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ADMS 2610 Study Guide - Midterm Guide: Fiduciary, Adverse Possession, Easement

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maroonelk473
30 Dec 2011
School
York University
Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine

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Document Summary

Question 1 (contracts) (a) a offers to sell his truck to b, a minor for . B buys the truck, but later decides he does not want it. = contract voidable; minor w/ non-necessary goods; can return if in same condition purchased. (b) a supplies vegetables to food stores. Today he met with b, a manager of a food store who needs to buy bushels of grapes. After looking at the grapes, b tells a that he ll think about buying the grapes from a and will let him know later. Two weeks have gone by and a has heard nothing from b, and now wants to sell the grapes to c. advise a providing your reasons. = lapse; marketable period of 2 weeks; a can sell to third party. (c) a and b are talking about a s surround-sound amplifier which a bought for ,000.

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Related Questions

Contract can you please go into detail with for 400 words ormore thank you

Johnny, a neighbor who is not a merchant under the UniformCommercial Code, offers to buy a car from Mark for $30,000. Markasks Johnny for some time to think about it. Johnny says sure. Hewrites on a piece of paper that he will keep the offer open for twoweeks.
A week later Johnny sees another car he would rather buy. Hepurchases that, and then he tells Mark that he is revoking hisoffer.
Two days after that Mark said: “I’m sorry Johnny you made an offerin writing to buy my car. I’m going to hold you to that.”
Johnny replied: “Sorry I cannot do that. But I will promise to payyou $10,000 for the help you gave me last year around the house.”Somewhat mollified Mark accepts.
A week later and Johnny decided to renege on that promise aswell.
Fed up, Mark sued Johnny for breach of contract on both the promiseto buy the car and the promise for the $10,000.

Under which of the following conditions would the signing of a contract by Adam NOT be considered duress?
Answer
A. Ben holds a gun to Adam's head.
B. Ben is holding Adam on the ground threatening to beat him.
C. Ben threatens the entire criminal prosecution process against Adam, "When I finish with you, you'll be underneath the jail!"
D. None of the above, that is, ALL of the above examples would constitute duress by Ben upon Adam.

Andy Youngman called at the used car lot of Shearem & Co. and saw a 1979 automobile with $1000 painted on the windshield. Shearem lied to Andy telling him that the car was a 1980 model, but Andy knew that it was NOT because Andy knew the 1980 models were smaller. Is the contract voidable for Fraud because Shearem said it was a 1980 model?

Answer
A. YES
B. NO

In the above Question #31, was there an offer to sell the car for $1000?
Answer
A. YES
B. NO

Cindy purchases a sparkling stone from Sally for $20. At the time of contracting, neither party had any idea what the stone was. Later, when Sally is cleaning the stone before delivery to Cindy, she discovers that it is an uncut diamond worth $200,000. Based on the above situation:
Answer
A. Sally can have the contract rescinded on the basis of unilateral mistake.
B. Cindy can have the contract rescinded on the basis of unilateral mistake.
C. Either or each of the parties can have the contract rescinded on the basis of mutual mistake.
D. Neither party can have the contract rescinded on the basis of mutual mistake. This is an arms length transaction. The contract stands.

Edsel, an attorney, requests bids for built-in bookcases for his new office. Three contractors, Larry, Curley and Moe submit bids. The bids are $5300, $5100 and $520 respectively. Moe's bid of $520 was way off the mark, considering the specifications that were to be included in the bid. Edsel accepts Moe's bid. Moe then realizes his error and discovers his "missing zero" of his bid. His bid should have read "$5200". Based on the above situation, the contract is probably:
Answer
A. Not voidable; Moe would be forced to complete the contract at the accepted price.
B. Voidable, on the basis of mutual mistake.
C. Voidable on the basis of unilateral mistake.
D. Voidable on the basis of fraud.

B offered to sell a boat to C for $35,000. C’s response stated“I accept your offer but I will also need the boat moved to my boatslip at the same marina.” Is there a contract? If so what are theterms? Explain.

4. Perfect Poultry Company offers to sell a specified number ofchickens and turkeys to Quick Markets. Without including anyadditional terms in the proposal it is a valid offer to form acontract? Explain.

