Posted: November 13th, 2015

Business law assignment

Business law assignment

Problem Set 1 – Fall 2015

1. Luke asks an acquaintance Steve if he’ll come help him work on his boat this

Saturday. Steve is very busy, but says it will take $200 for him to pass up on some

other jobs. Luke agrees to the terms. Do Luke and Steve have a contract? If so,

what kind (s)? If not, what do we have here? (7)

2. Suppose that his way and Like calls and tells him that he was able to complete

the repairs by himself and there is no need for him to come now. What is Luke’s

action called in the contract terminology? Can he legally do this at this point?

Explain. (7)

3.  I’m furious at a local oil change place for the long wait time. I vent on

Twitter and state that I will give $2000 to anyone that will spray paint “Horrible

Service” on the front of their building. A guy with nothing to lose does and it and

asks for the money. Will I have to pay? Explain. (6)

4. If two people disagree about a contract being formed between them (one believes

yes, the other no), what standard/view would a court use to look at the facts and

determine if the required elements of a contract in fact existed? Explain (5)

5. I offer to sell my bicycle for $450 on Craigslist. A couple of weeks later a guy

sees me and shows me the $450 and wants the bicycle. Do I have to give them to him

since he met my posted asking price (assuming they had not sold yet)? Explain. (6)

6. Let’s say that I want to proceed with the sale and the night before I am to give

the bike to him, I die in a freak car crash. What happens now with the bicycle

sale?  (5)

7. My wife and I are renovating an old house to flip it for a profit. When we

purchase, we get a bid to renovate for $25,000. During the removal of the old tub

and tile, it is discovered that there is substantial water damage and mold, which

will cost an additional $10,000 to repair. Will the builder be able to hold us

liable for the additional costs? Explain. (5)

8. My wife is starting to get concerned about my weight. She promises that if I

lose 20 pounds in the next six months that she will give me $10,000 from a separate

trust account she had prior to our marriage (not community property) to do whatever

I want with. I lose the weight and she tells me that she’s not giving me the money,

as it was something I should have done anyways. Assuming that I’m mad and become

vindictive, can I hold her to the agreement in contract? Explain. (5)

9. The town of Mystery, Alaska, is told that the New York Rangers are coming to

play their local pond hockey team in an exhibition game to be televised nationally.

As such, they expend a substantial amount of money fixing up the town and most

notably building a “hockey rink” around the pond they presently play on. The New

York Rangers get scared and try to back out. If they don’t come, what legal

principle might allow Mystery to recover their costs? Explain. Assume no contract

was actually signed and the complete details were ever explicitly stated, but a

Rangers representative did confirm to the town that they were coming. (7)

10. My son, age 16, is hungry one day after school and goes with a friend to the

local Walmart for some food. While they are there, he buys some stuff for dinner at

a cost of $15 and a new video game that costs $45 with money I had given for him to

save for his first car. I’m furious and tell him to get all of the money back as he

was just a stupid kid. What will he likely be able to recover from Walmart?

Explain. (6)
Food is a necessity, but minors are not contractual
11. I place a bet with Jimmy the Greek on the Cowboys game for $2,000. I win, but

Jimmy refuses to pay. Should I take him to court to get the money? Explain. (6)

12. I’m shopping at Academy one day and see a high dollar fishing rod on sale that

I like. In scanning the rod at their in store price checker to make sure it is on

sale, it actually rings up at one cent (.01 – and yes, this did happen). I then

proceed to buy 5. Let’s say a few hours later, Academy realizes the mistake. Can

they rescind the transaction assuming they can find me? Explain. (6)

13. I’m buying a house, but for health reasons (mold) I am really concerned given

that it might have been flooded ten years back. The seller assures me that it

wasn’t. In actuality, the seller didn’t own the house at the time, had purchased it

in a quick cash deal, and didn’t know anything about the history. Was this

fraudulent representation? Explain. What are my options at this point? (7)

14. On a trip to a conference, my car breaks down in small town. I tell the

mechanic that I have to be on the road that evening. The mechanic says he can get

it done, but it will be $3,000 for a repair that normally costs about $500. I have

no choice, but to proceed. After the fact, can I claim duress based on the facts

presented and recoup some of the money from the opportunistic mechanic? Explain.

(6)

15. Briefly explain if each of the following contracts must be in writing to be

enforceable (9):
a. A fishing charter contract to six months from the date of agreement.
b. A contract for the sale of a $1000 car.
c. A guaranty by my parents for a product that I am purchasing.

16. Jerry Seinfeld is scheduled to do a comedy show in New York. At the last

minute, he decides that he would prefer to go to the Knicks game. Instead he sends

one of the writers off his show that has performed at some small comedy clubs to

perform in his place. What is his action called and can he do it? Explain. (7)
 

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