business law and ethic

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evgnera0715

Business Finance

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1. Anita and Barry were negotiating, and Anita’ s attorney prepared a long and carefully drawn contract that was given to Barry for examination. Five days later and prior to its execution, Barry’ s eyes became so infected that it was impossible for him to read. Ten days thereafter and during the continuance of the illness, Anita called Barry and urged him to signed the contract, telling him that time was running out. Barry signed the contract despite the fact he was unable to read it. In a subsequent action by Anita, Barry claimed that the contract was not binding on him because it was impossible for him to read and he did not know what it contained prior to his signing it. Should Barry be held to the contract? 2. A). William tells Carol that he paid $150,000 for his farm in 2005, and that he believes it is worth twice that at the present time. Relying upon these statements, Carol buys the farm from William for $225,000. William did pay $150,000 for the farm in 2005, but its value was increased only slightly, and it is presently not worth $300,000. On discovering this, Carol offers to reconvey the farm to William and sues for the return on her $225,000. Result? B). Modify the facts in (a) by assuming that William had paid $100,000 for the property in 2005. What is the result? 3. Dorothy mistakenly accused Fred’ s son, Steven, of negligently burning down Dorothy’s barn. Fred believed that his son was guilty of the wrong and that he, Fred, was personally liable for the damage, because Steven was only fifteen years old. Upon demand made by Dorothy, Fred paid Dorothy $25,000 for the damage to Dorothy’s barn. After making this payment, Fred learned that his son had not caused the burning of Dorothy’s barn and was in no way responsible for its burning. Fred then sued Dorothy to recover the $25,000 that h paid her. Will he be successful? 4. Decedent, Joan Jones, a bedridden, lonely woman, eighty-six years old, owned outright Greenacre, her ancestral estate. Biggers, her physician and friend, visited her weekly and was held in the highest regard by Joan. Joan was extremely fearful of pain and suffering and depended on Biggers to ease her anxiety and pain. Several months before her death, Joan deeded Greenacre to Biggers for $5,000. The fair market value of Greenacre at this times was $125,000. Joan was survived by two children and six grandchildren. Joan’s children challenged the validity of the deed. Should the deed be declared invalid due to Biggers’ undue influence? Explain. 5. In consideration of $1,800 paid t him by Joyce, Hill gave Joyce a written option to purchase his house for $180,000 on or before April 1. Prior to April 1, Hill verbally agreed to extend the option until July 1. On May 18, Hill, know to Joyce, sold the house to Gray, who was ignorant of the unrecorded option. On May 20 Joyce sent an acceptance to Hill who received it on May 25. Is there a contract between Joyce and Hill? Explain. 6. Discuss and explain whether there is valid consideration for each of the following promises: A). A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a higher price for the goods when B refused to deliver at the contract price. B). A promised in writing to pay debt, which was due from B to C, on C’s agreement to extend the time of payment for one year. C). A orally promised to pay $ 150 to her son, B, solely in consideration of past services rendered to A by B, for which there had been no agreement or request to pay.
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