Ch. 5 - Introduction to Contracts; Q 1 and 6.docx

Understanding that the bike would be operable and get

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understanding that the bike would be operable and get me from my home to my work and that I would return it to a City Share kiosk once my trip was completed. The second was a Bilateral Contract , which was entered into when I ordered lunch this afternoon. I promised a certain action to another person in response to that person or party's action. The promise was that the waitress would receive a cash payment in exchange for her giving me a salad with grilled shrimp. The third was a Unilateral Contract , which was finally completed when I went to my neighbors house after work to finish up a tile job that I started over the weekend.
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Pilson 2 In a unilateral contract one party pays the other party to perform a certain duty. When the duty is fulfilled, the party on the other side of the contract is obligated to transfer the specified funds upon completion. Ch. 6 - Parties; Q 1 1) Black, a minor, sells a piece of land that Black inherited. Black spends the money rather foolishly and, by the time of adulthood, Black is deeply in debt. Blacks creditors force Black into bankruptcy. The creditors find that the land Black sold as a minor is quite valuable; in fact the value is sufficient to pay blacks debts and leave a substantial remainder. Black refuses to disaffirm the sale. May the creditors disaffirm for Black? Why or Why not? No, the creditors cannot disaffirm Blacks sale of the land as a minor. If a minor does not disaffirm during period of minority or within a reasonable time after reaching the age of majority, the contract is ratified and accepted. The minor, who is now an adult, is bound by contract and the right to disaffirm is lost (Harvard Business Review 2016).
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  • Fall '18
  • Julio Smith
  • Black

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