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The states may coin money as long as it is backed by gold.
The measure of monetary damages when there has been a breach of contract is the sum
of money that will place the injured party in the same position that would have been
attained if the contract had been performed.
Janet Jones sold the assets and liabilities of her coin-operated laundry to Kevin Katz for
$10,000. The assets of the business included all of the washers and dryers. The
liabilities included the amounts still owing on seven new dryers, which had been
purchased recently from Dryer Company under an installment contract. Katz agreed to
make the installment payments on the new dryers as they came due. After Katz failed to
make an installment payment when it was due, Dryer Company sued Jones. Jones
claimed she no longer was liable. How will the court decide?
With regard to an unliquidated debt, payment by the debtor of less than the amount
claimed by the creditor is consideration for the latter€s agreement to release or settle
the claim.
Peter is employed as a shop electrician for ABC, Inc. Peter has a car being repaired and
a home on which he is paying mortgage payments. Peter is contemplating filing for
bankruptcy, but he is not sure which type of petition to file. Peter also wonders whether
the auto repair costs and the mortgage payments are dischargeable. Which bankruptcy
filing is most appropriate for Peter? Are Peter€s debts dischargeable?
Despite the importance of ethical behavior for business success, few Fortune 500
companies have codes of ethics to resolve ethical dilemmas.
Chandra sues Martin for breach of contract. Both parties have completed discovery.
Chandra now wants her attorney to file a motion to have the judge rule in her favor
without having to proceed further. Chandra does not know whether the motion to
dismiss or the motion for a summary judgment is proper. Which motion is proper and
why?
