Objective Standard” Interpretation of Contracts Essay Case Assignment 1

Objective Standard” Interpretation of Contracts Essay Case Assignment

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Objective Standard” Interpretation of Contracts Essay Case Assignment

PART ONE – “Objective Standard” Interpretation of Contracts

Last week you attended a party with some of your friends. There were also people you had never met at the party.  No one was intoxicated or drinking alcohol at this party. A friend of yours asked you how you like your new Mercedes SL-Class Roadster automobile.  You purchased the car last month, but it has been in the shop for the past two weeks while the dealer tries to figure out the problem with the engine.  Your response is:  “I’m so frustrated with it that I would sell it for $100 to anyone dumb enough to give me $100 for it.”   Terry, a person you never met before, hears your statement and says:  “I’ll give you $100 for your car.”  You laugh and shake his hand and say “It’s a deal.”   Nothing more is said about it.  Two days later Terry knocks on your door.  When you answer it, Terry holds out a $100 bill and says: “Here is my $100 payment for your car.  I’ll wait here while you sign over the title to me.”  You are shocked.  You begin to review in your mind all of the elements of a valid enforceable contract (which you learned in your favorite class – Legal Environment and Contract Law) and wonder if indeed you and Terry have a valid contract. 

 

Describe the elements of a contract and explain whether each element is present in this scenario.  Be sure to consider all of the elements and any defenses that might apply in this situation.  What is Terry’s best argument that you have a contract?    What is your best argument that you do not?   Give a conclusion about whether or not you are obligated to accept the $100 and transfer your car title to Terry.

 

PART TWO – Mistake

 

What is a unilateral mistake? When would a mistaken party be able to rescind or avoid a contract based on having been mistaken about a material factor in the contract? Explain how a mistake of fact differs from a mistake of value. Does the law treat these two kinds of mistakes the same or differently? Explain your answer fully.

 

Kara inherited a jewelry box from her grandmother and in it she finds a big ring with a green stone.  She shows it to Larry, who says “Wow! That could be valuable.”  Neither Kara nor Larry knows what the ring is made of or whether it is valuable.  Kara sells the ring to Larry for $100 saying “Don’t come griping to me if it turns out to be worth two dollars.”  Larry takes the ring to a jeweler who tells him it is an unusually perfect emerald and worth at least $3,000.  Kara sues to rescind her sale of the ring to Larry.  What is Larry’s best argument that he should be able to keep the ring?  What is Kara’s best argument that she should be able to rescind the sale?  Which side you believe will win and why?

 

PART THREE – Legal Capacity of Minors to Contract

 

What is the reason for requiring legal capacity in order to form a valid contract? Who are we, as a society, trying to protect? What are the two most common situations where legal capacity is missing from a contract? What happens to the contract? Can the person who lacks legal capacity enforce the contract anyway? Why or why not?

 

Angie is a student attending college 1500 miles away from home. Angie attends school and works part-time at a restaurant. Using the money she earned, she made the following purchases and agreements. On Angie’s 18th birthday (the age of majority in her home state and in the state where she attends school), Angie informed her parents that she wanted to move back home and attend school locally. Angie’s parents agreed and she began to make plans to move back home. She decided that she will handle each of her recent purchases and agreements in the manner noted below. All of these transactions occurred in the state where Angie is attending college.

 

A year ago (while still 17) she rented an apartment for $500 per month rent. She signed a two-year lease agreement. She paid a security deposit of $500 and has paid monthly rent in the amount of $500 per month for a full year. Now she wants to move out and get a full refund of all the rent she has paid, plus the security deposit she paid. She also wants to be relieved from any obligation for the remaining year of the lease agreement.

 

A year ago (while still 17) she bought a big screen television for $3,000 (she loves Husker volleyball!) She paid $800 down and made monthly payment on the balance until it was paid in full. Now that she is moving back home, she wants to return the television and get a full refund of her $3,000. The television is in good working order.

