraday could consider the matter. Hume did not respond. On December 10, Farraday returned home and immediately wrote Hume of his intention to accept Hume's offer of $15,000. The letter was received on December 12. By this time, Hume had already sold the land to someone else. Has Farraday accepted the offer in time or has it lapsed?

2.Sayid was helping to renovate his friend Benjamin's home. Benjamin realized he needed some pipe to plumbing installation, but didn't have any cash on him, so Sayid gave him $5.00. In consideration of that, Benjamin said that he would share his $10.00 Super Lotto ticket with Sayid, should he win. Benjamin then took the $5.00, bought the pipe, and Sayid installed it. Later that month, Benjamin was declared the winner of the lottery draw, in the amount of $10,000,000. He tried to hide the fact that he had won, denying to Sayid that he was the winner. He later told him that he had only won $50,000, and in any case, that the winner was one of five tickets he had purchased after the one he said he'd split with Sayid. Does Sayid have an enforceable contract with Benjamin, such that he's entitled to half of the $10,000,000? What do you think his chances are if he tries to sue Benjamin to enforce the contract? Would they be better or worse if Benjamin hadn't denied winning in the first place?

3.Claire was standing at an intersection waiting to cross the road. She saw John's car run a red light and hit a car driven by Walt. As the three of them waited for the police to arrive, John approached Claire and introduced himself, leaving a $100 bill in the palm of her hand after they shook hands. John then said, "There's another nine of them to follow if you don't act as a witness in court about this accident." Claire agreed, stating, "It's a deal," and slipped away from the accident scene. She later learned that the matter had been settled, and no charges had been brought against John since there were no witnesses to the accident. Claire contacted John to get the rest of her money, but he refused to pay her the remaining $900. Claire wants to know if she can sue John for breach of contract - what would you tell her?

4.Miles advertised his house for sale and Charlie came to have a look at it. While there, they negotiated, and eventually struck a bargain that Charlie would purchase the house for $200,000. They shook hands on the deal and Charlie went home. That night, while thinking about it, Charlie realized that the house wasn't exactly what he wanted. The next day, he wrote a letter to Miles stating, "I'm writing this note to let you know that I've changed my mind with respect to the purchase of your home for $200,000, and since the contract isn't valid anyway, I don't expect to hear any more about this matter. Sincerely, Charlie." Miles sued Charlie for breach of contract. What are the legal positions of Miles and Charlie? Are there any defences available to Charlie?

5.With respect to a contractual relationship, identify the types of remedies for misrepresentation available to the affected parties and how they are applied.

6.Identify and briefly describe the grounds on which the courts will imply terms.

7.How does the law of assignment of rights ensure that the debtor is not disadvantaged by the assignment?

8.Describe the circumstances under which a contract is considered performed and the resulting effects performance has on the commercial relationship.

9.Distinguish between a breach of condition and a breach of warranty.