1. John has a lending company. In his letter mailed on September 15, he offered to sell his business to Peter for $20,000.00. The letter was received by Peter on September 20. On September 25, Peter sent his letter of acceptance in which John received on September 28. However, on September 23, John had decided to withdraw and mailed a letter to Peter revoking it. The letter was not received until September 29. Did the contract form? When? Please state your reasons 2. A father made a will leaving everything to his infant son. In his will and testament, he appointed John as his executor, in the event of his death. As executor, John is responsible to administer his
1. John has a lending company. In his letter mailed on September 15, he offered to sell his business to Peter for $20,000.00. The letter was received by Peter on September 20. On September 25, Peter sent his letter of acceptance in which John received on September 28. However, on September 23, John had decided to withdraw and mailed a letter to Peter revoking it. The letter was not received until September 29.
Did the contract form? When? Please state your reasons
2. A father made a will leaving everything to his infant son. In his will and testament, he appointed John as his executor, in the event of his death. As executor, John is responsible to administer his estate on behalf of his son. Prior to the death of the father, he bought a piece of land using a mortgage and began building a cottage on this land. Prior to its completion, he died. Upon his death, John then acts as the son’s guardian and administrator of the estate on his behalf. John was not paid for this service.
As a guardian, he spent a large amount of money in educating him, completing the cottage, and paying off the mortgage. However, the estate turned out to be insufficient, so he used some of his own money and took out a loan. When the son reaches to a maturity age, he assented to John’s loan and promised to pay it off. He later married, and his wife repeated this promise. However, when the loan became due the couple refused to pay. They argued that there was no binding contractual agreement between the parties because John had not provided consideration for their promises to pay.
Had John provided good consideration for the couple’s promises to pay off the loan? Please state your reasons
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