 

Two months ago (while still 17), Angie bought a used car to get her to work. She paid $200 down and is making monthly payments of $200 over a period of five months, for a total purchase price of $1,200. Now, she decides she doesn’t want the car any longer. The car still runs fine, but it has a big dent in the door where another car crashed into it from the side. She wants to return the car and get a refund of the money she has already paid. She also wants to be relieved from having to make the remaining payments.

 

A year ago (while still 17) Angie joined a health club that is located right across the street from her apartment. She pays a monthly fee of $40. She signed a three-year membership contract. After turning 18 and before moving back to her parents, Angie visited and used the health club facility three times and made a monthly payment for the current month. Angie now wants to cancel her contract and get a full refund of all the money she paid to the health club.

 

A week before she turned 18, Angie stocked up on groceries. She bought $78 worth of food and personal items (toiletries, paper goods, cleaning products, etc.) and she has used or eaten most of it, or shared it with friends. She wants to get a refund of the $78 she paid for the food, but she has nothing left to return.

 

Instructions: Consider each of the transactions described above and discuss fully Angie’s obligations and rights with respect to each transaction. Be sure to consider and discuss all of Angie’s options with respect to each transaction. Keep in mind that there may be differences depending on state laws. You should make note of these as you answer the questions.

 

PART FOUR – The Required Element of Consideration

 

As you know, consideration on both sides of a transaction is required in order for a contract to be legally enfoeceable.   The following five scenarios are not enforceable contracts because they do not include consideration on at least one side of the transaction.  Provide a full explanation about why each one lacks consideration on at least one side of the transaction.  Be sure to use proper terminology and to explain your reasoning fully. Assume that all parties are adults with full legal capacity to enter into binding contracts.

 

A husband enters into an agreement with his wife that he will refrain from his use of illegal drugs for at least 6 months and, in return, she will buy him a new motorcycle.  Why is this not an enforceable contract?

 

Susan is walking by a park and she sees a child playing in a busy street with a speeding car approaching. Susan rescues the child moments before he is hit by the car. The thankful mother of the child promises to give Susan her diamond earrings in return for saving her child’s life.  Why is this not an enforceable contract?

 

Sally promises to buy her best friend, Jodi, an iPod for her birthday. On Jodi’s birthday, Sally is broke and gives Jodi only a musical greeting card, suggesting that Jodi carry the card around for musical entertainment.  Why is this not an enforceable contract?

 

1. d) In September, Jack agrees to purchase Mark’s old jet ski for “as much as I can afford to pay after I receive my year-end bonus.”   Mark gets tired of waiting and decides to sell his jet ski to someone else in October, two months before Jack gets his bonus.   Why is this not an enforceable contract?

 

Best Buy pays a delivery company in full to deliver a plasma television to the Smith’s home. Upon arrival, the deliveryman tells the Smiths that he will unload the television only if the Smiths agree to pay him an extra $100 cash. The Smiths agree to make the payment. After the television is in the home, the Smiths refuse to hand over the $100 cash payment.   Why is this not an enforceable contract?

Objective Standard” Interpretation of Contracts Essay Case Assignment

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER CLICK ON THE LINK HERE:  https://essaysolver.com/orders/ordernow You Can Also Place the Order In www.perfectacademic.com/orders/ordernow / www.essaysolver.com/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!

Why Work With Us!!

• Tired of getting an average grade in all your school assignments, projects, essays, and homework? Try us today for all your academic schoolwork needs. We are among the most trusted and recognized professional writing services in the market.

• We provide unique, original and plagiarism-free high quality academic, homework, assignments and essay submissions for all our clients. At our company, we capitalize on producing A+ Grades for all our clients and also ensure that you have smooth academic progress in all your school term and semesters.

• High-quality academic submissions, A 100% plagiarism-free submission, Meet even the most urgent deadlines, Provide our services to you at the most competitive rates in the market, Give you free revisions until you meet your desired grades and Provide you with 24/7 customer support service via calls or live chats.