Answer the following
1. Flossy promises to pay her cousin Garth, who is dangerously obese, $10,000 if Garth loses 100 pounds within the next two years. Garth agrees, performs his part of the bargain, and asks for the money. Flossy refuses to pay, saying that she forgot about the deal, but that even if she did make such a pledge, there was no valid consideration for it. Garth files a suit against Flossy. In whose favor is the court likely to rule, and why?
2. Real Estate Investments, Inc., owns and manages an office building. Secure Insurance Company agrees to lease the building for five years. Under the lease, Secure is obligated to pay all of the utility costs. Two years into the term, Secure asks Real Estate to modify the lease to provide that the utility costs be split equally between them. Real Estate agrees, but later decides it does not want to share the costs and
refuses to pay. Is the landlord bound to its agreement to share the utility costs? Why or why not?
3. On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to employ her to audit BNI's financial statements for the current year for $1,000. In the letter, BNI stated that Carol had ten days to accept. On May 5, Carol sent BNI a fax that stated, "The price for the audit seems too low. Would you consider paying $1,200?" BNI received the fax. The next day, Dan offered to
conduct the audit for $800. On learning of Dan's offer, Carol
immediately e-mailed BNI, agreeing to do the work for $1,000. BNI received this e-mail on May 7. Explain why BNI and Carol do, or do not, have a contract.
4. Omega, Inc., sells business application software⎯accounting and bookkeeping programs, blank business forms, inventory control functions,and so on⎯in different combinations, in different packages, at different prices. Each package includes a shrink-wrap agreement that limits warranties and remedies. Precision Engineering Associates (PEA) buys an Omega package and uses the product. Later, PEA files a suit against Omega, claiming that the software is flawed and that the flaws caused PEA to suffer business losses. PEA asks for relief that exceeds the limits in the shrink-wrap agreement. What are shrink-wrap agreements? Are these agreements always enforced? Under what circumstances is a court likely to enforce this agreement?
Length: 3 pages (825 Words)
Answer Number 1
Garth, the plaintiff, was dangerously obese and upon an offer to receive compensation equal to $10,000 if he agrees to lose 100 pounds weight within the next two years decides to enter into a contract with Flossy, who is the defendant. Garth was lucky and had lost weight in the next biennium. Flossy declined to pay the amount promised, and the plaintiff filed a suit. In this case, the detriment of a valid consideration will arise and will be used to determine the verdict of the case.
The court is bound to overrule the defendant’s plea for compensation that was promised. This is because the actions were in the favor of the plaintiff. The plaintiff was dangerously obese which would have threatened his life.
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