To be enforceable, a writing evidencing an oral contract that would otherwise be
unenforceable must include every term.
Constitutional law includes only the U.S. Constitution.
Evergreen Landscapers, Inc., owes Friendly Finance Company $5,000. Evergreen
enters into a contract with Suburban Office Park under which Evergreen promises to
maintain the landscaping on Suburban’s property. Under the contract, Suburban
promises to pay Friendly Finance the amount that will be due Evergreen until
Evergreen’s debt to Friendly Finance is paid. Evergreen performs as promised, but
Suburban does not pay Friendly Finance. Can Friendly Finance succeed in a suit against
Suburban? Why or why not?
Any “person” may be a debtor in a liquidation proceeding.
Under the Americans with Disabilities Act of 1990, disabled employees are entitled to
“reasonable accommodation.”
Multi Investments, Inc., offers to buy Nano Toy Corporation. On May 1, Nano provides
copies of its financial statements for the previous year, showing an inventory of $10
million. On May 15, Nano discovers that the previous year’s inventory is overstated by
$5 million, but does not inform Multi. On June 1, Multi, relying on the financial
statements, buys Nano. On June 10, the buyer discovers the inventory overstatement.
Can Multi succeed in a suit against Nano for fraud?
Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the
loan or return the car, Quality wants to transfers the right to the payment to Rapid
Collection Agency. Rapid agrees to pay Quality for this right, but for a price that is less
than the amount owed. Can Quality transfer this right to Rapid without Pam’s consent?
If so, and Quality committed fraud in the deal with Pam, could Pam legitimately refuse
to pay Rapid? Explain.
Private parties cannot sue violators of Section 10(b) and Rule 10b-5.
Pumping up a company occurs when a single person using multiple aliases on an online
forum creates the illusion of widespread interest in a stock.
When a document of title is required, title passes to a buyer when and where the
document is delivered.
When a release of hazardous chemicals from a site occurs, potentially responsible
parties can avoid liability through transfer of ownership.
No collateral promise needs to be in writing to be enforceable.
When an offer does not specify a means of acceptance, it can be accepted by any means
reasonable under the circumstances.
A registration statement must include a financial statement certified by an independent
public accounting firm.
An installment contract is breached if a seller tenders any nonconforming goods.
Frances has lived in an apartment for ten years when she decides to buy a house. Her
one-year lease will end on May 1. On April 15, she orally contracts to buy Smith’s
house for $100,000, with the closing (transfer of the deed) to take place on June1.
Smith’s lawyer, who is out of town on vacation, is to draft a written contract of sale on
his return to his office on May 15. Because Frances’s lease is terminating, Smith agrees
to let her take possession of the house on May 1 if Frances gives him a “down payment”
on the house of $5,000. Frances agrees and gives Smith the $5,000. She moves into the
house on May 2, and the following weekend plants trees in the back yard. On May 10,
Smith receives a written offer from Green to buy Smith’s house for $120,000. Smith
accepts Green’s offer, asks Frances to move out of the house, and tries to return the
$5,000 to Frances. Frances claims that she has an enforceable contract to buy the house.
Smith claims that any such contract must be in writing to be enforceable under the
Statute of Frauds. Who is correct and why?