BLAW 201, CH 15 Ques

8 on june 1 2005 creed loaned 7000 to dent in

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8) On June 1, 2005 Creed loaned $7,000 to Dent in exchange for Dent's promise to make repayment together with 6 percent interest, one year from date. (a) Suppose that on July 1, 2005 Dent pays $4,500 cash to Creed, in return for Creed's promise to cancel the entire debt. May Creed claim anything more from Dent? (b) Suppose that on July 1, 2006 Dent sends his check for $4,500 to Creed, who cashed the check after seeing upon it the stipulation: "Payment in full of all debts owed by Dent to Creed." May Creed claim anything more from Dent? (c) Suppose that on July 1, 2006 Dent holds Ponte's promissory note payable to Dent in the sum of $4,500 and then Dent endorses and surrenders this note to Creed, in return for Creed's promise to cancel the entire debt. May Creed claim anything more from Dent? 9) Carson sold an automobile to Billings, delivered the car and received the full purchase price. Ten days after the sale Billings discovered that Carson had sold similar cars and had made agreements with the buyers to keep the cars in repair for one year free of charge. Billings drove the car to Carson's garage and demanded that Carson make a similar agreement with him. Carson accordingly gave Billings a written agreement stipulating that he would cover all necessary repairs for a period of one year free of charge. At the end of nine months the car required overhauling and Billings had the repairs made at the cost of $850. Is Carson liable for the repairs? 10) Seldon desired to sell his property. He informed Allis, a real estate broker, of this fact and asked Allis to procure a purchaser. Allis succeeded in finding a prospective buyer, Post, whom he introduced to Seldon. After some negotiations, in which Allis assisted, Seldon sold and conveyed the property to Post. Upon the closing of this deal, Seldon promised Allis that he would pay him $2500 for his services. Seldon failed to honor this promise and Allis sued him to recover $2500. Seldon's defense was that Allis’ act of finding the purchaser was done before Seldon made his promise to pay $2500, and that such act could not serve as consideration for his subsequent promise. Decide, indicating your reasoning carefully.
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11) Curry, an aged man of some wealth, lived alone. Wilson, a neighbor, called one evening at Curry’s house, found him unconscious and ill, administered to his wants, remained all night, and spent the next two months nursing and taking care of him. At the end of the two months, Curry
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  • Fall '12
  • StephenD.Joyce
  • Promissory note

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