Practice and comprehention

Read the problems and give your solutions:

PROBLEM 1: Johnson phoned Megan, saying, «ГІІ let you have my video-cassette recorder for $150. Is it a deal?» Megan answered, «Sounds fair; sure. Bring it tomorrow». Was a contract made?

PROBLEM 2: Along a beach a child is swept out to sea by a sudden wave. The frightened mother screams out, «Save Timmy! I'll give you anything if you save him!» You swim and rescue Timmy. Then you ask for $10,000. Is there a legal basis for collecting?

PROBLEM 3: Buckster agreed to buy, and Pentax Inc., agreed to sell, one lot from among the 200 in a large suburban subdivision. Buckster paid $1,000 as a down payment and was given a receipt. The lots shown on the preliminary plan were of various sizes, shapes, and prices, and no particular lot was specified in the agreement of Buckster and Pentax. Was either party bound by the agreement?

PROBLEM 4: Julia was engaged in animated conversation with four other students on the steps of their high school. When a bell called them to class, Julia absentmindedly left a bag behind. The bag contained a pocket computer and other valuables. After class she posted an ad on three bulletin boards, offering $15 to anyone who would return her bag.

Ms. Lehman, one of Julia's teachers, who had not seen the ad, found the bag and returned it. Is she entitled to the reward?

PROBLEM 5: On October 10, the Macro-Mercantile Bank sent a letter to Boggs, who had applied for a loan. In the letter, Macro-Mercantile offered to lend $50,000 on specified terms and stated that the acceptance had to be received no later than October 18. Boggs posted an acceptance on October 17, but the letter was delayed and did not arrive until October 20. Was there a contract?

PROBLEM 6: Farman, a broker at produce market in New Jersey, telephoned Dandel in Florida one morning and offered to sell a truckload of blue berries. Farman then phoned his next-door neighbor, Sheldon, and made an offer to sell a used truck and trailer. Both Dandel and Sheldon told Farman they would «think about it» and «get back later.» How long would these offers remain open?

PROBLEM 7: Kelsey offered to sell Reynolds a bicycle for $60, but Reynolds replied, «No, too much.» The next day, Reynolds called Kelsey and said, «I’ve changed my mind. I'll take your bike for $60.» Was a contract formed?

PROBLEM 8: The Downings were offering their factory building for sale for $950,000. Robinson, a developer, was interested in buying. She needed time to persuade a group of investors to join her in a syndicate to purchase the building. Robinson offered $10,000 to the Downings to keep the offer open to her alone for 60 days. The Downings accepted the money. Are they now legally bound to keep the offer open?

PROBLEM 9: Darrow offered to trade his camera to Monette in exchange for her videocassette recorder. Smith, who had a recorder of the same make and model, overheard the offer and said she would make the swap. Did a contract result from Smith acceptance?

PROBLEM 10: Schneider offered to sell his motor boat to Nunzio for $28,000, but specified that the entire amount was to be paid within 30 days. Nunzio accepted the offer but changed the terms to $8,000 down and the balance in 20 equal monthly payments with interest at 10 percent a year on the unpaid balance. Did these changes affect the acceptance?

PROBLEM 11: Whitaker offered to buy the Melody Music Shop for $52,000. She gave Melody a check for $2,000 as a down payment, with the balance to be paid in ten monthly installments of $5,000 each starting July 1. The agreement provided that if the offer was not accepted by June 1, the check «shall be returned.» Melody cashed the check before June 1, but did not notify Whitaker. What effect did cashing the check have on the offer?

PROBLEM 12: The people next door plan to go abroad for two weeks. They promise to pay you $60 if you will take care of their garden and pick up their mail and newspaper while they are away. You agree. Is this a contract? Do both you and your neighbors give and receive consideration?

PROBLEM 13: For a college graduation present, an aunt promised to give Eileen two tickets for a Caribbean cruise with a friend of her choice. At the graduation exercises, however, her aunt gave her a kiss instead and said, «The stock market is down. Sorry, darling!» Although not likely to do so, could Eileen successfully sue her aunt for breach of contract?

PROBLEM 14: Collins orally agreed to buy a mini-warehouse from Stein. Over the telephone, Collins then persuaded Keith to promise to lend $100,000, which Collins needed for the down payment on the purchase price. A mortgage (claim on the property) was to be given to Keith as security for the loan. Collins and Stein then signed the sales contract. Early the next day, Collins was stunned when Keith said that the loan could not be made as promised. Can Collins force Keith to make the loan? Is the sales contract with Stein enforceable?

PROBLEM 15: Grissom walked into a telephone booth, dropped some coins into the telephone, and dialed a number. No words were spoken until the party answered. A conversation followed between Grissom and the party. A few minutes later Grissom hung up the receiver and left. What kind of contract had Grissom made with the telephone company?

Match the following:

Дата добавления: 2015-07-26