Alcorn State University Business Law Contracts Questions

Question Description

Short and precise answers. Question include from breach of contracts, third part rights, statue of frauds etc.

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I. Suzy B enters into an oral contract to purchase a tract of land from Bill H. The land is considered worthless, but Suzy B feels that she has discovered a possible use that would drastically increase the value of the land. To assure herself of the potential value of the land, Suzy B orally hires an attorney to investigate the title and records associated with the land in question. Before gaining any information from her attorney, Suzy B orally contracts with a builder to construct a huge building upon the site. Due to the size of the project, a completion time is difficult to predict. Suzy B now discovers that the land is indeed useless, a fact she obtains through information from her attorney. Suzy B now refuses to honor her contracts with Bill H., her attorney, and the builder. Must Suzy B honor her contractual agreements? Why or why not? PAGE THREE II. Barbara made a contract to sell her house to Bolton. The agreement stated that it was contingent upon the buyer being able to secure a loan at 9% interest. The buyer obtained the loan and sought to enforce the contract. Barbara then claimed that the contract was not binding because the contract did not impose an obligation on both parties because of the loan provision. Was the contract binding, and if so, what remedies are available to enforce the contract and what damages, if any, could be obtained. III. Janet Jones sold the assets and liabilities of her coin-operated laundry to Kevin Katz for $10,000.00. The assets of the business included all the washers and dryers. The liabilities included the amounts still owing on seven new dryer which had been recently purchased from Dryer Co. under an installment contract. Katz agreed to makes the installment payments on the new dryers as they came due. After Katz failed to make an installment payment when it was due, Dryer Co. sued Jones. Jones claimed she was no longer liable. How will the court decide? Discuss who may recover what from whom. IV. A professor owned a home next door to a very dilapidated, neglected home. John Cataldo purchased the home next door and made a contract with Wizard Home Improvements for a complete renovation of the property. The professor was delighted because the improvement of the Cataldo home was upgrading the neighborhood and raising the value of the professor’s home. After making the last required payment on the contract, John Cataldo became seriously ill and ultimately was taken to a nursing home for care. When Wizard learned of Cataldo’s illness and confinement, Wizard ceased work on the Cataldo home. Because the outside renovation work had not been completed, the premises began to return to its former rundown condition. The professor ultimately sued Wizard as a third-party beneficiary of the contract between Cataldo and Wizard. What is the probable outcome of the lawsuit? ..

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