Case # 08 - told Cronan on at least two occasions that...

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Case #8 Respond to the following case using the IRAC format as described on the directions posted on MyCMU. The document should be typed in a Word document (or rich text format) and sent to me via file exchange as described on the syllabus. James Wilson learned that he had terminal cancer in 1983 or 1984. At about that time, he arranged for a friend, Harold Buell, to have joint access to Wilson’s safe-deposit box. Wilson gave Buell a key. The box contained, among other things, a copy of a promissory note for $65,000 from Michael Cronan. Wilson told Buell that the debt represented by the note was to be forgiven when he died and that on Wilson’s death, Buell was to deliver the copy of the note to Cronan. In 1984, Cronan learned of Wilson’s illness, and Wilson
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Unformatted text preview: told Cronan on at least two occasions that Cronan’s debt was to be forgiven on Wilson’s death. In the meantime, Cronan continued to make payments on the note. Wilson died in July 1987. On the day after Wilson died, Buell delivered the copy of the note to Cronan, as directed. Wilson’s personal representative (a person appointed to look after the deceased’s affairs), Carol Kesterson, sought to recover from Cronan the balance owing on the $65,000 note, the original of which was found among Wilson’s personal effects after his death. Cronan claimed that the debt had been forgiven, as a gift to Cronan. Were the requirements of a gift satisfied? How should this case be resolved? Discuss fully. [ Kesterson v. Cronan , 105 Or.App. 551, 806 P.2d 134 (1991)]...
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This note was uploaded on 11/29/2010 for the course BUS 101 taught by Professor Me during the Spring '10 term at Central Methodist University.

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