BUS415 Tutorial - 7062

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  • From: Law, Business
  • Posted on: Sun 08 Apr, 2012
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Question
A bilateral (reciprocal) contract is what most of you in the business world are familiar with. If we stick with the lost dog scenario, imagine that after Party B returns the lost dog to Party A, and B pockets his reward money, Party B asks A if there is anything else that B could do to earn a little extra money. Party A makes an express offer directly to Party B. The bilateral contract might be something along the lines of Party A promising to pay Party B the sum of $25, if Party B will bath and groom the once lost dog. Party A has made an offer to B and A has stated consideration in the amount of $25. Party B accepts the offer by stating so either verbally or in writing. Party B must now bath and groom the dog, or be in breach of contract. On the other hand, Party A is also bound to perform, by paying B the $25, or A will be in breach of contract. Can you think of some other examples?
(100 word)


Question
I had not thought of how this would be different if the two made this verbal agreement and then wrote it down on a napkin or a piece of paper. That may very well change everything. As long as both parties signed it I believe this would be a legal binding agreement. The question at this point would be, could Hazel's family contest the written agreement. This is where Hazel's state of mind would come into question. Was she of sound mind when the statement was made? Does the written contract on a napkin please the court enough to award a caretaker of Hazel's 50k?
  (100 word)

 

Question
Hazel, given her condition and all of the health issues she was suffering, should have done something long before given the idea that she knew she wanted to give Ruth something. When creating a will it does not need to be known by everyone. With an estate that size she would have done something with it. Without a will, if there is no family members to tend to the estate what would you think would happen with Hazel's estate? 
(100 word)

 

 

Question
Hazel's estate is protected by the statute of frauds, there must be a legally written document stating this inheritance of money.  Oral agreements are not enough in a court of law to give Ruth any precedence in court.  This seems like an open and shut case on whether Ruth has the right to sue the estate for the $50000.  Yes she can sue, but she will have absolutely no chance in court of winning.  What happens to the estate if there is no next of kin?  If no one is there to claim anything, where does the estate belong to?  Would this grant Ruth some ability to gain control of the estate at all if there is no next of kin?
(100 word)

 

Solution Description

Question
A bilateral (reciprocal) contract is what most of you in the business world are familiar with. If we stick with the lost dog scenario, imagine that after Party B returns the lost dog to Party A, and B pockets his reward money, Party B asks A if there is anything else that B could do to earn a little extra money. Party A makes an express offer directly to Party B. The bilateral contract might be something along the lines of Party A promising to pay Party B the sum of $25, if Party B will bath and groom the once lost dog. Party A has made an offer to B and A has stated consideration in the amount of $25. Party B accepts the offer by stating so either verbally or in writing. Party B must now bath and groom the dog, or be in breach of contract. On the other hand, Party A is also bound to perform, by paying B the $25, or A will be in breach of contract. Can you think of some other examples?
(100 word)

 

Answer
A bilateral contact is an agreement where the parties to the contract make a promise to