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CH12 - Iverson's use of the nickname"The Answer"...

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CH12: Brief Case 12.1 Hamer v. Sideway Facts: The uncle of William promised to give his nephew $5,000 if he would refrain from drinking, smoking, wearing, and gambling until the age of 21. When William reached the age of 21, he claimed the money from his uncle. The uncle in responded with a letter says, the money is ready in the bank whenever you want plus interest. The uncle died 12 years later without paying William. The executor of the uncle’s estate claimed that there had been no valid consideration for the promise and refuses to pay William. Issue: which comes first? The agreement or the consideration. Rule: The court ruled William is entitled to the money. 12.3 Blackmon v. Iverson Facts: Jamil Blackmon filed a complaint against Allen Iverson alleging idea misappropriation, breach of contract, and unjust enrichment arising from Iverson's alleged breach of a promise to pay Blackmon twenty-five percent of all proceeds from
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Unformatted text preview: Iverson's use of the nickname, "The Answer," which was allegedly "developed and coined" by Blackmon. Issue: Is there a valid contract in between. Rule: The complaint was dismissed. Vocabulary Accord and satisfaction-An agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the "accord and satisfaction" is complete and the obligation is discharged. Consideration Generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and bargained for. Forbearance -The act of refraining from an action that one has a legal right to undertake. Release A contract in which one party forfeits the right to pursue a legal claim against the other party...
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