law 101 homework

Word Count
New York University
Law 150 - Business Law
Homework # 7
1. I go to a party and get drunk. At the party I enter into a lease agreement for a
Toyota Camry. It is for 36 months and the payments are $1,000 per month
which is extremely high. Over the next 3 months I make the payments, but I
try to break the lease because I was drunk at the time I entered into the lease
and had no idea what I was agreeing to. Assume that I can prove that to a
jury, and even better Toyota agrees that I was so drunk I had no idea what I
was doing. Will I be able to get out of the lease? Why or why not?
2. A young stockbroker was rather overwhelmed by a )ood of new clients.
Assunta, one of his clients, had purchased XYZ Corp. stock through the broker
at a price of $35 per share. The price had gone down to $29 by the time
Assunta telephoned the broker. Assunta told the broker that she wanted to
sell the stock if it went below $30 and inquired as to the price. The broker did
not check the price, but thinking it could not have fallen below the $30
threshold, simply reassured Assunta that it was still "in the low 30s."Marta,
Assunta's cousin, also had purchased XYZ stock at $35 per share and made a
similar call to the broker and received the same response. Marta, however,
coincidentally saw the price on a stock ticker tape when she hung up and