Capacity, law homework help

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Business Finance

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Capacity

Lisa is walking down the street in January when she notices a young man named Denny.  Denny looks a little worse for wear, so Lisa offers to buy him lunch. As they are talking, Denny says to Lisa: “I’m in a pretty rough spot. I don’t have any money right now. But I promise to pay you $450 if you give me that coat you are carrying and some food (that sum represents the reasonable value of those items).  Lisa responds: “How old are you?” Denny states that he is 20. However, this is a lie. Denny is actually 16.  Lisa looks him over one more time, and she agrees to the exchange.

Before they leave, Denny says,"Actually, I will promise to give you another $50 if you let me borrow your bike."

Lisa writes down all of these promises into a contract. Both parties sign the contract, and they go to the bank and have it notarized.

  • A week later Denny trashes the bike, and he tells Lisa that he is not going to pay. Lisa sues Denny in court for breach of contract, and she learns that he is only 16.
  • What is likely to happen in the court case?

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  • Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
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Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc.  Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.


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Explanation & Answer

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Running title CAPACITY 1

CAPACITY
Student Name
Institution

Running title CAPACITY 2

The brief facts of this case indicate that Lisa and Denny entered a written contract for coat,
food and bike for a consideration of 500 dollars, which was then by the signed by both parties
and notarized at the bank. However, Denny who is actually 16 years has breached the contract
and now refuses to pay Lisa. From this scenario the court must seek to find out if there was
valid contact between Lisa and Danny that is enforceable and whether there are any remedies
available to the parties in law?
A contract can be defined as an agreement upon adequate consideration, to do or not to do a
particular thing(Ayres2012).. When forming a contract that is enforceable under the law, there
are certain features of the contract that must exist for it to be valid. These include; a valid offer
and acc...


Anonymous
Awesome! Perfect study aid.

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