BLAW 201, CH 15 Questionsss

1 the value given or promised can be money services

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1 The value given or promised can be money, services, property, or the forbearance of a legal right. 4) Towne ordered a shipment of coffee from Brazil. The coffee was due to arrive shortly in New York and he expected to sell it for a profit. He entered into an agreement with Neely whereby they
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mutually promised to share equally the profits and the losses realized in the venture. Towne paid $12,000 for the coffee, but was unable to sell it for more than $6,000. Neely refused to abide by the agreement and Towne sued him to recover $3000. Defense: No consideration. Judgment is for whom? When the contract is for the sale of goods, any modification made in good faith by the parties to the contract is binding without regard to the existence of consideration for the modification. 5) Goose owed Jeris a debt of $1,200, which was long overdue. Samar, a friend of Goose, wrote as follows to Jeris: "I know how badly you need the money and that you've waited for it a long time. But give yourself no concern. I am writing to promise that I'll pay Goose's debt to you within the year if he doesn't. Heaven knows you're entitled to it." Jeris was much pleased by the receipt of this letter. Bearing in mind, for one year he patiently bided his time and took no action whatever to collect the debt from Goose. At the end of this period the debt remained unpaid. Goose and Samar both refused to pay. Under the facts presented, does Jeris have a case against Samar? Explain fully. Promises to make a gift are unenforceable promises under the law of contracts because of lack of consideration. There was no bargained-for exchange because Samar was not promised anything. 6) Henry was injured by being struck by an automobile driven by Brown, who claimed that Henry was trying to cross the street in front of the automobile when Brown was so close that he could not avoid hitting him, and that Henry's injuries were, therefore, his own fault. While Henry was still in the hospital, Brown offered him $11,000 in full settlement of his claim, which Henry accepted, and the money was paid. Later, Henry found that his injuries were more serious than he had thought and he sued Brown to recover additional compensation for them. Can Henry recover? Henry could not recover. 7) Jafer purchased a garneting and pickering machine from Couloris. Jafer had trouble in operating the machine and contended that this was due to defects in the machine. He asked Couloris to take back the machine and to refund the price. Couloris contended that the trouble was due to Jafer's mishandling of and inability to operate the machine, and further that if there were defects, he was unaware of them and therefore under no legal liability to Jafer. Both parties acted in good faith and honestly believed their respective contentions. After two months of this squabbling, in a mutual desire to avoid litigation they entered into an agreement as follows: Couloris promised to pay $2500 to Jafer and to reimburse Jafer for the cost of all repairs and all replacement of parts
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  • Fall '12
  • StephenD.Joyce
  • Dent

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