Fall 2023 - Law 150- Homework done
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Jan 9, 2024
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Law 150 – Business Law
Homework #4
1.
Who creates quasi contracts? Why are they created?
Quasi contracts are created by the courts or the legal system. They are created to help prevent
one party from being unfairly benefited at the expense of another.
2.
Charles owes Dan $100,000. Charles goes to Citi bank to take out a loan of $100,000 so he can
pay off his debt to Dan. Citi agrees to make the loan but breaches its contract with Charles.
Charles then defaults on his loan to Dan. Dan sues Citi bank because they breached their
contract with Charles. What is the probable outcome of Dan’s suit against Citi?
Unfortunately, Dan’s case wouldn’t be successful because he has nothing to do with Charles and
citi contract. In other words, he was not in any way involved in that contract. Charles owes dan
money, it is up to Charles to find where that money comes from and if citi breaches the contract
with Charles, dan cant sue them because the agreement is between Charles and citi. Dan should
sue Charles because he is the one who owes him money and who is part of a contact with.
3.
Mary goes shopping at Macy’s on Wednesday and sees a very expensive piece of furniture
costing $60,000. It is an antique, so there are no others like it for sale. Mary wants to get her
spouse’s approval before buying it. Mary gives Macy’s $1,500 to give her the right to buy the
antique until Saturday at noon. Mary took pictures of the piece, and she returns with her spouse
on Friday to buy the furniture. Macy’s apologizes and says they mistakenly sold the piece to
another customer and gives the $1,500 back to Mary. Mary sues Macy’s for additional damages.
What is the probable outcome of Mary’s lawsuit?
I think Mary would win because the 1500 is basically a deposit although Macys did not say it
was. However, the fact that they took the money meant that they were going to keep the
furniture for her. I think the court would rule in mary’s favor because Macys should not have
taken the money if they weren’t going to save it for her. Whether they sold it by mistake or not,
they took her money and by doing that they entered a contact with her and then breached that
contract.
4.
Avery owned 500 shares of a stock that was actively traded on a national stock exchange. Avery
wanted to sell the shares but felt that her profit would be seriously diminished by selling through
a broker and paying the customary brokerage commission. Avery offered the 500 shares to any
of a group of six people in a conversation at a party. The offered price was $100 per share, the
price at which the shares had closed that day. No one really responded to the offer at that time.
Ten days later when the shares were trading at $105, Ben, one of the offerees at the party,
appeared at Avery's office saying that he accepted the offer. Avery claimed the offer no longer
was available. Evaluate the legal outcome of this dispute.
At the time of the original offer, ben did accept the offer, so in legal terms, there was no contract
therefore avry is not obligated to sell it to him. If he is now willing to pay the new price, then
that’s great. However, he cannot sue avry because he did not agree to the terms of the first offer.
5.
On December 15, Dylan sent a letter to Cooper offering to sell her business to Cooper for
$300,000. On December 29, Dylan sent another letter to Cooper that stated that she was
withdrawing the offer. Cooper received that letter on December 31. On December 30, Cooper
sent a letter to Dylan accepting the offer. Dylan received that letter of acceptance on January 3.
Dylan refused to sell the business to Cooper, claiming that no contract had been formed. Cooper
sued to enforce the contract against Dylan. Decide the probable outcome of the case.
Basically, Dylan withdrew the offer before cooper accepted it. The fault is in the dates when they
received the letter. However, its on record that Dylan withdrew the offer first.
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