5. Dave’s uncle tells Dave that if “he feels thatDave deserves it,” he will give Dave $10,000 when Dave graduatesfrom college. Dave agrees to the deal. Is the uncle’s promiseenforceable if Dave graduates? Explain.

6. Jennifer was about to be struck by a speeding car. Eva pushedher out of the car’s path, just in time to save her from beingstruck. However, Eva was herself struck by the car and wasseriously injured. Several weeks later, Jennifer promised Eva thatshe would pay her $1,000 per month for life. Is Jennifer’s promiseenforceable? Explain.

7. Vincent entered into a contract to sell his laptop to Millie,age 17. Millie took possession of the computer and continued to useit for five months after reaching her 18th birthday. Howsignificant is her continued use of the computer?

8. Baker, a real estate broker, only licensed in Oregon,concluded a land sale in California. If the California clientrefuses to pay Baker the commission on the sale may he successfullysue the client for breach of contract? Explain.

9. DG Corp. has recently created a genetically modified cow,which they named Elsie. The MJ Dairy Co. contacts DG about buyingElsie. On November 1st, DG and MJ sign a contract stating that DGwill sell Elsie to MJ for $50,000. What neither party knows is thatElsie died during the preceding night. Explain the significance ofthat event.

10. Gene sells a trail bike to Hollis without disclosing thatthe odome­ter, which reads 10,000 miles, was disconnected 90,000miles ago. Does Hollis have to pay the contract price? Discuss.

11. Mona is induced by her guardian Newt to sign acontract to invest her student loan funds in Overseas Bank throughNewt’s investment firm. Unknown to Mona, Newt realizes ongoingcommissions from the investment. On what basis could Mona rescindthe contract? Discuss.

12. Carl leases 2 acres of land to his friend, Larry. Larryintends to build a house on the property which will significantlyincrease its value. Larry applies for a $1 million loan from FleetBank to build the house. Carl orally promises the bank that he willbe responsible for paying back the loan if Larry does not. On thatbasis the loan is approved.

Is Carl’s promise enforceable if Larry fails to pay back theloan? Explain.

13. Guardian Security, Inc., and Hedge Fund Corporation enterinto an oral contract under which Guardian Security agrees toprovide security services for Hedge Fund offices for as long asHedge Fund needs them. This contract is/is not enforce¬able?

14. The Caplans contract with Fain Construction tobuild a house on their lot for $300.000. The written contractspecifies that Fain is to satisfactorily install Crane brandbathroom fixtures. Fain completes construction but the Caplansrefuse to pay the full contract price because they are notsatisfied with the bathroom fixtures installations. Discuss whetherFain is or is not entitled to the full contract price.

15. Polly agrees to buy Quinn’s Cycle World but only ifRidgeline Credit Union approves the financing. This approval isa:

a. Condition precedent.

b. Condition subsequent.

c. An illusory promise.

16. Ed’s Electric substantially performs its contract withForest Hills Apartments, Inc., to deliver and install an alarmsystem and parking lot lighting. Ed’s is entitled to

a. Nothing due to the breach of contract.

b. Payment to the extent that it performed the contract.

c. Full payment of the contract price since it did substantiallyperform.

17. Gliding Light, LLC, and Hang Gliders, Inc., are parties to acontract. They subse­quently agree that High Riders Inc. shouldtake Gliding Light’s place and assume all of its rights and dutiesunder the contract. This is:

a. A mutual agreement to rescind.

b. An accord and satisfaction.

c. A novation.

d. A settlement agreement.

18. Omar and Penn want to discharge their contract by executinga new agreement with performance by Penn to be different from whatwas originally promised. This can best be accomplished by:

a. A mutual agreement to rescind.

b. An accord and satisfaction.

c. A novation.

19. Nina contracts with Office Suites Corporation to buy a suitein its Prospect Point Tower at a premium because of its undisturbedview of Quay Harbor. Unforeseeably, the town of Quay Harbor changesthe zoning law, and Resort Hotels, Inc., constructs Seaview Resort,blocking what would have been Nina’s view. Nina’s best argument fora change in the Office Suites contract or its price is:

a. Frustration of purpose.

b. Objective impossibility of performance.

c. Anticipatory repudiation.

d. Commercial impracticability.