FAY WAS ADMITTED TO GLOBAL ASSOCIATES, AN EXISTING PARTNERSHIP, AS A LIMITED PARTNER ON JANUARY, 2015. IN JUNE, 2015, A PARTNERSHIP DEBT INCURRED IN OCTOBER, 2014 CAME DUE. FAY IS:
1. Sam orally agreed to sell Ramie some land for $500,000. Ramie paid Sam the
$500,000; Sam gave Ramie the deed to the land. Ramie took possession of the land
and began building a cabin on it. One month later, Sam tried to retake possession
of the land by arguing that the contract for the sale was invalid because it was oral,
not written. Sam sued Ramie to invalidate the contract and retake the land.
The court will likely conclude that Sam will:
a) Win; the sale exceeded $500 so the contract must be written to be valid.
b) Win; all land sales contracts must be written.
c) Lose; because the contract was fully executed Sam cannot rescind the
contract.
d) Lose; because Ramie had begun building a cabin on the property, Sam
cannot rescind the contract.
2. On Tuesday, Sam offered to sell his CD collection to Sandy for $100. Sandy
replied, “I’m interested. I’ll think it over and let you know Thursday whether I want
to buy the CDs.” On Wednesday, Sam agreed to sell the CDs to Jason, and Jason
immediately gave Sam a letter that stated:
“Sam, I will buy your CD collection for $100. As we agreed, I will pay you on
Friday when I pick up the CDs. Yours truly, Jason.”
Upon Sam’s receipt of this letter on Wednesday, what best describes Sam’s
contract agreement(s)?
a) By forming an agreement with Jason, Sam breached his contract with
Sandy.
b) Sam has formed contracts with both Jason and Sandy.
c) Sam and Jason have formed a valid, enforceable contract; Sam did not
form a contract with Sandy.
d) Sam formed a contract with Sandy, but has not formed an enforceable
contract with Jason because Jason has not yet paid for the CD collection.
3. Mac and Rhamad signed a business contract with a clause that provides that if a
dispute arises they must submit to binding arbitration to resolve the dispute. After
they had been doing business together for a year, a dispute arose under the terms of
the contract. Rather than submit to arbitration, Mac filed a lawsuit against Rhamad.
Most likely the court will:
a) Hear the lawsuit because Mac cannot be compelled to submit to
arbitration; he is constitutionally entitled to a jury trial if he requests a trial.
b) Conduct a bench trial, then order a remedy without compelling Mac to
submit to arbitration or to a jury trial.
c) Compel Mac to submit to arbitration to resolve the dispute.
d) Hear the lawsuit in a trial, then compel Mac to submit to arbitration, if
Mac is not satisfied with the trial decision.
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